South Korean manufacturer LSIS has unveiled the GridSol Station, a management system that it says will cut annual factory energy consumption by one-quarter. The system, according to Metering and Smart Energy International, works by visualizing wasted energy and integrating energy storage and solar energy assets.
The story points out the need for such a system. In 2013, the industrial sector used 62 percent of the South Korea’s electrical output. The need to get that under control is driving the factory energy management system (FEMS) market, which is expected to grow from $179 million in 2013 to $938 million in 2020 (209.6 billion won to 1.1 trillion won).
LSIS plans to expand the FEMS system into building energy management system (BEMS). The company also will enter the home energy management system (HEMS) sector.
Last month, Mordor Intelligence released a report on the European BEMs, FEMS and HEMS markets. The firm found that collective energy management market will grow at a compound annual growth rate (CAGR) of 23.58 percent and reach $11.89 billion by 2019. The main players include IBM, Rockwell Automation, Schneider Electric, Honeywell and General Electric.