5 Predictions About the Future of Fuel Management Systems For Commercial Buildings

06 Dec 5 Predictions About the Future of Fuel Management Systems For Commercial Buildings

As the world becomes more aware of environmental concerns, building managers are looking for ways to reduce waste and increase efficiency. Fuel management systems (FMS) can help commercial buildings do just that. These systems track how much fuel is used in a given space by using sensors on burners or boilers to monitor usage throughout the day. With this data, managers know exactly how much energy is being used in real-time and can adjust accordingly if they need to save money or conserve power at certain times of the day. 

FMS also makes it easier to pinpoint problems with equipment like clogged chimneys or malfunctioning boilers so that repairs don’t go unnoticed for long periods of time, which would create even more problems down the road. Let’s look at 5 predictions about the future of fuel management systems for commercial buildings.

1. The Fuel Management System Market Is Estimated To Reach Usd 707.4 Million By 2023

The fuel management system market is expected to reach USD 707.40 million by 2023 from an estimated value of USD 329.90 million in 2018, at a CAGR of 16% during the forecast period (2018-2023). 

The growing demand for heating and cooling systems across industries such as manufacturing, pharmaceuticals and biotechnology, healthcare & life sciences, food processing units, etc., coupled with increasing energy consumption due to the rise in population are some key factors that drive the growth of this market.

2. It Will Be Essential For Commercial Buildings To Utilize Fuel Management Systems Within Their Facilities

As per current trends and statistics, visible worldwide more than a third of all companies are going to use a fuel management system in their commercial buildings.

The main drivers for the increased demand are the upcoming legislation and green building design principles that have been implemented by many countries around the globe since 2010. “Commercial Buildings will be Exposed to More Stringent Energy Management Legislation”.

In most cases, it will become mandatory for large energy users or tenants with certain figures of consumption per year to implement an automated monitoring process based on international standards such as ISO 50001:2011 which focuses on maximizing energy performance within organizations from both financial and environmental perspectives.

The introduction of this standardization means more stringent requirements upon businesses and therefore higher numbers of facilities implementing fuel management systems in the years to come.

3. Fuel Management Systems In Commercial Buildings Promise The Launch Of Technologically Advanced Products

It’s likely there are some factors holding this technology back from being widely adopted. Predictions about the future of Fuel Management Systems for Commercial Buildings reveal that fuel management systems will continue to grow, especially as more companies support them and they become easier to install.

• Technological advances could make it possible for every building manager to have access to a fuel management system without having any special skills or knowledge required.
• Cloud computing becoming increasingly popular could mean larger savings on operational costs by allowing users to keep track of data via an online interface rather than through physical spreadsheet tracking methods which are currently used by many companies today.
• The cost would be lower if local utility providers developed a standardized interface to their systems, replacing multiple outdated connections currently in place.

4. Overall Fuel Management Costs Will Be Reduced

Overall fuel management costs will be reduced if energy providers can become more transparent with offering rates and data collection methods, which could also allow for the creation of automatic payment plans that would ensure payments are made on time and avoid any late fees or other penalties.

All of these factors combined could result in increased adoption by large building owners who control hundreds of buildings across several states or even countries due to simpler implementation and lower overall operational costs. 

This is because it’s easier than ever before for every office worker within those buildings to monitor real-time usage statistics from anywhere using mobile devices such as smartphones, tablets, etc., allowing them to identify areas where improvements could still be made such as turning off office equipment not being used.

5. The Cost for Implementing Fuel Management Systems Will Decrease The More They Are Used by Other Companies and Industries in General

More companies will start implementing these systems once they see that it can save them money in the long run while also increasing efficiency and decreasing their environmental impact on a global scale. The same goes for other industries outside of the heavy industry as well – fuel management systems are becoming increasingly popular within commercial buildings all over North America.

As more properties began using fuel management systems, costs have slowed drastically due to market saturation. However, prices are expected to rise dramatically again when yet another wave of new customers enters the space eager not only to reduce their energy costs but do so sustainably without damaging our planet’s ability to provide us with natural resources needed for survival each and every day.

With such rapid growth potential over the coming years fueled by increasing consumer demand, we can expect fuel management system companies will be gearing up production efforts which should lead to lower prices as well as increased quality control measures during processes at many different levels including design.

The future of fuel management systems in commercial buildings looks bright, and new technologies will continue to improve the way we manage them over time. A few companies have already begun using these more advanced techniques with a great deal of success so expect other businesses to follow suit within the next decade or two as costs begin dropping significantly for those who go green by adopting fuel management systems into their building operations on a larger scale. Call us today if you wish to know more about fuel management systems for commercial buildings.