The energy conservation emergency has led to a rise in the dependency on industrial energy management system. These systems are responsible for efficiently managing various industries and their consumption of energy by industrial applications. The complexities of an industrial application are handled by energy management systems as they optimize the energy balance, reduce energy consumption, increase productivity, and reduce the coal gas discharge. Several governments across the globe are also encouraging adoption of industrial energy management systems by industries, creating a favorable scenario for market growth. The global industrial energy management system market, as indicated by Future Market Insights, is projected to reach a market value of over US$ 50,300 Mn by the end of 2028. The sky-rocketing growth of market is also predicted to register a CAGR of 9.6% during the forecast period, 2022-2028.
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Businesses Embracing Cloud Computing for Increased Efficiency & Scalability
Demand for energy efficient solutions can never lower down. Energy is used in every sector, either in the form of conventional or non-conventional sources. However, the rising needs of electricity has inclined the industries more towards the use of electricity in every way possible, to meet the demand for highly advanced technologies.
This creates scope for energy efficient systems that are necessary for the effective utilization of energy as well as to reduce costs and improve profitability, adhering to environmental regulations. Green initiatives proposed by various governments have introduced new policies for energy conservation and reduced carbon footprint. The real-time monitoring of energy consumption patterns is expected to play an important role in market growth over the forecast period.
Furthermore, as the technology and systems advances, cloud computing also marks its presence in the global industrial energy management systems market. Its offers benefits like updating and upgrading software in real time, facilitating users to utilize the data more efficiently.
In the energy management space, industries are increasingly adopting cloud-based software to gain significant benefits such as scalability, robustness, user-friendly access, low cost, reduced complexity, and a granular level of visibility of energy consumption information. Adoption of cloud computing is anticipated to be on the rise among businesses, to improve overall efficiency.
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Adoption of Smart Meters Will be the Key to Reduced Energy Consumption
The new advanced metering technology has eased the process of gathering detailed electricity consumption data, analytical power of facility energy management systems. It is intended to simplify the complex issues encountered by industrial energy users, and can identify energy waste in a number of categories.
This technology addresses basic errors in control system programming, and errors in maintenance and servicing procedures, thereby fueling the growth of industrial energy management systems market.
Intense competition among the participants in the global industrial energy management systems market will continue to compel companies to offer a wide range of competitive services, to sustain and strengthen their market share.
Leading players operating in the industrial energy management system market are focusing on expanding their product portfolio as well as services to help the industries in managing their energy mechanism. Besides this, they are leveraging various strategies such as mergers, partnerships, new product launches, acquisitions and partnerships to dominate the market. For instance,
- In November 2020, Rockwell Automation, the world’s largest company dedicated to industrial automation and digital transformation, acquired Fiix Inc. The acquisition helped the company to expand its industrial management solutions portfolio.
- In June 2021, Rockwell Automation launched its new brand, called LifecycleIQ Services to help companies innovate faster and improve efficiencies.
- In May 2019, Eaton, a power management company, launched new energy solution, called Energy Aware, that will enable the energy intensive industries to stabilize the grid and contribute to more renewable power.
- In March 2019, Mitsubishi Electric US, Inc., launched the BEAM AX energy management system for analyzing energy usage and costs in commercial buildings.
- In July 2020, Siemens, a leading provider of automation technology and industrial software, launched “Siapp, a software license for the Sicam A8000 automation and remote terminal unit.
Key Questions Answered in the Report
What is the current industrial energy management system market valuation?
What is the demand outlook for industrial energy management system market?
At what rate did the industrial energy management system market grow between 2013 and 2021?
What are the key trends shaping the industrial energy management system market?
What will be the demand outlook for North America industrial energy management system market?
Who are the leading players in industrial energy management system market?
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