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, 2018-2028.
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.
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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.
Key Segment
By Component
- Technology
- Energy Platform
- Distributed Control System (DCS)
- Meter Data Management (MDM)
- Peak Load Control System (PLCS)
- Programmable Logic Controls (PLC)
- Energy Analytics
- Supervisory Control And Data Acquisition (SCADA)
- Energy Management Information System (EMIS)
- Hardware
- Communication Network Hardware
- Industrial Hardware
- Smart Meters
- Heating, Ventilating, and Air Conditioning (HVAC)
- Load Control Switch (LCS)
- Transmitters
- Human Machine Interface (HMI)/Operator Panels
- Others
- Services
- Consulting
- System Integrators
- Maintenance & Support Services
By End User
- Automotive
- Construction
- Electronics
- Food & Beverages
- Mining
- Oil & Gas
- Petrochemicals
- Utilities
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- China
- Japan
- Middle East and Africa
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.
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Significant Contributions of the Report
- Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
- Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
- Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
- Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
- Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.