Industrial Energy Management System Market is forecast to expand at a robust CAGR of 8.5% between 2022 and 2028, surpassing a valuation of US$ 50.30 Bn by the end of 2028.
The energy conservation emergency has led to a rise in the dependency on industrial energy management systems. 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 the adoption of industrial energy management systems by industries, creating a favourable 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.
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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Industrial Energy Management System Market by CategoryBy Component:
- Technology
- Hardware
- Communication Network Hardware
- Industrial Hardware
- 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
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