The industrial energy management system market size is poised for significant growth at a CAGR of 8.3% from 2024 to 2034. The market is expected to be valued at USD 34,373.30 million in 2024. By 2034, the market has a potential to attain a worth of USD 76,082.40 million.
Over the last few decades, the industrial energy management system industry has developed considerably. The demand for industrial energy management systems has surged due to the growing requirement across numerous industries to cut carbon emissions, boost productivity, and reduce energy consumption.
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The industrial energy management system market is spurred by factors such as rapid industrialization, volatility in energy costs, development of green initiatives, and an increasing need to regulate and minimize energy use.
The industrial energy management systems have evolved along with technology by adding smart meters, smart sensors, and other gadgets. Since the system incorporates multiple technologies to maintain energy efficiency, installing the full system is costly, which is an impediment to industrial energy management system market expansion.
Regional Outlook:
An increase in investments in renewable energy projects is promoting Asia Pacific’s growing demand for advanced industrial energy management systems to boost productivity and incorporate renewable sources.
These systems are prevalent in Europe industrial energy management system providers to reduce waste and maximize resource utilization due to growing awareness of the negative environmental effects of industrial activity.
The shale gas revolution and a growing emphasis on sustainable practices in North American companies foster the adoption of industrial energy management systems. The goal is to enhance operational efficiency and minimize environmental impact.
Key Takeaways from the Market Study:
- In 2024, the component category’s hardware segment is projected to contribute to 39.2% of the share.
- In 2024, the construction sector ought to have a 21.2% revenue share in the end-user category.
- Australia’s industrial energy management system market is expected to strengthen at a CAGR of 11.8% from 2024 to 2034.
- Through 2034, sales of industrial energy management systems in China are set to soar at a CAGR of 8.8%.
- Through 2034, the industrial energy management system market in the United States is scheduled to flourish at a CAGR of 5.1%.
- From 2024 to 2034, the Germany industrial energy management system industry is projected to thrive at a 3.7% CAGR.
- The sales of industrial energy management system in Japan are anticipated to evolve at a 3.0% CAGR through 2034.
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Leading Key Players:
- Cisco Systems, Inc.
- Siemens AG
- General Electric Co.
- Schneider Electric SE
- Emerson Electric Co.
- ASEA Brown Boveri (ABB) Ltd.
- Eaton Corporation Plc
- EnerNOC, Inc.
- Honeywell International, Inc.
- Rockwell Automation
- EFT (Energy Inc.)
- Azbil Corporation
- Hatch Ltd
- Shanghai Baosight Software Co., Ltd.
Competitive Landscape:
Growing their service and product offerings to assist enterprises in managing their energy mechanisms is the primary goal of prominent industrial energy management system providers. Major industrial energy management system suppliers are likely to utilize opportunities in cloud computing and intelligent energy management.
To control the market, the industrial energy management system vendors employ several techniques like partnerships, acquisitions, mergers, and the introduction of new products.
Latest Developments:
- To implement a demand response program for all residential, business, and industrial customers, AutoGrid, a market leader in the provision of Distributed Energy Management Systems (DERMS) and Virtual Power Plants (VPPs), announced in February 2023 a traditional new partnership with Tata Power. This innovative initiative will help India move toward a sustainable energy transformation while also helping to satisfy peak demand.
- Siemens revealed grid software for building in May 2022 that would promote grid stability and economic efficiency. According to the company, its software increases grid simulation speed by up to six times and improves grid management task efficiency by 85%.
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Key Market Segmentation:
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 and Support Services
By End User:
- Automotive
- Construction
- Electronics
- Food and Beverages
- Mining
- Oil and Gas
- Petrochemicals
- Utilities
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- China
- Japan
- Middle East and Africa
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