The industrial energy management system has gradually become a standard solution for rising energy efficiency, reducing overall costs, and enhancing environmental stability.
The global industrial energy management system market is anticipated to expand with a robust CAGR of 8.5% between 2022 and 2028. The global market is estimated to reach a valuation of around US$ 30.75 Billion in 2022, exceeding a valuation of around US$ 50.30 Billion by the end of 2028. In comparison with the historical analysis, the global industrial energy management system market grew at a CAGR of 8.7% from 2013 to 2021.
According to the FMI analysis, the BPS values analyzed in the industrial energy management system market in H1,2022-(O) (Outlook) over H1,2022 (P) are anticipated to reflect a decline of 40 units. The primary reason for the decrease in BPS values is, that the lack of awareness of the advantages and features of an industrial energy management system.
As per the analysis, the BPS change: H1, 2022 (O) over H1,2021 (A) reflects a decline of -110 units. This decline is associated with the high implantation and operating costs and large setup are creating an obstacle to the adoption of industrial energy management systems across SMEs.
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The industrial energy management system market showcased significant growth over the last few years. At present, the global market accounts for approximately 40% share of the energy management system market. This growth is attributed to the rising need to reduce energy consumption, surge productivity and minimize the carbon emission levels across various industries has ignited the demand for industrial energy management systems.
Key Takeaways
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Competitive Landscape
Dominant market players operating in the industrial energy management system market are concentrating on expanding their product portfolio along with stretching their services in order to help the industries in managing their energy mechanisms. In addition to that, they are also leveraging several strategies including mergers, partnerships, new product launches, acquisitions, and partnerships to dominate the market.
Key Companies Profiled in Industrial Energy Management System Market are 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
More Insights into the Industrial Energy Management System Market
The U.S. is expected to dominate the global industrial energy management system market, the growth is driven by factors such as the rapid adoption of advanced technologies, heavy industrialization, the presence of leading market players, and the rising need for industries to conform with international standards such as ISO 50001.
According to the FMI analysis, the U.K. accounts for a substantial share by 2028, owing to the rising demand for smart grid solutions, implementation of government regulations, and presence of leading market players.
China is expected to witness phenomenal growth over the forecast period due to the adoption of modern technologies, rising government support, and rapid industrialization are some of the factors driving the China industrial energy management system market.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 19, 2023