The global industrial energy management system market is expected to grow at an 8.5% CAGR between 2022 and 2028. The global market is expected to be valued at roughly US$ 30.75 billion in 2022, rising to around US$ 50.30 billion by the end of 2028. In compared to historical data, the worldwide industrial energy management system market increased at an 8.7% CAGR between 2013 and 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
- Over recent years, rapid urbanization and industrialization have augmented energy consumption, especially in developing countries like India, China, and Dubai. Modern technologies are being embraced by an increasing number of industries in order to enhance their functioning and as well as to cater to the changing trends.
- Increasing energy consumption in these industries has made industrial energy management systems popular. Industrialists are constantly striving to achieve maximum energy efficiency and get environmental sustainability. Reduction in energy bills along with minimal environmental damage are some of the key drivers that propel the growth of industrial energy management systems.
- Smart meters and smart grids are some of the latest EMS solutions that are drastically being employed across several industries. In addition to that, cloud-based energy management systems are rapidly gaining traction over the forecast period. These cloud-based energy solutions provide more flexibility to industries.
- The industrial energy management system has gradually become a standard solution for rising energy efficiency, reducing overall costs, and enhancing environmental stability. Innovations in IEMS has paved way for the development of advanced solutions such as smart grids, smart meter, and integrated energy management system/ energy internet. FMI forecasts that amidst increasing penetration of industrialization across developing regions, industrial energy management systems are predicted to bolster over the projection period.
- The food & beverage sector is expected to hold the largest market share of 15.7% by 2022. The growth is attributed to the rising adoption of advanced industrial energy management systems across the food & beverage industry to reduce the overall costs as well as to enhance energy efficiency is triggering the growth of this segment.
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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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Industrial Energy Management System Market by Category
By Component:
- Technology
- Energy Platform
- Distributed Control System (DCS)
- Meter Data Management (MDM)
- Peak Load Control System (PLCS)
- Programmable Logic Controls (PLC)
- Hardware
- Communication Network Hardware
- Industrial Hardware
- Smart Meters
- Heating, Ventilating, and Air Conditioning (HVAC)
- 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
