The industrial energy management system market is poised for significant growth, with an estimated valuation of approximately US$ 30.75 billion in 2022. This anticipated surge can be attributed to the escalating industrialization witnessed in developing regions. Projections suggest that the market is set to exhibit a robust Compound Annual Growth Rate (CAGR) of 8.5% between 2022 and 2028. As a result, it is expected to surpass an impressive valuation of US$ 50.30 billion by the close of 2028.
This growth trajectory underscores the increasing importance of energy efficiency and sustainability within the industrial sector, driving the adoption of advanced energy management systems to optimize operations and reduce environmental impact.
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 carbon emission levels across various industries has ignited the demand for industrial energy management systems.
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Key Takeaways From The Industrial Energy Management System Market:
- 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 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 raising energy efficiency, reducing overall costs, and enhancing environmental stability. Innovations in IEMS has paved the 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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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. will account 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.
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 manage 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.
- 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
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Industrial Energy Management System 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 & 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
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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