Industrial Energy Management Systems Market to Grow with a CAGR of 12.19% through 2028
Increasing awareness of the need for energy
conservation and sustainability in the industrial sector and growing demand for
smart factories & industrial automation are likely to drive the market in
the forecast period.
According to TechSci Research report, “Industrial
Energy Management Systems Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Industrial Energy
Management Systems Market stood at USD 27.08 billion in 2022 and is anticipated
to grow with a CAGR of 12.19% in the forecast period.
One of the primary drivers of the global Industrial
Energy Management Systems (IEMS) market is the persistent escalation of energy
costs and the imperative for operational efficiency in industrial settings.
Energy expenses represent a significant portion of operational budgets for
industrial facilities, and as energy prices continue to rise, organizations are
under increasing pressure to manage and optimize their energy consumption. IEMS
solutions offer a comprehensive framework for monitoring, analyzing, and
managing energy usage within industrial operations. These systems enable
real-time visibility into energy consumption patterns, allowing organizations
to identify areas of inefficiency, peak demand periods, and energy-intensive
processes. Armed with this data, industrial facilities can implement targeted
strategies to reduce energy waste, improve equipment performance, and optimize
production processes. Furthermore, the link between energy efficiency and cost
reduction is undeniable. Implementing IEMS not only leads to substantial energy
cost savings but also enhances overall operational efficiency. By identifying
and mitigating energy inefficiencies, companies can lower production costs,
minimize downtime, and enhance their competitive position in the market. In
essence, the rising energy costs and the necessity for operational efficiency
are compelling organizations across industries to adopt IEMS as a strategic
tool for cost containment and improved competitiveness, driving the growth of
the global IEMS market.
The global shift toward environmental sustainability
and the pursuit of aggressive emission reduction goals are instrumental drivers
propelling the growth of the Industrial Energy Management Systems (IEMS)
market. Industries are under mounting pressure to reduce their environmental
footprint, decrease greenhouse gas emissions, and align with global
sustainability objectives, including those outlined in international agreements
like the Paris Agreement. IEMS solutions are a crucial enabler of
sustainability initiatives. They provide the means to monitor, manage, and
optimize energy consumption and emissions across industrial operations. By
offering real-time visibility into energy usage patterns, IEMS allow
organizations to identify energy inefficiencies and carbon-intensive processes.
Moreover, IEMS facilitate the integration of renewable energy sources and the
adoption of energy-efficient technologies within industrial facilities. These
systems empower organizations to reduce their reliance on fossil fuels, decrease
greenhouse gas emissions, and demonstrate their commitment to environmental
responsibility. Government regulations and environmental standards further
bolster the adoption of IEMS. Many regions have introduced stringent emissions
reduction targets and energy efficiency mandates that necessitate the
implementation of IEMS to ensure compliance.
As organizations strive to meet sustainability
objectives, reduce their carbon footprint, and adhere to regulatory
requirements, IEMS emerge as indispensable tools for achieving these goals.
Consequently, the increasing focus on environmental sustainability and emission
reduction is a significant driver propelling the global IEMS market forward..
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Industrial
Energy Management Systems Market.”
The Global Industrial Energy Management Systems Market
is segmented into type, application, component, end user, and region.
Based on end user, The Manufacturing and Automotive segment
had the largest market share in 2022 & expected to maintain it in the
forecast period. Wireless BEMS systems are known for their ease of installation
compared to their wired counterparts. The manufacturing and automotive sectors
are known for their energy-intensive operations. These industries rely on a
wide range of machinery, equipment, and processes that consume significant
amounts of energy. The sheer scale of energy usage in these sectors makes energy
management a top priority. Cost
Reduction Imperative: Energy costs represent a substantial portion of the
operational expenses for manufacturing and automotive facilities. Reducing
energy consumption directly translates into cost savings. IEMS solutions
provide a systematic approach to identifying energy inefficiencies, optimizing
equipment, and managing energy consumption, helping these industries achieve
significant cost reductions. Complex and Diverse Operations: Manufacturing and
automotive facilities often have complex and diverse energy systems. They
encompass a wide array of machinery and processes, each with unique energy
requirements. IEMS solutions are adaptable and can be tailored to address the
specific needs and complexities of these operations. Sustainability and
Emission Reduction Goals: Environmental sustainability and greenhouse gas
emissions reduction have become key priorities for both manufacturing and
automotive sectors. IEMS play a vital role in helping these industries minimize
their carbon footprint by optimizing energy usage and reducing emissions.
Meeting sustainability goals and regulatory requirements often requires precise
energy management, making IEMS essential. Many manufacturing and automotive
operations run around the clock, which means energy consumption is constant.
IEMS enable real-time monitoring and control of energy usage, ensuring that
energy is used efficiently, even during non-stop production. This capability
aligns with the need for uninterrupted operations in these industries.
Based on application, HVAC systems directly impact
occupant comfort, which is a high priority for building owners and occupants.
Effective HVAC control ensures that indoor temperatures remain within the
desired comfort range, optimizing occupant satisfaction and productivity.
Therefore, HVAC control not only reduces energy consumption but also enhances
the overall building experience. BEMS for HVAC control offer the potential for
significant energy savings. These systems use sensors and data analysis to monitor
factors such as indoor and outdoor temperatures, humidity levels, occupancy,
and weather conditions. With this real-time data, BEMS can adjust HVAC
equipment precisely, reducing the need for constant heating or cooling and
preventing energy waste. Energy savings achieved through HVAC control can have
a direct and measurable impact on operational costs. Many regions and countries
have implemented energy efficiency regulations and standards that specifically
target HVAC systems in buildings. BEMS help building owners and operators
comply with these regulations by providing the necessary tools to monitor and
optimize HVAC performance. Non-compliance can result in fines or penalties,
which incentivizes the adoption of HVAC control solutions. Building owners and
operators are increasingly embracing sustainability initiatives and
environmental responsibility. Efficient HVAC control aligns with these goals by
reducing greenhouse gas emissions associated with energy consumption.
Sustainability certifications like LEED (Leadership in Energy and Environmental
Design) and BREEAM (Building Research Establishment Environmental Assessment
Method) place a strong emphasis on HVAC efficiency, driving the adoption of
BEMS in this application. Effective HVAC control not only lowers energy
consumption but also extends the lifespan of HVAC equipment by reducing wear
and tear. This leads to reduced maintenance costs and longer replacement cycles
for HVAC systems, resulting in long-term cost savings for building owners.
Major companies operating in the Global Industrial
Energy Management Systems Market are:
- Johnson Controls International PLC
- Schneider Electric SE
- Siemens AG
- Honeywell International Inc
- International Business Machines
Corporation
- Cisco Systems Inc
- Trane Technologies Company, LLC
- Delta Electronics, Inc
- ABB Ltd
- Rockwell Automation
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“The Global Industrial Energy Management Systems
market is expected to rise in the upcoming years and register a significant
CAGR during the forecast period. The global Industrial Energy Management
Systems (IEMS) market is driven by the imperative for cost reduction and
operational efficiency in industrial operations. Escalating energy expenses are
a substantial part of operational budgets, compelling organizations to optimize
energy consumption. IEMS solutions provide real-time visibility into energy
usage, enabling the identification of inefficiencies and energy-intensive
processes. By implementing targeted strategies, companies reduce energy waste,
lower production costs, and enhance competitiveness. IEMS align energy
efficiency with cost containment, making them essential tools for achieving
operational excellence and competitive advantage in today's cost-conscious
industrial landscape. Therefore, the market of industrial Energy Management
Systems is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Industrial Energy Management Systems Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
By Type (Wired, Wireless), By Application (Heating, Ventilation, And Air Conditioning
(HVAC), Lighting, Security, Access control, Others), By Component (Hardware,
Software, Services), By End User (Manufacturing and Automotive, Utilities and
Power Generation, Oil & Gas and Petrochemical, Mining, Food &
Beverages, Construction and Building Management, Others), By Region, By
Competition”, has evaluated the future growth potential of Global Industrial Energy
Management Systems Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Industrial
Energy Management Systems Market.
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