Global Industrial Energy Management Software Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- July 13, 2023
- ENERGY & POWER, NEWS
- Industrial Energy Management Software Market, Industrial Energy Management Software Market Share, Industrial Energy Management Software Market Size
- 0 Comments
The industrial energy management software market is a rapidly growing sector that provides energy management solutions for businesses and industries. This software enables companies to monitor, control, and optimize their energy usage, resulting in significant cost savings and reduced carbon emissions. The growth of this market can be attributed to several factors, including the increasing demand for energy-efficient solutions, rising energy costs, and stringent government regulations related to energy conservation. The software is also becoming more affordable and user-friendly, which is driving adoption among small and medium-sized enterprises.
The Industrial Energy Management Software Market is expected to grow at a steady rate of around 14% during the forecast period (2022-2028 owing to the increasing demand for the optimize operational solutions coupled with the increasing demand to lower energy consumption and carbon emission. Major companies in the market are focusing to provide industrial energy management software with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in November 2020, Rockwell automation acquired Fiix Inc. which will help to expand its industrial management solution portfolio.
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Based on the technology, the market is segmented into energy platforms, meter data management, peak load control system, SCADA, demand response management system, and others. The Supervisory Control and Data Acquisition segment is expected to register significant market growth during the forecast period. SCADA systems typically consist of software and hardware components that work together to collect data from sensors and other devices, process that data, and provide real-time monitoring and control of industrial processes. The software component is responsible for data acquisition, processing, and visualization, while the hardware component consists of sensors, programmable logic controllers (PLCs), and other devices that monitor and control the industrial process.
Based on end-users, the market is segmented into automotive, food & beverage, petrochemical, electronics, oil & gas, metal and mining, and others. The oil & gas segment is expected to register a significant CAGR during the forecast period owing to the increasing demand for fossil fuels around the world. The increasing demand for fossil fuels requires industries to optimize their energy use and operational activities along with environmental sustainability. Also, industrial energy management software is used for predictive maintenance, and energy efficiency analysis as well as for real-time performance monitoring and is expected to support the demand for industrial energy management software.
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For a better understanding of the market adoption of the Industrial Energy Management Software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. North America is anticipated to grow at a significant CAGR during the forecast period. This is mainly due to a large number of industrial facilities in the country and the increasing demand for energy-efficient solutions. Also, the increasing demand for cloud-based energy systems that helps industries in a comprehensive view of their energy usage, allowing them to identify opportunities for energy savings and improve their overall energy efficiency. These systems typically provide detailed analytics and reporting, allowing users to track energy usage over time and identify trends and anomalies. As industrial energy management software helps companies monitor and optimize their energy usage, reduce costs, and improve their overall energy efficiency along with the integration with other systems, such as building management systems, to provide a comprehensive view of energy usage and performance and is expected to support market growth in the region.
Some of the major players operating in the market include Cisco Systems, Inc., General Electric, Siemens, Eaton, Schindler, Emerson Electric Co., Honeywell International Inc., Rockwell Automation, Rockwell Automation, and ABB.
Global Industrial Energy Management Software Market Segmentation
Market Insight, by Technology
· Energy Platform
· Meter Data Management
· Peak Load Control System
· SCADA
· Demand Response Management System
· Other
Market Insight, by End-Users
· Automotive
· Food & Beverage
· Petrochemical
· Electronics
· Oil & Gas
· Metal & Mining
· Others
Market Insight, by Hardware
· Communication Network Hardware
· Industrial Hardware
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Cisco Systems, Inc.
· General Electric
· Siemens
· Eaton
· Schindler
· Emerson Electric Co.
· Honeywell International Inc.
· Rockwell Automation
· Mitsubishi Electric Corporation
· ABB
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