Industrial Energy Management System Market By Type (Components of IEMS, Central Computer System, And Remote Meters), By Application (Power Industry, Manufacturing, And Oil and Gas), And Region For 2024-2031
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationIndustrial Energy Management System Market By Type (Components of IEMS, Central Computer System, And Remote Meters), By Application (Power Industry, Manufacturing, And Oil and Gas), And Region For 2024-2031
Industrial Energy Management System Market Valuation – 2024-2031
The Industrial Energy Management System Market monitors energy fluctuations and may improve energy efficiency. It enables industrial energy managers to visualize energy consumption across the firm, including the production process and building operations. IEMS is rapidly being used by organizations and manufacturing facilities to improve energy efficiency, optimize energy usage, use dynamic pricing tariffs, and limit demand, all of which reduce overall facility running costs. The various organizations is driving the market size surpass USD 30.33 Billion valued in 2023 to reach a valuation of around USD 60.47 Billion by 2031.
The IEMS includes all planned and performed steps to ensure the lowest energy usage for current activities. Integrating IEMS with existing management systems benefits energy-intensive enterprises by reducing manpower, time, and costs. The rising demand for cost-effective and efficient industrial energy management system is enabling the market grow at a CAGR of 9.94% from 2024 to 2031.
Industrial Energy Management System MarketDefinition/ Overview
An Industrial Energy Management System (IEMS) is a comprehensive software package that enables industrial facilities to monitor, analyze, and optimize their energy consumption. It functions as a digital conductor for a facility’s energy use, giving real-time data and insights to help customers make informed decisions about energy consumption.
IEMS functions at several points of the energy management cycle. First, it collects data from numerous sources within the facility, such as meters, sensors, and building management systems. This information includes power usage, gasoline consumption, compressed air, and other types of energy.
Once acquired, the IEMS consolidates and analyzes the information. It identifies patterns, trends, and places with excessive energy use. These findings are then presented in user-friendly dashboards and reports. Facility managers can quickly understand where energy is being utilized, pinpoint inefficiencies, and identify possible areas for improvement.
Ultimately, IEMS uses this knowledge to assist in the implementation of energy-saving solutions. This could include optimizing production schedules to reduce idle equipment operation, modifying heating and cooling systems for greater efficiency, or even initiating automated shut-offs during non-operational hours. By executing these data-driven steps, IEMS can considerably lower a facility’s total energy consumption and operational expenses.
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Will Regulatory Compliance Drive the Industrial Energy Management System Market?
In the industrial energy management system (IEMS) market, regulatory compliance is a powerful driver of growth. Governments around the world are passing severe regulations to reduce carbon emissions, mitigate climate change, and promote sustainable practices in all businesses. Compliance with these rules frequently demands the use of energy management systems to track, analyze, and optimize energy consumption. Industries are under increasing pressure to meet pollution standards, energy efficiency requirements, and reporting duties, prompting them to invest in IEMS solutions to assure compliance and avoid consequences. As laws evolve and become more severe, demand for energy management systems is likely to continuously increase, supporting market expansion.
Furthermore, regulatory frameworks regulate energy efficiency while also incentivizing its implementation through a variety of measures including subsidies, tax breaks, and favorable tariffs. Governments and regulatory agencies realize the value of encouraging firms to use energy-saving technologies in order to meet environmental goals while supporting economic growth. These financial incentives act to mitigate the initial investment expenses associated with installing IEMS systems, making them more affordable and appealing to industries.As a result, aligning regulatory compliance with financial gains creates a favorable climate for widespread adoption of energy management systems, so encouraging market expansion and building a more sustainable industrial landscape over time.
Will the Data Security and Privacy Concerns Hamper the Industrial Energy Management System Market?
Industrial energy management system (IEMS) market, concerns about data security and privacy may hinder the widespread adoption. Industries that operate in sensitive areas, such as manufacturing, utilities, and essential infrastructure, emphasize the protection of proprietary information, operational data, and trade secrets. The dependency of IEMS systems on data collection, processing, and transfer creates weaknesses that malicious actors may exploit, resulting in data breaches, cyberattacks or illegal access. Fears of compromising confidential information or revealing operational weaknesses may hinder enterprises from adopting IEMS solutions, particularly if effective cybersecurity safeguards are not in place or they lack confidence in the technology’s reliability.
Furthermore, legislative regulations for data protection and privacy, such as GDPR in Europe or the CCPA in California, place strict responsibilities on enterprises to safeguard the security and confidentiality of personal and sensitive data. Compliance with these standards complicates and increases the cost of implementing and operating IEMS solutions, necessitating extra investments in resources, skills, and technology to achieve and maintain compliance. Failure to appropriately manage data security and privacy concerns may result in legal penalties, reputational harm, and loss of consumer trust, impeding the growth and acceptance of IEMS solutions in the market.
Category-Wise Acumens
Will the Energy Management Software Segment Propel the Industrial Energy Management System Market?
The fundamental computer system drives the industrial energy management system (IEMS) market, with the energy management software sector now dominating. This software functions as the operation’s brain, evaluating data from multiple sources and turning it into actionable insights. Energy management software, which uses complex algorithms and analytics capabilities, enables facility managers to obtain comprehensive visibility into energy consumption patterns, spot trends, and find inefficiencies throughout industrial operations.
The leading position of energy management software in the IEMS market can be due to its unequaled ability to convert raw data into meaningful knowledge. This program derives relevant insights from large amounts of data using powerful data processing and modeling techniques, allowing stakeholders to make educated decisions about optimizing energy use and enhancing operational efficiency. As industries throughout the world face increasing pressure to decrease costs and improve environmental responsibility, the role of energy management software in attaining these goals cannot be emphasized. Its capacity to find hidden energy savings potential and streamline resource use makes it an essential component of sustainable and cost-effective industrial processes.
As the demand for energy efficiency and sustainability grows, energy management software will play a more important role in shaping the future of the industrial energy management system market. Aside from its direct impact on cost savings and environmental stewardship, this software acts as a catalyst for pushing innovation, cultivating operational excellence, and preserving a competitive advantage in an ever-changing industrial globe. Energy management software, with its capacity to provide real-time insights, optimize energy consumption, and assist data-driven decision-making, is an essential element in the pursuit of efficient, resilient, and environmentally conscious industrial operations.
Will the Manufacturing Facility Drive the Demand in the Industrial Energy Management System Market?
The manufacturing segment leads the industrial energy management system (IEMS) market, owing to the wide range of energy demands inherent in manufacturing facilities. These environments cover a wide range of energy usage scenarios, from powering machines and manufacturing lines to controlling complicated climate systems. Given this complex energy landscape, manufacturers must seek effective ways to optimize energy consumption across their processes. IEMS emerge as a powerful instrument in this regard, providing a comprehensive platform for identifying waste areas and implementing targeted methods to achieve significant cost reductions.
Manufacturers use IEMS to acquire detailed insights into their energy consumption patterns, allowing them to identify inefficiencies and apply targeted solutions. Manufacturers can find chances for improvement across different aspects of their operations by leveraging IEMS’ analytical capabilities, ranging from equipment utilization to energy-intensive processes. This strategic strategy not only reduces costs but also improves operational efficiency and sustainability, propelling manufacturing enterprises to the forefront of energy management innovation in the industrial environment.
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Country/Region-wise Acumens
Will the Rising Energy Prices Accelerate the Asia Pacific Region for the Industrial Energy Management System Market?
A combination of reasons propelled the Asia Pacific region to become a significant contributor to the global industrial energy management system (IEMS) market. Rising energy prices, combined with government-led energy-saving measures, have increased demand for efficient energy management solutions across all industries in the region. Furthermore, rising environmental consciousness among enterprises, combined with a growing emphasis on factory digitization, has accelerated the implementation of industrial energy management systems (IEMS) throughout the Asia Pacific.
The emphasis on alternative energy sources, combined with a strong dedication to environmental goals, has highlighted the significance of IEMS in the Asia Pacific area. These technologies enable organizations to maximize energy efficiency, cut costs, and comply with regulatory and environmental requirements. As enterprises in Asia Pacific aim to improve operational efficiency and accomplish long-term sustainability goals, IEMS adoption emerges as a strategic imperative, propelling regional market growth and innovation.
Will Energy Efficiency and Cost Reduction Across Industrial Sectors Drive the Market in North America?
The industrial energy management system (IEMS) market in North America is expanding rapidly, driven by rising demand for energy efficiency and cost reduction across industrial sectors. With North America hosting some of the world’s largest industrial enterprises, significant investments are being made in IEMS systems to reduce energy costs. Furthermore, the region is seeing a significant increase in the use of renewable energy sources such as solar and wind power, increasing the demand for IEMS technologies that can smoothly integrate with industrial operations. Furthermore, government incentives and regulations targeted at improving energy efficiency are driving the North American IEMS market ahead.
Furthermore, the North American IEMS market will profit greatly from the growing deployment of smart grid technologies, such as enhanced metering infrastructure and distributed energy resources. These advances play an important role in increasing energy efficiency and lowering costs by allowing for real-time monitoring, control, and optimization of energy usage. As the region’s businesses prioritize sustainability and operational efficiency, the integration of smart grid technology with IEMS solutions becomes increasingly important for reaching these objectives.
Overall, the North American IEMS market is expected to grow steadily in the coming years, led by the continuing desire for energy efficiency and cost savings. The convergence of factors such as renewable energy adoption, supportive governmental policies, and advancements in smart grid technologies will continue to drive expansion in the region’s IEMS market, cementing its position as a key driver of industrial energy management innovation globally.
Competitive Landscape
The industrial energy management system market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the industrial energy management system market include
ABB, Schneider Electric, Siemens AG, Eaton Corporation, Emerson Electric, General Electric, Honeywell International, IBM Corporation, Cypress Envirosystems, Mitsubishi Electric Corporation, Opto22, C3 Energy, Cascade Energy, Panoramic Power, Rockwell Automation
Latest Developments
- In February 2023, AutoGrid, an industry-leading supplier of Virtual Power Plants (VPPs) and Distributed Energy Management Systems (DERMS) announced a traditional new partnership with Tata Power, one of India’s largest incorporated power businesses, to implement a demand response program for residential, commercial, and industrial customers. This groundbreaking scheme will help satisfy peak demand and advance India’s sustainable energy development.
- In November 2022, ABB announced the ABB Ability OPTIMAX energy management system with an eye toward the green hydrogen market. The system’s real-time view into energy use across operations is intended to reduce manufacturing costs. The OPTIMAX system from ABB offers comprehensive support for a hydrogen plant’s whole lifecycle, from engineering and design to real-time monitoring and visualization when it’s in operation. Carbon dioxide emissions and bidirectional electricity flows may be measured more easily thanks to the software.
- In May 2022, Johnson Controls successfully completed the acquisition of Asset Plus, a public sector organization based in the UK that specializes in zero carbon and energy reduction Asset Plus can claim of a track record of attaining sustainability savings for a wide range of organizations, such as educational institutions, local agencies, and the NHS.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~9.94% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Industrial Energy Management System Market, By Category
Type
- Components of IEMS
- Central Computer System
- Remote Meters
- Sensors
- Energy Management Software
Application
- Power Industry
- Manufacturing
- Oil and Gas
- Petrochemical
- Utility
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Market Research
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