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

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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?

The industrial energy management system (IEMS) market is really taking off, and a big reason why is regulatory compliance. Think about itgovernments everywhere are cracking down with serious rules aimed at cutting carbon emissions, fighting climate change, and pushing businesses to be more sustainable. To keep up, companies often have to use energy management systems. These systems help them track, analyze, and optimize energy consumption. Basically, industries feel the heat to meet pollution standards, be energy efficient, and file all the right reports. That pressure is pushing them to invest in IEMS solutions to stay on the right side of the law and avoid some serious penalties. As these laws change and get even stricter, we can expect demand for these systems to keep growing, which means the market will keep getting bigger.

Think of it this wayrules about energy efficiency are like the rules of the game, but governments and agencies also offer sweet deals to get everyone playing! These deals, like subsidies, tax breaks, and special tariff rates, make it easier for companies to invest in energy-saving tech – especially expensive systems like IEMS. They know that helping businesses save energy helps the environment and grows the economy. So, by making it cheaper to comply with the rules, they're encouraging more businesses to adopt these systems, which helps the market grow and creates a more sustainable industry for everyone in the long run.

Will the Data Security and Privacy Concerns Hamper the Industrial Energy Management System Market?

The industrial energy management system (IEMS) market? Well, there's a catch. Data security and privacy worries could slow things down. Think about itindustries like manufacturing, utilities, and infrastructure absolutely need to protect their stuff – proprietary info, how things run, trade secrets. These IEMS systems rely on collecting, processing, and moving data, and that creates openings for bad guys. We're talking potential data breaches, cyberattacks, and just plain illegal access. Basically, companies might hesitate to jump on the IEMS bandwagon if they're scared of exposing confidential information or revealing operational weaknesses, especially if they're not convinced the cybersecurity is up to snuff or they don't fully trust the technology.

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.

Energy management software is really leading the pack in the IEMS market, and it's mostly because it's just so good at taking all that raw data and turning it into something we can actually understand. This program uses some pretty powerful techniques to pull out the important stuff from tons of data, helping everyone involved make smart choices about using less energy and running things better. And, you know, with industries all over the place feeling the heat to cut costs and be more eco-friendly, you just can't overstate how important energy management software is for hitting those goals. It's like a detective, finding hidden chances to save energy and making sure resources are used wisely, which makes it a key piece of the puzzle for sustainable and budget-friendly 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 really taking off! It's all about industries wanting to be more energy-efficient and save money. Since North America is home to some of the biggest industrial players in the world, they're putting serious money into IEMS to cut down on energy bills. We're also seeing a big push for renewable energy like solar and wind power, which means even more demand for IEMS technologies that can easily integrate with how factories and plants already work. Plus, the government's helping out with

incentives and regulations
that encourage energy efficiency, pushing the North American IEMS market even further.

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 ATTRIBUTESDETAILS
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
  • By Type
  • By Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players
  • 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
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

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

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