Industrial Energy Management System Market Size - By Component (Metering & Field Equipment, Hardware, Software, Networking Device, Control Systems, Sensors), By Application (Power & Energy, IT, Manufacturing, Enterprise, Healthcare), & Forecast, 2024 – 2032

Industrial Energy Management System Market Size

Industrial Energy Management System Market was valued at USD 19.2 billion in 2023 and is set to register more than 5.2% CAGR between 2024 and 2032. Industrial organizations are increasingly recognizing the importance of energy efficiency to reduce operational costs and minimize environmental impact. This is driving the adoption of IEMS to monitor and optimizing energy usage in industrial processes. The integration of Internet of Things (IoT) devices and smart technologies into IEMS is a growing trend. This allows for real-time monitoring, data analysis, and automation of energy management processes, leading to more effective decision-making.
 

The use of advanced data analytics and artificial intelligence (AI) in IEMS is on the rise. These technologies enable predictive maintenance, anomaly detection, and optimization of energy consumption patterns, contributing to more efficient and sustainable operations. For instance, in September 2022, as a response to the prevailing global energy supply challenges and as a manifestation of its dedication to social responsibility, CERN is poised to implement initiatives focused on significantly reducing the Laboratory's energy consumption over the course of 2022 and 2023.
 

COVID-19 Impact

The pandemic led to disruptions in the global supply chain, affecting the manufacturing and delivery of IEMS components. This, in turn, caused delays in project implementations and installations as companies faced challenges in sourcing necessary equipment and technologies. Many industries faced financial uncertainties during the pandemic, leading to budget constraints and a focus on essential expenditures.
 

Industrial Energy Management System Market Trends

The substantial integration of digital technologies, notably the Internet of Things (IoT), alongside a growing market demand for energy management devices such as Programmable Logic Controllers (PLC), Supervisory Control and Data Acquisition (SCADA), Outage Management Systems (OMS), and Distribution Management Systems (DMS), is poised to have a positive impact on the business landscape. These devices play a crucial role in planning and executing control methods to optimize both energy production and consumption. They contribute to effective energy management by minimizing overall losses and costs associated with energy consumption. Advanced software and control systems are deployed for energy optimization, regulating consumption levels at economically viable rates.
 

Industrial Energy Management System Market Analysis

The market value of networking device segment was surpassed USD 4.9 billion in 2023. Networking devices play a pivotal role in establishing connections among different elements of an industrial energy management system (IEMS) and facilitating seamless communication between them. These devices are instrumental in the transmission of data and control signals, empowering homeowners to monitor and efficiently manage their energy consumption.
 

The healthcare segment is anticipated to grow at a CAGR of over 5.2% through 2032. Escalating energy costs and budgetary challenges in the sector, combined with cost pressures associated with industry restructuring and a competitive environment, are contributing positively to the installation of energy management products. Furthermore, substantial growth in the construction of new hospitals, aimed at addressing the increasing healthcare demands of COVID patients, is set to have a positive impact on the business landscape.
 

Europe industrial energy management system market is forecasted to exceed USD 7.8 billion by 2032. European industries continued to emphasize energy efficiency and sustainability, driven by regulatory frameworks and environmental concerns. Supportive government initiatives, incentives, and regulations at both the European Union (EU) and individual country levels played a significant role in driving the adoption of IEMS. Financial incentives and compliance requirements encouraged businesses to invest in energy management solutions. Furthermore, the advancements in smart building technologies will enable an integrated network of components and sensors that will work in coordination to optimize energy consumption using advanced analytics software.
 

Industrial Energy Management System Market Share

Honeywell holds a significant stake in the industrial energy management system business, renowned for its extensive expertise in designing and manufacturing various types of Energy Management Systems (EMS). These include home energy management systems, industrial energy management systems, commercial energy management systems, and more. With a history deeply entrenched in the Heating, Ventilation, and Air Conditioning (HVAC) sector, the company has successfully provided EMS solutions spanning a wide range of residential, commercial, and industrial applications.
 

Industrial Energy Management System Market Companies

Some of the major key players operating across the industrial energy management system industry are:

• Alarm.com
• Alphabet, Inc.
• Comcast Cable Communications, LLC
• Ecobee, Inc.
• EcoFactor, Inc.
• Energyhub, Inc.
• General Electric
• Honeywell International Inc.
• Ingersoll Rand
• Johnson Controls
• Nest Labs, Inc.
• NX Technologies
• Panasonic Corporation
• Robert Bosch Gmbh
• Schneider Electric
• Siemens
• Vivint Inc.
   

Industrial Energy Management System Industry News

• In November 2022, ABB has launched the ABB Ability OPTIMAX energy management system targeting the green hydrogen market. The system is designed to cut production costs by offering real-time visibility into energy consumption across operations. ABB's OPTIMAX system provides extensive assistance throughout the entire lifecycle of a hydrogen plant, from the engineering and design stages to real-time monitoring and visualization during operation. The software facilitates the measurement of bi-directional power flows and carbon dioxide emissions.
   
• In May 2022, Johnson Controls has successfully concluded the acquisition of Asset Plus, a UK-based public sector company specializing in energy reduction and zero carbon solutions. Asset Plus boasts a demonstrated history of achieving sustainability savings for diverse organizations, including the NHS, local authorities, and educational institutions.
   

This industrial energy management system market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Component

• Metering & Field Equipment
• Hardware
• Software
• Networking Device
• Control Systems
• Sensors
• Others

Market, By Application

• Power & Energy
• IT
• Manufacturing
• Enterprise
• Healthcare
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Qatar
  • UAE
  • South Africa
  • Iran
• Latin America
  • Brazil
  • Argentina