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Industrial Energy Management System Market Trends

Report ID: GMI8070
Published Date: Feb 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of industrial energy management system was reached USD 19.2 billion in 2023 and is projected to grow at a CAGR of 5.2% through 2032, driven by increasing importance of energy efficiency to reduce operational costs and minimize environmental impact.

The healthcare segment held a notable market share in 2023 and is anticipated to grow at a CAGR of over 5.2% through 2032, fueled by escalating energy costs and budgetary challenges in the sector, combined with cost pressures associated with industry restructuring and a competitive environment.

Europe industrial energy management system market grew rapidly in 2023 and is estimated to exceed USD 7.8 billion by 2032, driven by supportive government initiatives, incentives, and regulations.

Alarm.com, Alphabet, Inc., Comcast Cable Communications, LLC, Ecobee, Inc. EcoFactor, Inc., Energyhub, Inc., General Electric, Honeywell International Inc., Ingersoll Rand, Johnson Controls are some of the major industry contenders.