By the end of 2024, the Global Sustainability and Energy Management Software Market will grow at a 10.8% CAGR and have Generated just over US$ 1,700 Mn

A database of data about the use of energy, resources, financial information, and other significant factors is essentially what sustainability and energy management software is, and it aids businesses in making their operations efficient and sustainable. Enterprises typically use energy and sustainability management software solutions to improve their business performance in terms of energy and sustainability through automated data management, analysis, and reporting.

These kinds of solutions help achieve the objectives of process sustainability and energy conservation by acting as a tool for project planning and management, scenario planning, portfolio management, and supply chain management.

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Companies today are under intense scrutiny to increase corporate value and positively contribute to environmental and sustainability goals in addition to providing value to shareholders and investors. In order to maximise the use of limited resources and decrease the carbon footprint to increase output in an environmentally friendly way, sustainability and energy management software is used.

The global sustainability and energy management software market is estimated to be valued at nearly US$ 900 Mn in the year 2017 and is expected to touch a figure of more than US$ 1700 Mn by the end of 2024. The market is expected to register a total incremental opportunity of nearly US$ 1000 Mn between the years 2016 and 2024. The global sustainability and energy management software market is projected to register a CAGR of 10.8% during the forecast period (2016-2024).

Increased awareness amongst organizations regarding sustainability management

Presently, there is an enhanced awareness regarding the concept of sustainability and energy management in companies, instead of just treating it as a regulatory obligation. This is especially true of companies operating in the manufacturing, chemicals and oil and gas sectors.

Several parameters are now coming in the ambit of sustainability management such as supply chain de-risking, operating in resource stressed areas, reliable and cost-efficient energy supplies and product stewardship initiatives, etc. Another way to look at this emerging situation is the increasing competition amongst companies and due to this intense competition, companies are looking to differentiate themselves by adopting sustainable and energy saving methodologies in their business processes, which sets them apart from competition.

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Lack of strict regulations in the field of environmental protection in emerging economies is hampering the growth of the global sustainability and energy management software market

In emerging economies such as India and China, small and medium enterprises are a major source of environmental pollution. As the awareness regarding protection of the environment and sustainable practices is low amongst the strata of such size of companies, they don't take such issues seriously and there is a lax attitude. Significant investments regarding sustainable processes and pollution control are only made in large enterprises, while medium and small enterprises go off the hook.

"Enterprises are utilizing sustainability and energy management software to enhance their brand value

Initially, most of the enterprises were utilizing traditional sustainability reporting formats to communicate their progress, due to which they were losing the brand value associated with their social and environmental achievements. However, with growing awareness regarding brand value and reputation, along with leveraging the advantage of advanced information technologies to gain competitive advantage, enterprises are replacing these custom-built legacy systems with commercial sustainability and energy management software."

Hence, enforcement of pollution standards is uneven and only government owned enterprises are generally subject to checks, while small scale enterprises are spared from such liabilities. It is also seen in developing economies that there is a huge variation in the process of economic planning and environmental protection goals, leading to the latter being not implemented or being poorly implemented.

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Market Segmentation
By Software
Cloud Based
On Premise

By End Use Application
Automotive
Building Automation
Oil & Gas
Manufacturing
Pharmaceutical
Utilities & Energy
Others

By Module
Utility Data Management
Carbon Reporting & Management
Sustainability Reporting and Management
Energy Optimization
Facility & Asset Management
Compliance Management

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This release was published on openPR.