Press release
Industrial Energy Efficiency Market to Expand Significantly by 2024 - 2031 | Siemens, General Electric, ABB, Johnson Controls
Industrial Energy Efficiency Market
The industrial energy efficiency market size is expected to reach US$ 41.2 Bn by 2030, from US$ 23.13 Bn in 2023, growing at a CAGR of 8.6% during the forecast period.
Market Dynamics:
Rising concerns over carbon emissions from industries and focus on sustainability are expected to drive the industrial energy efficiency market growth over the forecast period. Governments across regions have implemented stringent regulations regarding carbon emission from industries. This has compelled industries to adopt energy efficient solutions to reduce their carbon footprint and comply with regulations. Furthermore, energy efficient systems helps industries optimize their operations and energy consumption, leading to significant cost savings. This is another factor boosting the adoption of industrial energy efficiency solutions globally.
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Industrial Energy Efficiency Market Drivers and Analysis
Rising Energy Costs Drive Large Industries to Seek Energy Efficiency Solutions
Across major industrialized economies, energy costs have risen steadily over the past decade putting pressure on large industrial facilities and manufacturing plants. With energy representing a major operational expense, industries are under increased pressure to curb energy consumption and optimize usage. Adopting advanced energy efficiency technologies and solutions allows industries to reduce dependency on costly energy sources and offset rising electricity tariffs. Power monitoring systems, variable speed drives, optimized HVAC and lighting systems have helped industries achieve energy savings of 15-30%. As energy costs continue their upward trajectory, large-scale adoption of industrial energy efficiency is expected to accelerate.
Industrial Energy Efficiency Market Opportunity
Rise of Energy Performance Contracting Drives Market Growth
The availability of energy performance contracting (EPC) models where efficiency system costs are offset by guaranteed energy savings acts as a major market opportunity. EPC providers assume performance and operational risks allowing industries to benefit from upgrades without any upfront investment. They verify savings and provide services like measurement, verification and retro-commissioning. The success of EPC models in commercial buildings is inspiring similar offerings tailored for industrial clients. This is opening the market to a wider set of SMEs unable to fund projects otherwise. Growing acceptance of EPC contracting will help materialize greater efficiency opportunities globally over the coming years.
Industrial Energy Efficiency Market Trend
Advent of IoT-enabled Monitoring Boosts Data-driven Decision Making
The Industrial Internet of Things (IIoT) is enabling more accurate resource monitoring on plant floors through networked sensors. Real-time performance data on energy usage, asset health and productivity helps uncover hidden inefficiencies. Pairing operational data with analytics reveals savings opportunities from predictive maintenance, optimized processes and demand-side management. Utilities too are leveraging smart meters and cloud platforms to offer tailored efficiency programs. As data volumes grow exponentially, artificial intelligence and machine learning will play a bigger role in automating analysis. Data-driven energy management driven by IoT is a notable trend aiding informed prioritization of projects across industrial facilities.
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Top Companies Included in This Report:
★ Siemens
★ General Electric
★ ABB
★ Johnson Controls
★ Schneider Electric
★ Honeywell
★ Eaton Corporation
★ Rockwell Automation
★ Emerson Electric
★ Mitsubishi Electric
★ Yokogawa Electric
★ Veolia Environnement
★ SGS
★ Enel X
★ Wärtsilä
★ Danfoss
★ Hitachi
★ Legrand
★ Ingersoll Rand
★ Schneider Electric
Market Segmentation:
Based on Product Type:
★ By Offering: Equipment (Pumps, Motors, Fans, Compressors, Heating, Ventilation, Air Conditioning, Refrigeration, Others), Systems (Distributed Control Systems, Supervisory Control and Data Acquisition Systems, Energy Management Systems, Utility Control Systems, Building Automation Systems, Others), Services, System Optimization & Maintenance, Consulting & Training, Others), Software & Solutions
★ By End-use Industry: Oil & Gas (Upstream, Midstream, Downstream), Power (Power Generation, Power Transmission & Distribution), Mining, Pulp & Paper, Food & Beverage, Petrochemical & Chemicals, Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Latest Trends in the Navigation Industrial Energy Efficiency Market:
💡 Surging Demand: Witness a rising demand for navigation Industrial Energy Efficiency owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.
💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Industrial Energy Efficiency, encompassing real-time traffic updates, 3D mapping, and augmented reality.
💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Industrial Energy Efficiency solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.
💡 Fusion with Emerging Technologies: Observe the integration of navigation Industrial Energy Efficiency with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.
💡 Rise of Mobile Applications: Experience the proliferation of navigation Industrial Energy Efficiency in the form of mobile applications, offering enhanced convenience and accessibility to users.
💡 Emphasis on Environmental Sustainability: Witness the development of navigation Industrial Energy Efficiency systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.
Frequently Asked Questions (FAQs) for Global Navigation Industrial Energy Efficiency Market Research:
What are the critical factors that companies should prioritize when entering the Navigation Industrial Energy Efficiency market?
What is the growth rate of the Navigation Industrial Energy Efficiency Market?
What is the current size of the Navigation Industrial Energy Efficiency Market?
Which region demonstrates the highest growth rate in the Navigation Industrial Energy Efficiency Market?
Which region commands the largest share in the Navigation Industrial Energy Efficiency Market?
Who are the key players operating in the Navigation Industrial Energy Efficiency Market?
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Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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