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Industrial Energy Efficiency Services Market 2024-2033 - Size, Trends, Growth & Key Players
Industrial Energy Efficiency Services Market
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According to The Business Research Company's, The industrial energy efficiency services market size has grown strongly in recent years. It will grow from $10.42 billion in 2023 to $11.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to government regulations, rising energy costs, industrial growth, rising environmental awareness, and demand for renewable energy integration.
The industrial energy efficiency services market size is expected to see strong growth in the next few years. It will grow to $13.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rising energy prices, climate change awareness, government energy policies, energy efficiency standards, and industrial competitiveness. Major trends in the forecast period include technological advancements, demand for energy management solutions, emergence of smart cities, partnerships and collaborations, and adoption of distributed energy resources (DER).
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Market Drivers and Trends:
The growing focus on decarbonization is expected to propel the growth of the industrial energy efficiency services market going forward. Decarbonization refers to the process of reducing or eliminating carbon dioxide (CO2) emissions from various sectors of the economy, particularly in energy production, transportation, and industry. The focus on decarbonization is due to the urgent need to mitigate climate change and the increasing regulatory pressures that mandate lower greenhouse gas emissions. Industrial energy efficiency services play a crucial role in decarbonization by helping industries reduce their energy consumption, lower greenhouse gas (GHG) emissions, and transition to cleaner, more sustainable operations. For instance, in April 2024, according to the United States Department of Energy, a US-based government department, the U.S. developed a blueprint to decarbonize U.S. buildings, targeting a 65% reduction in greenhouse gas emissions by 2035 and a 90% reduction by 2050. Therefore, a growing focus on decarbonization is driving the growth of the industrial energy efficiency services market.
Major companies operating in the industrial energy efficiency services market are focusing on developing innovative solutions, such as industrial energy-efficient manufacturing technologies, to enhance offerings and meet the growing demand for sustainable solutions. Industrial energy-efficient manufacturing technologies refer to advanced methods and systems designed to reduce energy consumption and improve efficiency in manufacturing processes. For instance, in August 2024, VTT Technical Research Centre of Finland, a Finland-based limited liability company, launched the Energy First initiative, a collaborative project to develop sustainable, energy-efficient, and recyclable fiber-based products for the forestry and textile industries. This initiative is designed to address significant energy and resource consumption challenges in these sectors. The primary goals are to reduce water consumption by up to 90% and energy use by 50% while creating viable alternatives for cardboard packaging, hygiene products, and non-woven fabrics. The initiative aligns with EU sustainability directives, enhancing resource efficiency and promoting recyclable materials in the forestry and textile industries.
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Major Key Players of the Market:
Enel Spa, Electricite de France SA, Tata Group, Engie SA, Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., KPMG International Limited, Johnson Controls, Trane Technologies plc, AECOM Technology Corporation, Bain & Company, DuPont de Nemours Inc., WSP Global Inc., Dalkia, DNV Group AS, Ameresco Inc., Voltas Limited, SGS Group, Getec, Alien Energy Private Limited, Smart Joules Private Limited, Econoler Inc.
Industrial Energy Efficiency Services Market 2024 Key Insights:
• The industrial energy efficiency services market size is expected to see strong growth in the next few years. It will grow to $13.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Growing Focus On Decarbonization Is Driving The Growth Of The Industrial Energy Efficiency Services Market.
• Innovative Energy Efficiency And Sustainability Solutions Drive Market Evolution
• North America was the largest region in the industrial energy efficiency services market in 2023
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