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Sustainability and Energy Management Software Market Size, Key Drivers, Analysis 2023-2033
Sustainability and Energy Management Software Market Size
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According to The Business Research Company's, The sustainability and energy management software market size has grown rapidly in recent years. It will grow from $1.35 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to corporate sustainability initiatives, regulatory compliance requirements, energy cost savings, growing awareness of climate change.
The sustainability and energy management software market size is expected to see rapid growth in the next few years. It will grow to $2.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to demand for transparency and reporting, increasing investor and consumer focus on sustainability, supply chain sustainability management, evolving esg (environmental, social, and governance) standards. Major trends in the forecast period include decision-making through data analytics, transparency and stakeholder communicatio, sustainability in supply chains, renewable energy integration, digitalization and iot integration.
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Market Drivers and Trends:
The increasing government initiatives for energy efficiency is expected to propel the growth of sustainability and energy management software market going forward. Government initiatives are programs or projects that are undertaken by governments to address social, economic, or environmental issues. Governments are using a variety of incentives to encourage the adoption of sustainability and energy management software. Additionally, financial incentives, penalties, and global harmonization efforts contribute to the increasing demand for sustainability and energy management software in meeting evolving regulatory requirements. For instance, in August 2023, according to UK government's official website, in 2021, the UK government launched the Net Zero Innovation Portfolio (NZIP), a $1.37 billion (£1 billion) fund designed to accelerate the commercialization of innovative technologies and processes, thereby advancing decarbonization in the UK and supporting its net zero emissions commitment by 2050. Therefore, the increasing government initiatives for energy efficiency are driving the growth of sustainability and energy management software market.
Major companies operating in the sustainability and energy management software market are developing advanced energy storage software platforms to gain a competitive edge in the market. For instance, in September 2023, FlexGen Power Systems, Inc., a US-based energy storage technology company launched the HybridOS 11, the latest version of its energy management software platform. HybridOS 11 introduces advanced features aimed at enhancing the user experience, ensuring system stability, and providing greater control over site operations for energy storage asset owners and operators. Key features include an Enhanced User Interface with a Dark Mode option, Scheduler Mode Upgrade for improved event scheduling, Constant Power Factor and Reactive Power POI Limits for comprehensive control, and a Performance Index offering a quick overview of site operations. The platform also introduces a Digital Twin, a cloud-based simulation using machine learning to calculate expected site performance.
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Major Key Players of the Market:
Accuvio lnc., Ecova Inc., Enablon North America Corp., Envizi Pty Ltd., Figbytes Inc., Gensuite LLC, International Business Machines Corporation, ICONICS Inc., SAP SE, Schneider Electric SE, UL EHS Sustainability, British Energy Saving Technology, LogicLadder Technologies Pvt.Ltd., Syam Software Inc., Urjanet Energy Solutions Pvt Ltd, Verisae, CA Technologies Inc., Thinkstep, Siemens AG, Johnson Controls International plc, Honeywell International Inc., Eaton Corporation plc, General Electric Company, Rockwell Automation Inc., Emerson Electric Co., OSIsoft LLC, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, IntegrityNext, EHS Insight, SmartHead, VelocityEHS
Sustainability and Energy Management Software Market 2024 Key Insights:
• The sustainability and energy management software market size is expected to see rapid growth in the next few years. It will grow to $2.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Rising Investments In Eh&S And Sustainability Initiatives Drive Growth In The Sustainability Software Market
• Product Innovations Transforming The Sustainability And Energy Management Software Market
• North America was the largest region in the sustainability and energy management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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