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Sustainability and Energy Management Software Market Size Forecasted To Achieve $2.82 Billion By 2029 With Steady Growth
Sustainability and Energy Management Software
What Is the Sustainability and Energy Management Software Market Size and Projected Growth Rate?
The market for sustainability and energy management software has experienced quick expansion in the recent past. It is projected to surge from $1.5 billion in 2024 to $1.69 billion in 2025, with a compound annual growth rate (CAGR) of 12.6%. The historical growth of this market can be traced back to factors such as organizational sustainability endeavors, rules and regulations that necessitate compliance, savings on energy costs, and increasing cognizance of global warming.
In the coming years, the market size of sustainability and energy management software is predicted to experience rapid expansion. It is projected to reach $2.82 billion in 2029, boasting a compound annual growth rate (CAGR) of 13.6%. This growth in the forecasted time span can be associated with a rising demand for transparency and reporting, greater focus on sustainability by both investors and consumers, the management of sustainability in the supply chain, and the evolving standards of ESG (environmental, social, and governance). Crucial trends in this forecast period encompass decision making driven by data analytics, transparent communication with stakeholders, sustainability in supply chains, the integration of renewable energy, and the inclusion of digitalization and IoT.
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What Are the Major Segments in the Sustainability and Energy Management Software Market?
The sustainability and energy management software market covered in this report is segmented -
1) By Software: Cloud Based, On-Premise
2) By Module: Utility Data Management, Carbon Reporting And Management, Sustainability Reporting And Management, Energy Optimization, Facility And Asset Management, Compliance Management
3) By End User: Automotive, Construction, Manufacturing, Oil And Gas, Pharmaceutical, Utilities And Energy
Subsegments:
1) By Cloud-Based: SaaS (Software As A Service), Multi-Tenant Architecture, Hybrid Cloud Solutions
2) By On-Premise: Enterprise Installations, Customizable Solutions, Legacy Systems
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What Are The Driving Sustainability and Energy Management Software Market Evolution?
The growth in funding for environment, health & safety (EH&S), and sustainability software is a significant element propelling the sustainability and energy management software sector. The use of energy management software helps in reducing energy usage and costs. This software is utilized to bolster energy efficiency and sustainability, and it plays a critical role in lowering costs, reducing carbon footprints, and enhancing energy quality. For example, in February 2022, ArcelorMittal, a steel production company based in Europe, unveiled a $1.8 billion investment plan set for completion by 2030 at its steel production facilities in Fos-sur-Mer and Dunkirk. With support from the French government and without compromising production capabilities, this investment promises a radical shift in France's steelmaking industry and a total decrease in ArcelorMittal's CO2 emissions in France by approximately 40%, or 7.8 million tons annually by 2030. This shift will cause a 10% decline in greenhouse gas emissions from France's manufacturing sector. Hence, growing investments in environment, health & safety, and sustainability software are propelling the sustainability and energy management software market.
Which Firms Dominate The Sustainability and Energy Management Software Market Segments?
Major companies operating in the sustainability and energy management software market are 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, LogicLadder Technologies Pvt.Ltd., Urjanet Energy Solutions Pvt Ltd, Verisae, 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, VelocityEHS
What Trends Are Expected to Dominate the Sustainability and Energy Management Software Market in the Next 5 Years?
Leading organizations functioning in the sustainability and energy management software market are focusing on the creation of sophisticated energy storage software platforms to gain an advantage in the industry. These platforms provide tools and systems that empower the management and regulation of energy storage systems. By permitting users to monitor and scrutinize data in the real-time, these tools enhance the performance of energy storage and its integration with green energy sources and the power grid. For instance, FlexGen Power Systems Inc., a US-based organization specializing in energy storage technology, debuted the HybridOS 11, the most recent update to its energy management software platform, in September 2023. This new software version unveils advanced features intended to elevate user experience, guarantee system stability, and grant more control to energy storage asset owners and operators over site operations. Important features include an Enhanced User Interface featuring a Dark Mode option, Scheduler Mode Upgrade for better event planning, Constant Power Factor and Reactive Power at the Point of Interconnection (POI) Limits for extensive control, along with a Performance Index providing a brief overview of site operations. Moreover, this platform introduces a Digital Twin, a cloud-based simulation that employs machine learning to predict the expected performance of the site.
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Which Is The Largest Region In The Sustainability and Energy Management Software Market?
North America was the largest region in the sustainability and energy management software market in 2024. The regions covered in the sustainability and energy management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Sustainability and Energy Management Software Market?
2. What is the CAGR expected in the Sustainability and Energy Management Software Market?
3. What Are the Key Innovations Transforming the Sustainability and Energy Management Software Industry?
4. Which Region Is Leading the Sustainability and Energy Management Software Market?
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