Industrial Energy Management System (IEMS) Market is analysed to grow at a CAGR of 16.31% during the forecast 2022-2027 to reach $36.34 billion by 2027. Industrial Energy management is the process of collecting information about where, when, how, and why energy is being used within an industry so that the end-user can increase efficiency, reduce cost and improve sustainability. IEMS is one of the well-known and accepted industry solution which is adopted aggressively across various industries owing to the penetration of Industry 4.0. Moreover, increasing energy demands across the globe tend to bring significant growth in the adoption of IEMS. For instance, according to the Bureau of Energy Efficiency (BEE), the demand for energy generation from renewable sources and fossil fuels will rise from 600 TWh at present to over 700 TWh by 2030, in Germany which has affected positively in the demand of IEMS solutions further promoting the Industrial Energy Management System (IEMS) market size during the forecast period. IEMS solutions constitute of wide range of components such as smart meters, programmable logic controls (PLCs) and others which offers highly customizable, fully integrated, end-to-end energy management solution providing industry specific functional solutions for power monitoring and control, monitoring, system analysis, industrial automation and control, intelligent motor control and various other solutions which tend to propel the Industrial Energy Management System (IEMS) industry across the globe.
Report Coverage
The report: “Industrial Energy Management System (IEMS) Industry Outlook – Forecast (2022-2027)”, by Industry ARC covers an in-depth analysis of the following segments of the Industrial Energy Management System (IEMS) Market.
By Components: Ethernet Switches, Gateways, Routers, Repeaters, Bridges, Smart Meters, Load Control Switch, Transmitters, Human Machine Interface/Operator Panels and Others.
By Solutions: Supervisory Control and Data Acquisition, Programmable Logic Control, Distributed Control System, Energy Platform, Energy Analytics, Meter Data Management, Energy Management Information System, Peak Load Control System, Demand Response Management System.
By Services: System Integration, System Analysis, Support & Maintenance and Others.
By Connectivity: Wired Technologies and Wireless Technologies.
By End-Use Industry: Energy & Utility, Oil & Gas, Aerospace, Automotive, Mining & Metal, Chemicals, Pharmaceuticals, Food & Beverage, Transportation & Logistics, Electrical & Electronics, Manufacturing, Paper & Pulp and Others.
By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); Row (Middle East & Africa).
Key Takeaways
Increasing penetration of Internet of Things (IoT) based predictive maintenance solutions for optimizing industrial digitalization across various industries is analysed to significantly drive the Industrial Energy Management System (IEMS) Market during the forecast period 2022-2027.
Smart Meters are analysed to hold highest share 34.12% in 2021 owing to surge in the demand of smart metering system and integration of IoT with industrial solutions.
Energy & Utility industry is analysed to hold the highest market share 35.21% during the forecast period owing to the increasing adoption of smart IoT solutions such as smart meters, smart lightings, smart energy management products coupled with smart grid developments across the globe.
Asia-Pacific is analysed to hold the highest share in 2021 owing to the availability of leading market players for the Industrial Energy Management System (IEMS) Market coupled with increasing investments in the industrial development in this region.
Global Industrial Energy Management System (IEMS) Market Share, By Region, 2021 (%)
For More Details on This Report – Request for Sample
Industrial Energy Management System (IEMS) Market Segment Analysis – By Components
By Components, the Industrial Energy Management System (IEMS) Market Report is segmented into Ethernet Switches, Gateways, Routers, Repeaters, Bridges, Smart Meters, Load Control Switch, Transmitters, Human Machine Interface/Operator Panels and Others. Smart Meters are analysed to be the highest growing segment with a CAGR of 20.11% among other components of Industrial Energy Management System (IEMS) Market during the forecast period 2022-2027 owing to the two-way communication feature it offers which enables real-time tracking of utility usage, by both utility supplier and consumer. Ongoing developments in the manufacturing of high-efficient smart meters is impacting positively in its market growth during the forecast period. For instance, in January 2020, Honeywell entered into a partnership with Verizon, a multinational wireless technology solution provider which aimed to integrate Verizon’s Managed Connectivity LTE tools into the smart meters which can be deployed for monitoring applications in Oil & Gas, Energy and Utility and many other industries.
Industrial Energy Management System (IEMS) Market Segment Analysis – By End-Use Industry
By End-use Industry, the Industrial Energy Management System (IEMS) Market Report is segmented into Energy & Utility, Oil & Gas, Aerospace, Automotive, Mining & Metal, Chemicals, Pharmaceuticals, Food & Beverage, Transportation & Logistics, Electrical & Electronics, Manufacturing, Paper & Pulp and Others. Energy & Utility is analysed to be the highest growing segment with a CAGR of 19.21% among other industries of Industrial Energy Management System (IEMS) Market during the forecast period 2022-2027 owing to the increasing adoption of Industrial Internet of Things (IIoT) solutions in this sector coupled with rising energy conservation initiatives in Energy & Utility sector. Integration of smart IoT solutions in the industrial components tend to be a major driving factor for the Industrial Energy Management System (IEMS) Market during the forecast period. For instance, program such as Building Systems & Automation Indonesia Expo 2020 which aimed to strengthen intelligent ways of using electricity across various energy and utility sector across the globe, coupled with integration of smart grids and metering and energy efficiency solutions and development of smart energy management solutions. These programs tend to drive the demand of Industrial Energy Management systems in Energy & Utility sector, further driving its market growth.
Industrial Energy Management System (IEMS) Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 38% in 2021 for the Industrial Energy Management System (IEMS) Market owing to the availability of leading market players for the Industrial Energy Management System (IEMS) Market coupled with increasing investments in the energy infrastructure development in this region. India is among the fastest developing economies in Asia-Pacific region owing to the increasing government initiatives for energy conservation and deployment of energy management systems across various industries. For instance, according to according to India Brand Equity Foundation (IBEF), India ranked fourth in the Asia Pacific region out of 25 nations on an index that measured their overall power. India was ranked fourth in wind power, fifth in solar power and fifth in renewable power installed capacity. Moreover, NTELS, a Korean tech firm which provides integrated converged solutions that help industries by innovative technologies, such as the Internet of Things and Industry 4.0 developed an energy management system which collects various energy data from heating, ventilation and air conditioning (HVAC) systems and forecasts monitoring features, which leads to optimizing energy efficiency across the industry. These developments and programs tend to drive the market growth of Industrial Energy Management systems in Asia-Pacific region.
Industrial Energy Management System (IEMS) Market Drivers
Rising investments in the energy infrastructure developments across the globe is driving the demand of Industrial Energy Management Systems
Rising investments in the energy infrastructure development across the globe is a major driving factor for the market growth of Industrial Energy Management Systems during the forecast period. Various countries across the globe are investing significantly in the energy sector to enhance their productivity owing to the increasing energy demands. According to The Organization of the Petroleum Exporting Countries (OPEC), in 2022, world oil demand is forecast to increase by 4.2 mb/d. OECD oil demand is forecast to grow by 1.8 mb/d in 2022. This increase in the oil demands is anticipated to create spontaneous growth in the demand of Industrial Energy Management Systems, further driving its market growth. For instance, according to International Energy Agency (IEA), investments done in energy infrastructure across the globe elevated from $461 billion in 2020 to $544 billion in 2021. This huge increase in the investments is analysed to bring huge impact in the market growth of Industrial Energy Managements systems in the positive direction during the forecast period.
Increasing penetration of IoT based solutions across various industries for energy management system is propelling the Industrial Energy Management System market growth
Increasing penetration of IoT based solutions across various industries for the establishment of high efficient energy management system is propelling the Industrial Energy Management System market growth across the globe. IoT based energy management systems are being incorporated in various sectors among which the energy sector is showing rapid adoption of these solution in last few years. There has been a huge increase in the number of energy regulations and certifications in all the countries across the world which tend to be major driving factor for the growth of Industrial Energy Management System Market. For instance, in October 2020, Yokogawa Electric Corporation launched their new Industrial Internet of Things (IIoT) cloud-based solution that provides centralized energy and environment management for the various industrial segment such as Energy and Utility, Manufacturing and others. Deploying monitoring sensors communicating via wireless networks improves plant performance and energy consumption which is analysed to be a major factor for the growth of industrial management system across various industries.
Industrial Energy Management System (IEMS) Market Challenges
Lack of awareness and high implementation cost is analysed to hamper the Industrial Energy Management System Market growth
One of the most important factor restraining the market growth of Industrial Energy Management System (IEMS) Market across the global is lack of awareness of energy management systems. Many end-use industries, especially the small and medium scale industries do not have energy management systems deployed across their industry which tend to be a major restraining factor for its market growth. Moreover, the high implementation cost associated with manufacturing, installation and maintenance cost tend to hamper in its adoption across various industries which is analysed to bring major market growth challenges for the Industrial Energy Management System Market during the forecast period. Furthermore, lack of government promotions for the adoption of industrial energy management systems is hindering the scalability and adoption of this technology. These factors tend to bring major challenges in the Industrial Energy Management System (IEMS) Market growth during the forecast period.
Industrial Energy Management System (IEMS) Market Landscape
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Industrial Energy Management System (IEMS) Market. In 2021, the market of Industrial Energy Management System (IEMS) industry outlook has been fragmented by several companies. Industrial Energy Management System (IEMS) top 10 companies include
ABB Ltd
Eaton Corporation PLC
Emerson Electric Company
EnerNOC, Inc.
General Electric Company
Honeywell International, Inc.
Rockwell Automation
Schneider Electric SE
Siemens AG
Yokogawa Electric Corporation
Recent Developments
In March 2021, Eaton Corporation introduced its new Industrial Energy management solution which combines hardware, software, and services to approach to the energy transition, which aims to help customers increase resilience, accelerate decarbonization, generate new revenue streams, and lower energy costs.
In October 2020, Yokogawa Electric Corporation launched their new IIoT cloud-based solution that provides centralized energy and environment management for the various industrial segment such as Energy and Utility, Manufacturing and others. These developments tend to drive the growth of Battery and Energy management products in IIoT Market during the forecast period.
In February 2020 – Honeywell introduced its Forge Energy Optimization systems (a closed-loop, cloud-based machine learning solution) to constantly monitor a building’s energy consumption changes to optimal energy-saving settings without affecting occupant comfort levels.
Relevant Reports
Energy Management System Market – Forecast (2021 – 2026)
Report Code: ITR 29798
Power Management System Market – Forecast (2021 – 2026)
Report Code: EPR 33949
For more Information and Communications Technology Market reports, please click here