Emergency of the energy consumption management has been escalating across various industries, in addition to several rapidly industrializing regions. On the similar backdrop, governments of various regions such as North America and Asia Pacific, and a few rapidly developing countries such as Japan, have been taking additional efforts in the regularization and standardization of industrial energy management systems.
Massive Growth of Oil & Gas Industries Continue to Lift Industrial Energy Management Systems Market Scenario in MEA
In terms of growth rate, Middle East and Africa has been showing signs of steady industrial development, which will continue to expand even in the years coming ahead. It has been predicted that MEA’s market will possibly expand at an impressive CAGR of 11.6% during the forecast period, 2018-2028. While this robust growth is attributed to the strong presence of oil andgas industries in this region, it is most likely to continue pushing the demand for industrial energy management systems across MEA. Moreover, vendors in this regional market are focusing on adoption of advanced technologies to offer visibility to data related to environment and energy management. This is expected to be among the important factors, driving the growth of industrial energy management systems market in MEA over the next decade.
North America and Western Europe to Target Sustainable Energy Management
North America and Western Europe have been witnessing robust industrial proliferation over the years, and are also working towards improving the efficiency of industrial energy management. With environmental sustainability becoming a global concern, the industries based in these two regions are constantly experiencing an upsurge in the number of investors, customers, and suppliers who consider energy management as a key factor in taking decisions for reducing carbon emissions and energy consumption. According to the global market forecast offered recently by Future Market Insights, North America and Western Europe are anticipated to remain the key markets for industrial energy management systems. North America will however secure the top position, reaching a value of over US$ 16,500 Mn by the end of 2028.
The industries in the aforementioned markets are thus concentrating more on engaging in development of sustainability goals. They are expected to significantly extend investments in energy management solutions, to strengthen brand value and reputation. Growing concerns towards reducing the carbon footprint and reuse of waste heat in facilities by industries are expected to drive the demand for cost-effective and high-efficiency industrial energy management systems over the next few years.
Complexity of Software & Lack of Standards to Hinder Market Growth in Developing Regions
Developing economies often lack labor skilled to handle advanced technology systems. Moreover, the demand for high cost skilled resources cannot be met always. The deployment of software, hardware, and system integration requires specialized experts who can handle data refining and preparation, and build and integrate these models into the application environment. However, lack of skilled resources or those with specialized expertise has been identified to be a key factor affecting the adoption of this software by SMEs, and restraining the growth of the global industrial energy management system market thereby.
Moreover, lack of standards, and relatively poor awareness about green energy initiatives will also reportedly hinder the market growth. Optimum resource utilization will help in lighting retrofits, improved procurement strategies, controlling and monitoring energy consumption, planning budget and take decisions accordingly, and reaping the benefits of tax credits for renewable energy generation and energy conservation.
Global Industrial Energy Management System Market
The new research report by Future Market Insights, highlights the Global Industrial Energy Management System. It starts with an overview of the industrial energy management system market in terms of value. In addition, this section includes analysis of key trends, drivers and challenges from the supply, demand and economy side, which are influencing the Industrial Energy Management System Market. The industrial energy management system market is classified on the basis of component, end user industry, and region. By component, the market is segmented as technology, hardware and services. The technology segment is further segmented into energy platform, distributed control systems (DCS), meter data management (MDM), peak load control systems (PLCS), programmable logic controls (PLC), energy analytics, supervisory control and data acquisition (SCADA), and Energy Management Information Systems (EMIS).
The hardware segment is further divided into communication network hardware and industrial hardware. A detailed analysis has been provided for every segment in terms of market size analysis for Industrial Energy Management System market across the different regions. The section provides a detailed analysis covering key trends. The next section highlights detailed analysis of Industrial Energy Management System market across various countries in the region. It provides a market outlook for 2018–2028 and sets the forecast within the context of industrial energy management system market, including latest technological developments as well as offerings in the market.
FMI collects data from secondary sources including company annual reports, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner.
After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, FMI validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Key Questions Answered -