PUBLISHER: The Business Research Company | PRODUCT CODE: 1425856
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425856
Sustainability and Energy Management Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sustainability and energy management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sustainability and energy management software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The sustainability and energy management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Sustainability and energy management software represent digital solutions designed to automate tasks related to monitoring energy consumption and sustainability practices within an organization. These systems encompass databases containing crucial information regarding finances, energy usage, resources, and other essential metrics. They aid businesses in monitoring, analyzing, and regulating various operational activities.
The primary types of sustainability and energy management software include cloud-based and on-premise solutions. Cloud-based software operates on servers accessible via the internet, facilitating connections between specific controllers and linked sensors, such as digital power meters, enabling efficient energy-saving controls. These systems consist of different modules, including utility data management, carbon reporting and management, sustainability reporting and management, energy optimization, facility and asset management, and compliance management. They find application across industries such as automotive, construction, manufacturing, oil and gas, pharmaceuticals, utilities, and the energy sector.
The sustainability and energy management software market research report is one of a series of new reports from The Business Research Company that provides sustainability and energy management software market statistics, including sustainability and energy management software industry global market size, regional shares, competitors with a sustainability and energy management software market share, detailed sustainability and energy management software market segments, market trends and opportunities, and any further data you may need to thrive in the sustainability and energy management software industry. This sustainability and energy management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historical period can be attributed to several factors, including the implementation of corporate sustainability initiatives, the need to comply with regulatory requirements, efforts focused on reducing energy costs, and the increasing awareness and concern about climate change issues.
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%. Anticipated growth in the forecast period can be linked to several key factors, including the rising demand for transparency and comprehensive reporting, heightened attention from both investors and consumers towards sustainability aspects, the management of sustainability across supply chains, and the continuous evolution of ESG (Environmental, Social, and Governance) standards. Key trends expected in the forecast period encompass making informed decisions through data analytics, fostering transparency and effective communication with stakeholders, emphasizing sustainability within supply chains, integrating renewable energy sources, and incorporating digitalization and IoT (Internet of Things) integration for enhanced efficiency and monitoring capabilities.
The surge in investments in environment, health & safety (EH&S), and sustainability software is a pivotal driver for the sustainability and energy management software market. Energy management software plays a crucial role in reducing energy expenses and consumption, maximizing efficiency, and promoting sustainability. Its benefits include cost reduction, carbon footprint reduction, and enhanced energy quality. An illustrative example is ArcelorMittal's €1.7 billion ($1.8 billion) investment program by 2030 in its French steelmaking operations, supported by the French government. This initiative aims to transform steelmaking in France, achieving a nearly 40% reduction in CO2 emissions by 2030, contributing to a 10% reduction in greenhouse gas emissions from the country's manufacturing industry.
The ongoing increase in government initiatives for energy efficiency is anticipated to drive the growth of the sustainability and energy management software market. Governments worldwide are implementing programs and projects to address social, economic, and environmental challenges. Incentives, penalties, and global harmonization efforts are being used to promote the adoption of sustainability and energy management software, aligning with evolving regulatory requirements. An example is the UK government's Net Zero Innovation Portfolio (NZIP), a £1 billion ($1.37 billion) fund launched in 2021 to accelerate the commercialization of innovative technologies and processes, supporting the UK's commitment to achieving net-zero emissions by 2050.
Key players in the sustainability and energy management software market are actively developing advanced energy storage software platforms to gain a competitive advantage. FlexGen Power Systems, Inc., a US-based energy storage technology company, exemplifies this with the launch of HybridOS 11 in September 2023. This latest version introduces advanced features focused on improving user experience, ensuring system stability, and providing greater control over energy storage asset operations. Noteworthy features include an Enhanced User Interface with a Dark Mode option, Scheduler Mode Upgrade for enhanced 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 incorporates a Digital Twin, utilizing cloud-based simulation and machine learning to calculate expected site performance.
Leading enterprises in the sustainability and energy management software market are actively pursuing innovative solutions, such as energy management systems (EMS), to secure a competitive advantage. An EMS, comprising both hardware and software components, empowers businesses and organizations to monitor, control, and optimize their energy consumption. In November 2022, ABB Ltd., a Switzerland-based automation company, introduced ABB Ability OPTIMAX, an energy management system tailored for the green hydrogen industry. This software is designed to trim production costs of green hydrogen by delivering real-time visibility into energy consumption across operations. Given the energy-intensive nature of green hydrogen production through electrolysis, ABB's OPTIMAX provides a comprehensive solution covering the entire hydrogen plant lifecycle. The software precisely measures power flows and carbon dioxide emissions, allowing operators to optimize energy consumption levels and elevate the efficiency and safety of electrolyzer modules.
In August 2022, EnergyCAP, a prominent US-based energy management software and energy and sustainability enterprise resource planning (ERP) software company, executed the acquisition of Wattics for an undisclosed amount. This strategic move enhances EnergyCAP's platform capabilities by integrating advanced energy management analytics solutions. These solutions facilitate actionable, building- and device-level interval data analytics and dashboards, empowering customers in their pursuit of achieving net-zero carbon emissions. Wattics, an Ireland-based enterprise energy management software company, brings valuable expertise to EnergyCAP's expanding suite of offerings.
Major companies operating in the sustainability and energy management software market report 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, 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
North America was the largest region in the sustainability and energy management software market in 2023. 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.
The countries covered in the sustainability and energy management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The sustainable energy management software market consists of revenues earned by entities by providing management service through automated data analysis, energy management, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.