Industrial Energy Management Software Market: Current Analysis and Forecast (2022-2028)

The Industrial Energy Management Software (IEMS) market refers to the software solutions designed to help businesses manage their energy consumption, optimize their energy usage, and reduce their energy costs. IEMS software provides a platform for businesses to monitor and analyze their energy consumption, identify inefficiencies, and implement energy-saving measures. In recent times, the industrial energy management software market has witnessed significant demand driven by increasing demand for energy-efficient solutions, rising energy costs, and government regulations aimed at reducing carbon emissions. In addition, the rise of smart manufacturing and the Internet of Things (IoT) has also contributed to the growth of the market, as companies seek to leverage real-time data to optimize their energy usage.

The Industrial Energy Management Software Market is expected to grow at a steady rate of around 14% owing to the increasing demand for the optimize operational solutions coupled with the increasing demand to lower energy consumption and carbon emission. Major companies in the market are focusing to provide industrial energy management software with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in November 2020, Rockwell automation acquired Fiix Inc. which will help to expand its industrial management solution portfolio.

Based on the technology, the market is segmented into energy platforms, meter data management, peak load control system, SCADA, demand response management system, and others. The Supervisory Control and Data Acquisition segment is expected to register significant market growth during the forecast period. SCADA systems typically consist of software and hardware components that work together to collect data from sensors and other devices, process that data, and provide real-time monitoring and control of industrial processes. The software component is responsible for data acquisition, processing, and visualization, while the hardware component consists of sensors, programmable logic controllers (PLCs), and other devices that monitor and control the industrial process.

Based on the hardware, the market is bifurcated into communication network hardware and industrial hardware. The industrial hardware segment is expected to witness a significant CAGR during the forecast period. Industrial hardware refers to the physical equipment and devices used in industrial settings for various purposes such as manufacturing, processing, and automation. This includes a wide range of machinery, tools, and instruments designed for specific tasks. Additionally, the increasing industrialization around the world will propel the demand for testing and measuring, material handling, and others for optimum efficiency and are expected to support the market growth for the industrial hardware segment.

Based on the end-users, the market is segmented into automotive, food & beverage, petrochemical, electronics, oil & gas, metal & mining, and others. The automotive segment is expected to register a significant market share during the forecast period. Industrial energy management software in the automotive industry is a type of software designed to help automotive manufacturers and suppliers manage their energy usage and improve their energy efficiency. This software typically provides real-time monitoring and analysis of energy consumption data, allowing users to identify areas of waste and implement energy-saving strategies. Additionally, industrial energy management software is widely used for energy reporting, energy benchmarking, and energy analytics which optimize the overall performance and lower the overall energy cost by providing real-time data.

For a better understanding of the market adoption of the industrial energy management software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a significant CAGR during the forecast period. This is mainly due to a large number of industrial facilities in the country and the increasing demand for energy-efficient solutions. Also, the increasing demand for cloud-based energy systems that helps industries in a comprehensive view of their energy usage, allowing them to identify opportunities for energy savings and improve their overall energy efficiency. These systems typically provide detailed analytics and reporting, allowing users to track energy usage over time and identify trends and anomalies. As industrial energy management software helps companies monitor and optimize their energy usage, reduce costs, and improve their overall energy efficiency along with the integration with other systems, such as building management systems, to provide a comprehensive view of energy usage and performance and is expected to support market growth in the region.

Some of the major players operating in the market include: Cisco Systems, Inc., General Electric, Siemens, Eaton, Schindler, Emerson Electric Co., Honeywell International Inc., Rockwell Automation, Rockwell Automation, and ABB.