Industrial energy efficiency solutions help optimize energy usage and reduce associated costs in various industrial verticals such as manufacturing, oil and gas, mining, etc. These solutions enable monitoring and management of energy consumption through software and services. They improve productivity, reduce production costs, and decrease carbon footprint.
The global Industrial Energy Efficiency Market is estimated to be valued at US$ 150 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the industrial energy efficiency market is the rising demand for energy-efficient solutions across various industries to curb energy costs and maximize profits. Manufacturing industries are the primary adopters of these solutions as they help reduce electricity consumption required for powering machinery and equipment. With growing industrialization worldwide, energy costs for running manufacturing plants have increased substantially over the years. Industrial energy efficiency solutions play a vital role in optimizing energy usage and facilitating energy cost savings of up to 30% for these industries. Their deployment allows industries to lower operational expenditures and improve the bottom line. This rising demand from manufacturing industries is expected to propel the industrial energy efficiency market forward over the coming years.
Segment Analysis
The global industrial energy efficiency market is segmented by equipment type, end use industry and geography. By equipment type, the market is classified into HVAC, combustion & boilers and process intensification equipment. The process intensification equipment segment held the largest market share in 2020 and is expected to dominate the market during the forecast period 2021-2031. Process intensification equipment provides more compact process systems that drives higher product yields. It offers better control, reliability and energy efficiency.
Key Takeaways
Global Industrial Energy Efficiency Market Demand is expected to witness high growth during the forecast period 2024 to 2031.
Regional analysis shows that Asia-Pacific region held the largest market share in 2020 and is expected to continue its dominance during the forecast period. Rapid industrialization and growing manufacturing sector in countries such as China and India are driving the demand for energy efficient industrial equipment in the region.
Key players operating in the industrial energy efficiency market are ABB Ltd, Cisco Systems, General Electric Company, Honeywell International Inc., Johnson Controls International PLC, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Emerson Electric Corporation and Yokogawa Electric Corporation.
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