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 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.
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