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The market share growth of the power industry segment will be significant during the forecast period. The main factor that drives the growth of the power segment is the rising demand for resource management, security, and efficient operational processes. Also, there is a need for digitization in this segment to ramp up the aging technologies. The demand for the digitization of operations is mainly driven by the requirements for operational efficiencies, cost reduction, real-time tracking, and compliance standards.
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The power industry segment was valued at USD 9.89 billion in 2018. One of the significant applications in the power industry segment is the workflow automation of the energy generation and management system. Thus, the digitization of processes and the demand for workflow automation and efficient resource management across the globe are the key factors driving the growth of the segment during the forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the market forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Energy management software plays a crucial role in optimizing energy consumption in housing and other organizational sectors, particularly with the rise of home area networks and the urbanization process. These networks facilitate the integration of various information infrastructures, enabling infrastructure objectives such as labor and operating efficiency, power conservation methodologies, and strategic consumption reduction. Innovative products like IQ Batteries, smart appliances, smart grids, smart meters, and smart sensors are revolutionizing energy management, enabling machine learning and network communications for load-serving entities (LSEs) and utility staff. Technological developments, including virtualization and transformer optimization, are essential for enhancing energy efficiency.
However, energy management software must adhere to laws and regulations and security standards and norms. Public-private partnerships are increasingly being utilized to promote power generation and smart-meter applications. The trading system facilitates the exchange of surplus energy between consumers and LSEs, while smart thermostats and smart sensors enable real-time monitoring and control of energy usage. Waste disposal and time consumption are also critical considerations in the effective implementation of energy management software.
The market is driven by firms seeking cost-reduction advantages through effective resource management and optimization of product outputs. As organizations prioritize corporate social responsibility and competitive procurement, the demand for the software rises. These solutions enable strategic consumption reduction and aid in monitoring GHG emissions and utility expenditures. Leveraging technological developments like Smart Meter applications and Intelligent electric and building technologies, firms streamline operations, reduce costs, and comply with laws and regulations for decarbonization.
Besides, by integrating bidirectional communication mediums and smart grids, the software facilitates power conservation methodologies across industrial, commercial, and residential sectors. Amidst rising energy consumption and carbon emission rates, the market addresses the need for standards and norms to drive sustainable practices and infrastructure objectives.
The adoption of cloud-based energy management software is another factor supporting the market growth. The software often provides access to the application through web-based browsers, allowing users to simultaneously log in to the management system from any internet-capable device while the admin sets the access level for the business. It frequently offers consumers mobile apps to make using the program on smartphones and tablets simpler.
Further, a cloud-based solution is additionally intended to be flexible with growing capacity. This is due to the fact that they will grow or shrink depending on the needs of the business if the energy requirements scale up or down. The price of cloud-based software is frequently determined by the number of users and the amount of storage needed. During the projection period, these factors will fuel market expansion.
The rising number of open-source platforms is one of the factors hindering market growth. The need for open-source software has grown in the industry as a result of the current market's growing demand for digitalization. The providers of open-source platforms provide a wide variety of business analytics tools and applications. On the internet, these kinds of feature-rich software are freely accessible.
Additionally, these platforms have been shown to be scalable and reliable in the worst conditions. They can help a company expand larger and experience faster growth, or they can help it consolidate and do more while spending less. As a result, it is anticipated that the presence of open-source platforms will restrain the market's expansion over the projection period.
The report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd - The company offers Energy Manager that is based on real-time data from process monitoring systems, automation systems, and production planning systems.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is driven by various factors, including AI and ML technologies, automation of specific processes, and the rising demand for autonomous cars. Challenges such as air pollution and concerns over carbon emissions are addressed through decarbonization efforts and energy-efficient buildings. This market encompasses cloud-based systems and digital technologies for energy conservation and optimization. It caters to diverse sectors including commercial, residential, and food & beverage, leveraging smart grids, smart meters, and smart sensors for efficient energy management. With a focus on corporate social responsibility and environmental objectives, the market drives innovation in construction, smart appliances and intelligent electric technologies, facilitating net zero carbon emission initiatives and public-private partnerships.
Also, the market is experiencing growth driven by factors like the need for energy consumption optimization and rising carbon emission rates. Businesses in the commercial sector face competitive pressures and seek energy-efficient solutions. With the adoption of Building Energy Management Systems (BEMS) and Energy Management Software systems, organizations optimize usage through data integration and visualization. Demand-side responses and technological developments aid in carbon footprint reduction and meeting environmental standards. However, challenges like data security concerns and lack of appropriate tools persist. Despite this, the market advances with innovations in smart meters, smart thermostats, and machine learning technologies, fostering a shift towards energy-efficient buildings and urban sustainability.
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Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.22% |
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Market growth 2024-2028 |
USD 13.95 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.36 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 32% |
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Key countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Accruent, Autodesk Inc., Benchmark Digital Partners LLC, Broadcom Inc., C3.ai Inc, Eaton Corp. Plc, Emerson Electric Co., EnergyCAP LLC, ENGIE SA, Envizi, General Electric Co., Honeywell International Inc., International Business Machines Corp., Itron Inc., MRI Software LLC, SAP SE, Schneider Electric SE, Siemens AG, and Wolters Kluwer NV |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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