Enjoy complimentary customisation on priority with our Enterprise License!
The energy management software market is estimated to grow at a CAGR of 10.11% between 2022 and 2027. The size of the market is forecast to increase by USD 12,596.81 million. The growth of the market depends on several factors, including cost reduction advantages, growing demand for mobile technology, and inclination toward building automation.
This report extensively covers market segmentation by end-user (power industry, construction, and others), application (commercial and residential), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
The reports categorize the global energy management software market as a part of the global application software market within the global information technology (IT) software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The cost reduction advantages are notably driving the market growth, although factors such as the rising number of open-source platforms for energy management software may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Energy Management Software Market Driver
The cost reduction advantages are one of the key drivers supporting market growth. The need for effective energy management software rises as firms concentrate on developing and overseeing the resources required for optimal product outputs. The main goal of energy management software is to automate procedures in order to maximize outputs through resource management.
Additionally, by calculating conversion ratios and running reports to track the metrics specific to consumer demand, they may be used to quickly enhance income opportunities. The operational cost is reduced by these features. As a result, it is anticipated that the benefits of energy management software for cost reduction will drive the market for energy management software worldwide during the forecast period.
Significant Energy Management Software Market Trend
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.
A cloud-based solution is additionally intended to be flexible with growing capacity. This is due to the fact that the energy management software will grow or shrink depending on the needs of the business if the energy requirements scale up or down. The price of cloud-based energy management 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.
Major Energy Management Software Market Challenge
The rising number of open-source platforms for energy management software is one of the factors hindering the 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, reliable, and robust even 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 for energy management software will restrain the market's expansion over the projection period.
Key Energy Management Software Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s 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 Energy Management Software Market Customer Landscape
Vendors 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 - The company offers Energy Manager that is based on real-time data from process monitoring systems, automation systems, and production planning systems. Under this segment, the company develops and sells a broad range of industry-specific, integrated automation and electrification systems and solutions, as well as digital solutions, lifecycle services and artificial intelligence applications for the process and hybrid industries.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, 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 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 propelled by the requirements for operational efficiencies, cost reduction, real-time tracking, and compliance standards.
Get a glance at the market contribution of various segments Request a PDF Sample
The power industry segment was valued at USD 9,155.75 million in 2017 and continued to grow until 2021. One of the significant applications of energy management software 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.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The industrial sector of North America is technologically mature, which leads to an abundance of use cases. This will fuel the adoption of technologies across the region during the forecast period. The region is largely contributing to the market because of rising energy prices and the increasing focus on meeting the demand by either conventional energy sources or non-conventional energy sources.
The outbreak of COVID-19 slightly reduced the demand for energy management software in North America. However, in 2021, the demand for energy management software rebounded as regional end-user activities resumed due to the initiation of large-scale COVID-19 vaccination drives. Steady growth was observed in the construction industry in North America in 2021. This trend is expected to propel the demand for energy management software during the forecast period, which is expected to drive the growth of the market in North America.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Power Industry, Construction, and Others), Application (Commercial and Residential), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
Energy Management Software Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.11% |
Market growth 2023-2027 |
USD 12,596.81 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.26 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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 |
Market dynamics |
Parent market analysis, 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 forecast period. |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.