NEW YORK, Nov. 13, 2023 /PRNewswire/ — The industrial energy efficiency services market size is expected to grow by USD 2.80 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 4.47% during the forecast period. The market is segmented by Service (Energy auditing and consulting, Monitoring and verification, and Product and system optimization), End-user (Oil and gas, Power, Petrochemicals and chemicals, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
The increasing number of regulations to use energy-efficient equipment drives market growth. The growing need for power and the shortage of electricity continuously compels the governments of various countries. This helps to focus on the efficient utilization of electricity to achieve sustainable economic growth. Furthermore, the increasing focus on energy audits and the use of energy management systems in industrial premises have provided high growth opportunities for ESCOs, which will have a positive impact on the global industrial energy efficiency services market.
- The report recognizes the following as some of the key players in the industrial energy efficiency services market: Ameresco Inc., CoolPlanet Ltd., DNV Group AS, DuPont de Nemours Inc., Econoler Inc., Electricite de France SA, Enel Spa, ENGIE SA, GE GETEC Holding GmbH, General Electric Co., Honeywell International Inc., John Wood Group PLC, Johnson Controls International Plc, Ramboll Group AS, Rockwell Automation Inc., Schneider Electric SE, SGS SA, Siemens AG, TotalEnergies SE, and Veolia Environnement SA
- Industrial Energy Efficiency Services Market is fragmented in nature.
- Market to observe 4.35% YOY growth in 2024.
- The increasing market consolidation activities are emerging market trends.
- The industrial segment witnessed substantial growth in 2020 and the increasing government regulations and the focus on optimizing energy efficiency.
- This has increased the demand for energy efficiency solutions in the industrial sector.
- Furthermore, ESCOs are trying to acquire other EPC players in different regions to increase their geographical reach.
- The challenges in implementation and deployment impede market growth.
- There is a difficulty in implementing the energy-efficient services model across end-user industries.
- For example, evaluating the total energy savings often demands the deployment of advanced IoT devices and equipment for tracking energy consumption and utilization patterns.
- Such data is further used by the service providers for setting the energy tariff and suggesting energy management techniques.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
The energy auditing and consulting segment will be significant during the forecast period. The energy management contractors monitor and analyze the data from major energy-consuming devices and plan strategies accordingly to reduce the overall energy consumption from the manufacturing setups. Furthermore, the government regulations on the industrial premises to follow energy audits have provided high growth opportunities for ESCOs. Get a glance at the market contribution of the segments, Request a Sample
The energy retrofit systems market is estimated to grow at a CAGR of 5.84% between 2022 and 2027. The size of the market is forecast to increase by USD 41.94 billion.
The Europe – Satellite-based Earth Observation (EO) Market size is estimated to grow at a CAGR of 10.44% between 2023 and 2028. The market size is forecast to increase by USD 1.67 billion.
Industrial Energy Efficiency Services Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.47%
Market growth 2024-2028
USD 2.80 billion
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
APAC at 34%
US, Canada, China, Germany, and UK
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Service
Market Segmentation by End-user
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Originally published at https://www.prnewswire.com/news-releases/industrial-energy-efficiency-services-market-to-increase-by-usd-2-80-billion-during-2023-2028-increasing-number-of-regulations-to-use-energy-efficient-equipment-to-drive-growth–technavio-301984376.html
Images courtesy of https://pixabay.com