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| Global Industrial Energy Efficiency Market Share |
Industrial Energy Efficiency Market enables industries to significantly reduce
energy costs and carbon emissions through the implementation of energy
management systems, energy audits, and building energy benchmarking to help
companies optimize operations while also meeting environmental sustainability
goals.
The global
Industrial Energy Efficiency Market is estimated to be valued at US$ 23.13 Bn in 2023 and is expected to
exhibit a CAGR of 8.6% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The uptake of energy efficiency measures is one of the key trends driving
growth in the industrial energy efficiency market. Industries are increasingly
implementing energy management systems and conducting energy audits to identify
areas where energy usage can be optimized. This allows companies to reduce
operating costs through targeted efficiency improvements. Governments across
regions are also promoting energy efficiency in industries through various
policy initiatives and incentives. For instance, the EU Emissions Trading
System has accelerated the adoption of energy efficiency solutions in high
energy consuming industries within the bloc. Strict emission norms are also
compelling companies to invest more in clean technologies and efficiency
enhancing upgrades to cut carbon footprint.
Segment Analysis
The global industrial energy efficiency market is dominated by the component
segment, which accounts for more than 45% share of the overall market. This is
because of the growing need for upgrading existing equipment and machinery with
energy efficient components across various industries such as oil & gas,
power generation, automotive, and others. The services sub-segment is expected
to witness highest growth during the forecast period owing to increasing demand
for consultancy, auditing and verification services for assessing energy
savings potential and monitoring energy performance across industrial
facilities.
Key Takeaways
The Global
Industrial Energy Efficiency Market Share is expected to witness high growth over the
forecast period of 2023 to 2030. Regional analysis showed that Asia Pacific
region holds the dominant market share currently due to rapid industrialization
and presence of major developing economies in the region. The European region
is expected to witness fastest growth owing increasing focus on sustainable
manufacturing practices and strict regulatory environment for energy
conservation.
Key players operating in the Industrial Energy Efficiency Market are Siemens,
General Electric, ABB, Johnson Controls, Schneider Electric, Honeywell, Eaton
Corporation, Rockwell Automation, Emerson Electric, Mitsubishi Electric,
Yokogawa Electric, Veolia Environnement, SGS, Enel X, Wärtsilä, Danfoss,
Hitachi, Legrand, Ingersoll Rand, Schneider Electric. Siemens holds the leading
market position due to its strong portfolio of energy management solutions
catering to distinct industrial verticals.
The global Industrial Energy Efficiency Market is expected to witness high
growth over the forecast period. Regional analysis showed that Asia Pacific
region holds the dominant market share currently due to rapid industrialization
and presence of major developing economies in the region such as China, India
and others. The Chinese industrial sector accounted for over 60% of the Asia
Pacific market share in 2023. The European region is expected to witness
fastest growth over the forecast period owing increasing focus on sustainable
manufacturing practices and strict regulatory environment for energy
conservation and emission reduction across major European economies.
Key players operating in the Industrial Energy Efficiency Market are Siemens,
General Electric, ABB, Johnson Controls, Schneider Electric, Honeywell, Eaton
Corporation, Rockwell Automation, Emerson Electric, Mitsubishi Electric,
Yokogawa Electric, Veolia Environnement, SGS, Enel X, Wärtsilä, Danfoss,
Hitachi, Legrand, Ingersoll Rand, Schneider Electric. Siemens holds the leading
market position currently due to its strong portfolio of energy management
solutions catering to distinct industrial verticals such as oil & gas,
power generation, automotive and others. ABB and Schneider Electric follow
Siemens in terms of market share in the global industrial energy efficiency
market.
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