The major operating cost expense of today’s industries is the energy consumed in the production and other activities of the factory. These industries includes the automobiles, chemicals, aluminium, oil refineries, steel, paper and various other industries. Also industries are trying hard to make their manufacturing processes more efficient and clean. Moreover, industries are also abide of energy management standards and stringent environmental regulations regarding the consumption and utilization of energy. To cater with all these issues there is a need of energy management system, energy management system is an energy consumption monitoring at factory level and centralizes the operations and monitoring of the energy systems. Energy management system is an effective way for energy utilization in a rational manner, energy distribution optimization. Mostly, energy management system is used in steel enterprises to handle their complex energy system for energy balance optimization, low energy consumption, energy management efficiency, higher productivity, and low coal gas discharge. The global energy management system market is expected to expand at a modest CAGR in the forecast period.
Global Industrial Energy Management System Market: Drivers and Restrains
The ever increasing steel plants globally and their need for energy management and to lower their production cost are the factors driving the global industrial energy management system market. Also the rising concerns for the environment and the restraints imposed by the environmental bodies are pushing the factory owners to implement energy management system for their production units, leading to the growth in global industrial energy management system market.
However, the high cost involved in the initial set up of the energy management system and the long recovery period of that cost is expected to hamper the growth of global energy management system market. Also skilled operators are required to operate this energy management systems that can further act as a damping factor in the global energy management system market.
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Global Industrial Energy Management System Market: Segmentations
On the basis of technology, the global industrial energy management system market is segmented as follows:
· Energy Platform
· Distributed Control System (DCS)
· Meter Data Management (MDM)
· Peak Load Control System (PLCS)
· Programmable Logic Controls (PLC)
· Energy Analytics
On the basis of service, the global industrial energy management system market is segmented as follows:
· System Integrators
· Maintenance & Support Services
On the basis of end-use industry, the global industrial energy management system market is segmented as follows:
· Oil & Gas
· Food & Beverages
Global Industrial Energy Management System Market: Region Wise Outlook
The global industrial energy management system market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. Asia Pacific is the most dominant player in the global industrial energy management system market due to its flourishing steel, oil & gas industry and the need to comply with the rules and regulations of the environmental regulatory bodies. North America is the next major contributor in the global energy management system market for its booming food & beverages sector, and petrochemical industry and the rising concern for the efficient management of energy. Europe is well known for its automobiles market and due to which it is witnessing a healthy growth rate in the global industrial energy management system market. Latin America and Middle East and Africa are at a nascent stage in the global industrial energy management system market and is anticipated to have a significant growth rate in the forecast period.
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Global Industrial Energy Management System Market: Key Players
Some of the key players in the global industrial energy management system market are:
· Emerson Electric Co
· Operation Technology, Inc
· Capterra Inc.
· General Electric
· Shanghai Baosight Software Co., Ltd.
· Rockwell Automation, Inc.
· Hatch Ltd
· Azbil Corporation
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