IoT Providing a Boost for the Industrial Energy Efficiency Services Market

energy efficiency services

The global industrial energy efficiency services market is gaining huge traction, owing to growing awareness about sustainability and environmental impact. Other factors such as increased usage of energy for industrial production, rising competition among industrial enterprises, and increasingly strict government policies and regulations towards environment pollution are driving the demand of energy efficiency services across various of industries around the world. The latest market trend has witnessed the growing adoption of Internet of things (IoT) to boost energy efficiency, which is expected to be a new driving force for the market growth over the next 4-5 years.

Global Industrial Energy Efficiency Services Market Overview

According to a recent market report from Technaivo, the global industrial energy efficiency services market size will grow more than USD 2.8 billion from 2019 to 2023, with market growth projected to accelerate at a CAGR of over 6% during the forecast period. An increasing number of industrial enterprises are currently implementing energy-efficient systems or energy efficiency management solutions to reduce environmental pollution and sustainability challenges while improving air quality. The advances of today’s energy efficiency services can also reduce emissions considerably during industrial operations.

Meanwhile, the increasing support from regulatory bodies for energy-efficiency services will drive the growth prospects for the global industrial energy-efficiency services market in the forthcoming years. One of the major initiatives undertaken by the government is the availability of tax incentives that are offered to those who are making their plant’s energy efficient, accurately measuring energy consumption, and managing energy demand more intelligently. Other initiatives include the Paris Agreement, which was designed to address the global climate change challenge that incorporates concrete plans and actions in the industrial and commercial sectors for climate change mitigation by 2030.

In addition, due to high energy costs, the global industrial sectors are also investing in research and development activities to come up with more effective energy efficiency solutions. Smart energy management systems increase efficiency and reduce the impact of production and manufacturing processes on surroundings, which is leading to rising adoption of smart technologies enabled systems in industrial sectors.

The of Future Energy Efficiency Services: IoT Helping to Boost Energy Efficiency

IoT is an interrelated network of digital devices connected over the Internet with access to a larger set of hardware and software including sensors, smartphones, data management, report systems, and more. In an industrial plant, operators often receive notifications through networked devices installed in the production line, so that live data about errors, malfunctions, or deviations can be instantly monitored and proceeded. These IoT applications are known as industrial IoT, which connected devices support industrial operations can be controlled from a remote computer or other smart devices.

With such application of industrial IoT, operators can also monitor and manage plan performance and energy efficiency with improved tracking and monitoring insight. As data is delivered real-time on a single central dashboard interface, operators can easily manage and adapt the energy consumption in line with the production activities.

Automation becomes possible and quite feasible as powerful IoT connected sensors are smart enough to use power only when they need and consume less energy in its dormant mode. In addition, IoT also makes it easier to keep eyes on the effectiveness of energy efficiency services or solutions, so that serious issues regarding industrial energy consumption can be addressed a lot faster.

Check Technavio’s Global Industrial Energy Efficiency Services Market 2019-2023

Check Technavio’s Global Industrial Energy Efficiency Services Market 2019-2023 for more information about this topic. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.