Industrial energy efficiency involves utilizing technologies and processes that reduce the amount of energy required to produce a given industrial output. These include energy-efficient lighting, motors and HVAC systems, integrated design of new plants, waste heat recovery, and energy management and control systems. The adoption of industrial energy efficiency solutions helps industries significantly lower electricity bills and fuel costs while also minimizing their carbon footprint. The global industrial sector accounts for a huge share of overall energy usage and carbon emissions. Transitioning to more energy-efficient industrial operations and processes therefore presents a huge opportunity to reduce greenhouse gas emissions on a large scale.
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 Opportunity:
Reducing carbon emissions has become a top priority globally in order to mitigate the impacts of climate change. Industries account for a substantial portion of total carbon emissions. It is estimated that switching to more industrial energy efficiency technologies and solutions can potentially reduce industrial greenhouse gas emissions by 15-30% compared to business as usual scenarios. This massive opportunity to lower carbon footprint presents a compelling case for industries to increasingly adopt cost-effective energy efficiency upgrades. Investing in industrial energy efficiency also improves air quality at industrial sites while boosting companies' environmental credentials and competitiveness. The urgency to decarbonize industrial operations therefore works as a key driver propelling strong demand for industrial energy efficiency solutions in the coming years.
Porter’s Analysis
Threat of new entrants: The industrial energy efficiency market requires high investments in technology and R&D. Regulations also acts as a barrier to entry.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and focus on reducing energy costs. However, customized solutions give an edge to existing players.
Bargaining power of suppliers: Major suppliers have low-to-moderate bargaining power due to availability of alternatives and focus on long-term partnerships.
Threat of new substitutes: Threat of substitution is moderate as energy efficiency solutions often require retrofitting at facilities. Renewable remains a key substitute.
Competitive rivalry: The market is consolidated with focus on innovations, partnerships and customer-centric solutions.
SWOT Analysis
Strength: Energy efficiency solutions help reduce costs and carbon footprint. New technologies like IoT and analytics provide opportunities.
Weakness: High initial investments and longer payback periods. Retrofitting challenges at existing plants.
Opportunity: Increasing industrialization and regulatory push for emissions cuts in developing nations. Growth in renewable energy integration.
Threats: Economic slowdowns impact capital expenditure cycles. Rising input costs and supply chain disruptions.
Key Takeaways
The Global Industrial Energy Efficiency Market Share is expected to witness high growth over the forecast period driven by regulations on carbon emissions and focus on reducing energy costs across sectors. Regionally, Asia Pacific dominates currently due to rapid industrialization mainly in China and India and will continue fastest growth. Europe and North America will also see growth supported by stringent emission norms. 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 focusing on new technologies and solutions focused approach.
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