The new industrial energy efficiency services market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Industrial Energy Efficiency Services Market 2020-2024 (Photo: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the industrial energy efficiency services market.
"One of the primary growth drivers for this market is the Growing Awareness about Environmental Impact and Sustainability," says a senior analyst for the Industrials industry at Technavio.
The adoption and the use of energy-efficient systems can reduce emissions considerably during industrial operations, as it is designed to reduce environmental pollution and sustainability challenges while improving air quality. Accordingly, the awareness about the environmental advantages of energy-efficient systems grows among the end-users. This will subsequently drive the need for energy efficiency services in industrial processes.
As the markets recover, Technavio expects the industrial energy efficiency services market size to grow by USD 2.09 billion during the period 2020-2024.
Industrial Energy Efficiency Services Market Segment Highlights for 2020
The industrial energy efficiency services market is expected to post a year-over-year growth rate of 2.97%.
The data from major energy-consuming devices are closely monitored and analyzed by the energy management contractors, and they plan strategies accordingly to reduce the overall energy consumption from the manufacturing setups.
Equipment such as lighting, steam systems, fired heaters, refrigeration and air-conditioning systems, and electric motor-driven systems are the major energy consumers in industrial premises.
The data is recorded in a software tool, which follows a series of calculators for estimating the possible savings. EA&C (Energy audits and consulting) are considered an important instrument in recognizing the existing energy efficiency potential by adopting systematic procedures to develop a strategy to achieve energy efficiency targets.
Market growth in this segment will be faster than the growth of the market in the M&V and P&SO segment.
35% of the growth will originate from the North America region.
Factors such as the presence of large manufacturing facilities that have a high installed capacity will significantly drive industrial energy efficiency services market growth in this region over the forecast period.
The US and Canada are the key markets for industrial energy efficiency services in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.
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The industrial energy efficiency services market size is expected to accelerate at a CAGR of about 4% during the forecast period.
The industrial energy efficiency services market is segmented by Service (EA and C, M and V, and P and SO) and Geographic Landscape (North America, Europe, APAC, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including DuPont de Nemours Inc., Enel Spa, ENGIE SA, General Electric Co., Honeywell International Inc., Johnson Controls International Plc, Schneider Electric SE, SGS SA, Siemens AG, and VEOLIA ENVIRONNEMENT SA
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