Global energy consumption is increasing rapidly as the world economy continues to evolve and flourish and population rises exponentially. A recent report published by the U.S. Energy Information Administration stated that global energy consumption is likely to increase by nearly 50% by 2040. Energy consumption will rise in developing regions such as Asia Pacific, where long-term and relatively strong economic growth along with high population density is driving demand for energy. The mature industrial sectors in developed parts of the world are driving sustained growth in energy consumption.
The global power generation industry is stretching its capacity to fulfill the present energy demand. Power generation capacities are rising relatively very slowly when compared to the rate at which the global power needs are rising. Thus to bring about a proper balance between this production and consumption ratio, a pressing need for introducing comprehensive energy management systems across domestic and industrial settings is witnessed.
Energy intelligence solutions, the software products, tools and services that deliver users the ability to collect data pertaining to energy consumption across a facility, are currently the best and most comprehensive energy management systems in the market. Energy intelligence systems are better than conventional energy management software on two fronts. Firstly, energy intelligence systems are not only visualization tools for collecting meter data, but are tools that suggest ways of reducing energy wastage. Secondly, these systems provide advanced domain knowledge for utilizing the collected energy data for efficient energy management.
The report on energy intelligence solutions gives a thorough overview of the major elements of the market and outlines the key opportunities and challenges that are expected to affect the adoption of these solutions across key end-users. The report examines the current state of development of the market and predicts the market growth for the period 2016 to 2024 across major regional markets. An in-depth account of the competitive landscape of the market is also included in the report.
Global Energy Intelligence Solution Market: Growth Drivers and Segmentation
Major factors driving the adoption of energy intelligence solutions are rising consumer awareness about the need to save power as a way of reducing personal electricity bills as well as the carbon footprint of the power generation industry, stringent government regulations pertaining to CO2 emissions, and the rising cost of electricity. Adoption of energy intelligence solutions help energy-intensive industries reduce electricity bills. This is another factor propelling the market.
In order to provide an in-depth analysis, the market has been segmented based on service type, deployment model, end-user, and geography.
Based on service type, the global energy intelligence solution market has been segmented into system integration service, support and maintenance service, and consulting services. The key modes of deployment of energy intelligence solutions examined in the report are on-premise and cloud-based deployment. Major end-users of energy intelligence solutions are commercial and office spaces, residential buildings, and industries such as iron and steel, petroleum refining, chemicals and petrochemicals, textile, automobile, cement, and paper and pulp.
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Global Energy Intelligence Solution Market: Region wise Outlook
Asia Pacific and Latin America offer lucrative opportunities in the global energy intelligence solutions market as these regions are expected to witness the highest growth in energy consumption during the forecast period. North America dominates the global energy intelligence solutions market, followed by Western Europe. High awareness about energy conservation, rising electricity prices, and stringent regulations regarding CO2 emissions have compelled companies in these regions to adopt energy intelligence solutions.