The global market for energy intelligence solution market is anticipated to be US$ 4.6 billion in 2022 and US$ 6.1 Billion in 2032. In the forecast period from 2022 to 2032, it is predicted to expand at a CAGR of 15.2%. Sales of energy intelligence solutions will be boosted by the rising demand for smart meters to start two-way communication between customers and businesses.
Furthermore, it offers comprehensive subject-matter expertise for managing energy using the obtained energy data. Support for open standards, the ability to measure and verify results, insights, and analysis of recorded data, portability and accessibility, automation and control, and an integrated platform are all features of energy intelligence solutions. Food and beverage, automotive, metal manufacturing, oil and gas, petrochemicals, electronics and telecommunications, utilities, and other industries employ energy intelligence systems.
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Global Energy Intelligence Solution Market Segmentation:
Based on service type, deployment model, and end-user, the global market for energy intelligence solutions is divided into subgroups. The global market for energy intelligence solutions is divided into three categories based on service types: consultancy services, support & maintenance services, and system integration services. There are two categories of deployment for energy intelligence solutions: on-premises deployment and cloud-based deployment.
Energy intelligence solutions help with energy savings across numerous industry sectors. Residential structures, office and commercial spaces, manufacturing facilities, and other buildings are among the end customers of energy intelligence solutions.
Global Energy Intelligence Solution Market: Region-wise Outlook:
The global energy intelligence solution market is divided into seven geographical regions – North America, Latin America, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Western Europe, and Middle East & Africa. The global energy intelligence solution market is expected to reflect a double-digit CAGR over the forecast period. At present, North America is dominating the market followed by Western Europe.
Among all the regions, APEJ is expected to create huge market opportunities for major players operating in the energy intelligence solution market during the forecast period. Latin America and Middle East & Africa regions are reflecting comparatively slow growth during the forecast period.
Global Energy Intelligence Solution Market: Drivers:
Increasing energy consumption and the rising need for advanced energy management solutions for residential, commercial, and industrial areas are the prominent factors responsible for the evolution of energy intelligence solutions. Organizations around the world are focusing on significantly reducing their energy consumption bills through efficient utilization of energy.
Energy-intensive applications such as power & energy, industrial manufacturing, and telecommunication need to control their CO2 emissions to comply with existing legislation and standards. Energy intelligence solutions provide a competitive advantage to businesses and extend their responsibility toward sustainable economic development.
The aforementioned are some of the factors that are expected to drive the global energy intelligence solution market growth shortly. On the other hand, a long period on return of investment, lack of knowledge, and difficulties in handling technical issues related to energy intelligence solutions limit its full-fledged market growth.
Global Energy Intelligence Solution Market: Key Players
The energy intelligence solution market is highly competitive and diversified, characterized by the active presence of many big players.
The energy intelligence solution market is fiercely competitive, with major players like Intel Corporation, General Electric, Salesforce.com, Inc., TIBCO Software Inc., and Eaton leading the charge. They're joined by formidable contenders including SAS Institute, Inc., Microsoft, Oracle, Atos SE, IBM, Siemens, Google LLC, Amazon Web Services, Inc., Copyright Microstrategy Incorporated, SAP, Teradata, Cisco, Alteryx, Schneider Electric, and Open Text Corporation, each bringing innovative technologies and solutions to drive efficiency and sustainability in the energy sector.
