The industrial energy efficiency services market has seen substantial growth in recent years. It will increase from $10.42 billion in 2023 to $11.03 billion in 2024 at a CAGR of 5.9%. The growth is due to government regulations, rising energy costs, industrial expansion, growing environmental awareness, and demand for renewable energy integration.
The industrial energy efficiency services market is expected to grow strongly, reaching $13.93 billion by 2028, with a CAGR of 6.0%. Factors contributing to this growth include rising energy prices, climate change awareness, government policies, and industrial competitiveness. Trends include technological advancements, demand for energy management solutions, smart cities, and the adoption of distributed energy resources (DER).
Major Driver In The Industrial Energy Efficiency Services Market
The increasing focus on decarbonization is set to propel the growth of the industrial energy efficiency services market. Decarbonization aims to reduce or eliminate carbon dioxide emissions from various sectors, especially in energy production, transportation, and industry, in response to urgent climate change mitigation needs and regulatory pressures for lower greenhouse gas emissions. Industrial energy efficiency services facilitate decarbonization by helping industries reduce energy consumption and transition to cleaner, sustainable operations. In April 2024, the United States Department of Energy unveiled a blueprint targeting a 65% reduction in greenhouse gas emissions from buildings by 2035 and a 90% reduction by 2050. Therefore, the growing emphasis on decarbonization is expected to drive the industrial energy efficiency services market, projected to reach $6.35 billion in 2023, $8.00 billion in 2024, and $13.75 billion by 2028.
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Industrial Energy Efficiency Services Market Competitive Landscape
Enel Spa, Electricite de France SA, Tata Group, Engie SA, Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., KPMG International Limited, Johnson Controls, Trane Technologies plc, AECOM Technology Corporation, Bain & Company, DuPont de Nemours Inc., WSP Global Inc., Dalkia, DNV Group AS, Ameresco Inc., Voltas Limited, SGS Group, Getec, Alien Energy Private Limited, Smart Joules Private Limited, Econoler Inc.
Key Industrial Energy Efficiency Services Market Trend
Companies in the industrial energy efficiency services market are focusing on developing sustainable solutions, including energy-efficient manufacturing technologies. These technologies aim to reduce energy consumption in manufacturing processes. In August 2024, VTT Technical Research Centre of Finland launched the Energy First initiative, a collaborative project focused on developing energy-efficient, recyclable fiber-based products for the forestry and textile industries. This initiative seeks to reduce water and energy consumption while creating sustainable alternatives for packaging and hygiene products.
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Global Industrial Energy Efficiency Services Market Segmentation
The industrial energy efficiency services market covered in this report is segmented –
1) By Type: Energy Auditing Or Consulting, Product And System Optimization, Monitoring And Verification, Energy Management Software
2) By Service Type: Outsourced, In-House
3) By Application: Petrochemical, Chemical Industry, Electric Power, Textile, Building Materials, Mining, Manufacturing, Food And Beverage
4) By End-User: Commercial, Industrial
By Geography:The regions covered in the industrial energy efficiency services market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the industrial energy efficiency services market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Industrial Energy Efficiency Services Global Market Report 2024 furnishes information about the global industrial energy efficiency services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
