Industrial Energy Efficiency Market Size and Trends
The industrial energy efficiency market size is expected to reach US$ 41.2 Bn by 2030, from US$ 23.13 Bn in 2023, growing at a CAGR of 8.6% during the forecast period.
Industrial Energy Efficiency Market Trends
- Internet of Things (IoT) and Big Data: The Industrial Internet of Things (IIoT) is driving large-scale adoption of connected sensors, meters, equipment, and other devices that generate data on energy usage and performance. Big data analytics enables deriving actionable insights from the massive amount of data collected. This facilitates identifying inefficiencies and achieving automation in real-time to optimize energy utilization For instance, as per the 2021 report by the U.S. Department of Energy, the Industrial Assessment Centers nationwide observed average savings of 13% in electricity consumption at client food, paper, and chemical plants by implementing energy management recommendations derived from data analytics of production systems.
- Cloud-Based Software: Cloud-based software solutions are emerging as an important tool to manage energy efficiency across multiple facilities of an industry. They provide a centralized platform to obtain transparent energy usage data, track savings, identify optimization opportunities, and control equipment remotely. For instance, based on information from the 20202 Department of Energy about 500 manufacturing facilities in the United States that moved to GE Digital's Predix cloud platform. Through automatic enhancements and remote performance monitoring, it reported 12% average energy savings.
- Artificial Intelligence: Artificial intelligence and machine learning have become indispensable for unlocking complex insights from energy data that humans cannot discern. AI algorithms help in predictive maintenance of equipment, dynamic optimization of systems, modeling energy consumption patterns, and simulation for decision making to enhance energy efficiency. Mordor Intelligence estimates the AI in energy market could grow at a CAGR of 22.82% from 2022 to 2027.
For instance, according to a 2020 study by the Alliance to Save Energy, AI-powered process optimization helped an American cement manufacturer reduce its annual energy costs by 15% amounting to savings of over US$ 3 million
- Blockchain Technology: Blockchain is an emerging technology being explored for facilitating transparent and tamper-proof monitoring of industrial energy consumption while protecting sensitive data. It enables reliable tracking of energy savings and trading of Energy Efficiency Certificates. Blockchain also allows peer-to-peer energy trading of renewable energy between industries.
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