India Energy Management Market to Register a CAGR of 14.91% During the Forecast Period, 2024-2031
Increasing demand for electricity and rising usage of renewable
energy are driving the India Energy Management Market across the country.
According to the TechSci Research report, “India Energy Management Market -
By Region, Competition, Forecast & Opportunities, 2018-2031.” India Energy Management Market is a
framework for managing energy use by energy users, such as organisations,
governments, and other commercial and industrial entities. It aids companies in
implementing and advancing energy-saving technologies, especially those that
don't need a significant initial outlay. Achievable energy consumption goals
must be established, together with action plans to achieve them, and outcomes
must be monitored in order for an energy management system to be created and
put into operation. The system calls for utilising new energy-saving
technologies, reducing energy waste, or improving current processes to consume
less energy.
The
government's "Smart Cities" Mission project aims to modernize and
expand different infrastructure for a number of national cities where the
expansion of various utilities, infrastructure, and transportation projects
necessitates the use of effective energy management and energy storage
solutions. Moreover, 80% of the buildings in smart cities must meet the
mission's standards for energy efficiency and "green building," and
10% of smart city's energy requirements must be met by solar energy. As a
result, the market is anticipated to register a rapid CAGR over the forecast
period.
Browse over 96 market data Figures
spread through 27 Pages and an in-depth TOC on the "India Energy Management Market."
Based on component, the India energy management market is further segmented
into hardware, software, and service. Hardware segment dominates the India
Energy Management System market, accounting for a market share of 53.24% in
2022 and is expected to continue to dominate during the forecast period as well.
The increasing use of hardware tools including smart meters, sensors, and
controllers in commercial and industrial buildings to monitor and regulate
energy use is driving this hardware
component domination. The need for energy management systems is also rising as
a result of the increased use of renewable energy sources and the growing
demand for energy-efficient solutions in India. The use of IoT-enabled devices
and sensors in energy management systems can help companies in providing
real-time data on energy consumption and identifying areas for improvement. In
order to improve energy usage, businesses can create hardware that is
IoT-enabled and capable of communicating with software systems. The major
market competitors are supplying complete energy management packages that
combine hardware, software, and services. Customers are empowered to monitor
and efficiently manage their energy use as a result, which results in
considerable energy savings.
Based on region, the
India energy management market is segmented into South India, North India, West
India, and East India. South India dominated the India Energy
Management System Market in terms of region, accounting for a market share of
38.54% in 2022 and is also estimated to be the dominant region during the
forecast period. The region is the most economically advanced in the country.
There is a significant concentration of energy-intensive businesses in South
India, including textile, manufacturing, and information technology. Energy
management solutions are being adopted by these companies more frequently to optimize
energy use and save expenses. The South Indian states of Tamil Nadu, Karnataka,
and Andhra Pradesh have established a number of laws and initiatives aimed at
promoting energy efficiency, which has improved the business conditions for
companies that deal with energy management. South India's Energy Management
System market has expanded as a result of the region's increasing awareness and
acceptance of renewable energy options.
Key market players in the India Energy
Management market include:
- Schneider
Electric India Pvt. Ltd.
- Siemens
Limited
- ABB India
Limited
- GE Power
India Limited
- Emerson Electric
Company (India) Private limited
- Eaton Power
Quality Private Limited (India)
- Honeywell
International (India) Private Limited
- Mitsubishi Corporation India Private Limited
- Cisco
Systems (India) Private Limited
- IBM India
Private Limited
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“India Energy Management Market
stood at USD 1216.64 million in 2022 and is expected to register a CAGR of 14.91%
during 2023E-2031F owing to increasing green building awareness, non-fossil
fuel based energy goal, growing smart city program among others. From 2005 to
2050, numerous energy strategies will employ scenarios that will primarily
include the adoption of renewable energy sources and investments in
energy-saving technology in order to cut CO2 emissions by up to 50%. As
of February 2023, India has installed more than 174.53 Giga Watts of renewable
energy during the preceding 8.5 years, making about 42.5% of the country's
total capacity (including big hydro). In 2022, India saw the highest year-over-year
increase of 9.83% for renewable energy additions. Moreover, the installed
solar energy capacity reached 63.3 GW in February 2023, a 24.4-fold increase over the previous nine years. Therefore, the market
for energy management across the country is expected to rise during the
forecast period, 2024-2031F,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Energy
Management Market Segmented By Component (Hardware, Software, Service), By
Deployment (On-Premises, Cloud), By End-User (Manufacturing, Residential,
Energy & Power, IT & Telecom, Healthcare, Others), By Type (Industrial
Energy Management System, Building Energy Management System, Home Energy
Management System), By Region, Competition, Forecast
& Opportunities, 2031F”, has evaluated the future growth potential of India Energy
Management market and provides statistics and information on market structure,
size, share, and future growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the India Energy Management market.
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