Saudi Arabia Energy Management System Market is Expected to Grow at High CAGR through 2028
Saudi Arabia energy management system market is
predicted to grow during the projected period due to the adoption of government
initiatives and smart grid.
According to TechSci Research report, “Saudi Arabia
Energy Management System Market- By Region, Competition, Forecast and Opportunities,
2028”, the Saudi Arabia energy management system market is expected to grow
significantly during the forecast period, owing to the country's strong
economic growth and demand for energy management solutions.
Through the real-time collection, analysis, and
comparison of consumption data of any energy carrier from customer-specific
systems, energy management software enables energy monitoring systems and
optimization. Additionally, it produces reports on ways to cut expenses and
consumption. Utilizing data from consumption patterns provided by energy
monitoring systems, users can make wise energy management decisions and
maximize savings. These systems make use of energy monitoring software that
gathers and analyzes data on energy usage and offers helpful information right
to the device of the consumer.
To obtain a complete picture of energy use, the
software uses meters or submeters installed on site or in buildings to gather
data for each commodity (electricity, heat, water, and gas). An intelligent
energy monitoring system shows problems in real time and suggests energy
conservation practices that will fix the issue. In addition, it can offer key
execution markers (KPIs) connecting with specific energy-use regions,
energy-use force, and different signs that guide in setting energy targets.
Browse over XX market data Figures spread through 70
Pages and an in-depth TOC on "Saudi Arabia Energy Management System Market.”
The Saudi Arabia energy management system market is
segmented based on type, component, deployment type, and end user. Based on end
user, the market is segmented into manufacturing, power & energy, IT and
telecom, and others. Energy management systems helps facilitate workflows in
the energy and power sector, thereby driving market growth. These systems help
reduce production risks, reduce quality, compliance costs, and improve energy
utilization in the power & energy industry. Smart industrial energy
management systems (IEMS) are used by stakeholders in this sector to streamline
efficient energy management and metering point RT monitoring, reduce downtime,
maximize energy savings, and reduce operating costs.
Industrial Energy Management System– Dominated by
type, IEMS is frequently employed in the industrial sector to optimize energy utilization
and save operating expenses. It assists in tracking and managing energy
consumption in real-time to find inefficient regions and increase energy
efficiency.
To reduce Saudi Arabia's economic energy intensity,
the Energy Conservation Act (EC Act) was passed in 2001. The Bureau of Energy
Efficiency (BEE) was founded as a statutory entity at the federal level on
March 1, 2002, to assist with the implementation of the EC Act. The Act
specifies regulatory standards and labeling requirements for equipment and
appliances, energy conservation regulations for commercial buildings, and
energy usage standards for businesses that use a lot of energy.
Hardware – Dominated by component, the increasing use
of hardware tools such as smart meters, sensors, and controllers in commercial
and industrial buildings to monitor and control energy consumption is to blame
for this hardware component domination.
The demand 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 Saudi Arabia.
Energy management solutions that integrate IoT-enabled
devices and sensors can help businesses deliver real-time data on energy
consumption and pinpoint areas for improvement. As a result, businesses can
create hardware IoT-enabled for communication with software platforms to
optimize energy use.
Key market players in the Saudi Arabia energy
management system market include:
- Rockwell Automation Inc.
- Honeywell International Inc.
- Schneider Electric SE
- Cisco Systems, Inc.
- ABB Ltd.
- Eaton Corporation
- IBM Corporation
- Siemens AG
- Mitsubishi Electric Corporation
- Wrtsil Oyj Abp
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“The primary market driver for Saudi Arabia's energy
market lies in its vast oil reserves, making it the world's leading oil
producer and exporter. The country heavily relies on oil for domestic energy
consumption and revenue generation. Additionally, as part of its Vision 2030
plan, Saudi Arabia aims to diversify its economy and reduce its dependence on
oil by investing in renewable energy sources such as solar and wind power. The
government's commitment to sustainable energy initiatives and the growing
demand for clean energy solutions further motivate the development and
expansion of the country's energy systems,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Saudi Arabia Energy Management System Market By Type
(Building Energy Management Systems, Industrial Energy Management Systems, Home
Energy Management Systems), By Component (Hardware and Software), By Deployment
Type (Cloud Based and On Premise), By End User (Manufacturing, Power &
Energy, IT & Telecom and Others), By Region, Size, Share, Trends,
Opportunity, and Forecast, 2028”, has evaluated the future growth potential of Saudi
Arabia energy management system market and provides statistics and information
on market structure, size, share, and future growth. The report is intended 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
present in the Saudi Arabia energy management system market.
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