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NEW YORK, April 11, 2022 /PRNewswire/ — According to the report “Industrial Energy Efficiency Services Market by Service and Geography – Forecast and Analysis 2021-2025“, the market witnessed a YOY growth of 3.88% in 2021 and will witness a CAGR of 4.66% during the forecast period. The report is segmented by service (EA and C, M and V, and P and SO) and geography (North America, EuropeAPAC, South Americaand MEA).
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The industrial energy efficiency services market covers the following areas:
Industrial Energy Efficiency Services Market Sizing
Industrial Energy Efficiency Services Market Forecast
Industrial Energy Efficiency Services Market Analysis
Vendor Insights
The industrial energy efficiency services market is fragmented, and the vendors are deploying growth strategies such as constantly expanding their footprint in developing countries and are adopting automation and the IoT to differentiate themselves from regional vendors to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- DuPont de Nemours Inc.
- Enel Spa
- ENGIE SA
- General Electric Co.
- Honeywell International Inc.
- Johnson Controls International Plc
- Schneider Electric SE
- SGS SA
- Siemens AG
- VEOLIA ENVIRONNEMENT SA
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Geographical Market Analysis
APAC will provide maximum growth opportunities during the forecast period. According to our research report, the region will contribute to 37% of the global market growth during the forecast period. Japan is the key market for industrial energy efficiency services market in APAC. The presence of large manufacturing facilities that have a high installed capacity will drive the industrial energy efficiency services market growth in the region during the forecast period.
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Key Segment Analysis
The industrial energy efficiency services market share growth by the EA&C (energy audits and consulting) segment will be significant during the forecast period. EA&C are considered important instruments in recognizing the existing energy efficiency potential by adopting systematic procedures to develop a strategy to achieve energy efficiency targets.
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Key Market Drivers & Challenges:
The growing awareness about environmental impact and sustainability is one of the significant factors driving the industrial energy efficiency services market growth. The adoption of energy-efficient systems can help reduce environmental pollution and sustainability challenges while improving air quality. It can considerably reduce emissions during industrial operations, thus lowering the environmental impact.
The high initial setup cost is challenging the industrial energy efficiency services market growth. Most energy-efficient technologies are considerably more expensive than their conventional counterparts. Even with subsidies in some countries, the initial cost remains considerably high. This can be a challenge among highly price-sensitive customers, especially in emerging economies.
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Full story available on Benzinga.com
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