Energy management software market to see ‘massive’ growthhttps://energymanagementsummit.co.uk/wp-content/uploads/2018/12/Energy-Management-Software_110.jpg 960 640 Stuart O'Brien Stuart O'Brien https://secure.gravatar.com/avatar/81af0597d5c9bfe2231f1397b411745a?s=96&d=mm&r=g
The global energy management software market is expected to display higher growth over the next five years, according to new research.
A report from Radiant Insights says the rapid digitalisation of the energy and power generation sector is expected boost market demand for advanced solutions.
Globally, the market is predicted to generate ‘massive’ revenue over next seven years, providing numerous opportunities for market players to invest for research and development.
Increasing adoption of efficient and reliable information technology (IT) platforms that help organisations to monitor, control and optimise available resources, is anticipated to play vital role in future market growth.
In particular, the report says energy management software is gaining traction in sector such as power and manufacturing enterprises, telecom & IT sector and retail & offices sector, thus offering numerous growth opportunities for industry participates over the forecast period.
In addition, increasing commercialisation and development of innovative products alongside incorporation of SCADA systems are anticipated to steer market growth. Development of advanced technologies such as small signal analysis and CRAS, which are capable of enhancing overall energy efficiency of the systems, is anticipated to boost market demand over the next seven years.
Use of small signal analysis and CRAS helps to decrease carbon footprint, thus offer immense potential for market growth in the near future.
North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the power generation sector, increase in the number of research & development activities in the region, substantial need to limit power losses, and the existence of well-established industrial infrastructure.
The Asia-Pacific region is predicted to hold major market share in the energy management software market in the forecast period, with countries such as India, China and Singapore leading the way with rapid urbanisation, strong economic growth, rising energy demands, favorable government policies and significant investment by leading industry players.