by Sustainability and energy management software are used by organizations to monitor, analyze, and optimize their resource usage and meet sustainability goals. They help businesses gain visibility into their energy consumption patterns and costs by collecting data from sources such as building management systems, utility bills, and IoT devices. Using analytics and benchmarking capabilities, these solutions identify areas to reduce waste and become more efficient. They also enable automated control of building systems and workflows to enhance operational efficiency. Major end-users of sustainability and energy management software include utilities, oil & gas, manufacturing, real estate, healthcare, and education sectors.
The global Sustainability And Energy Management Software Market is estimated to be valued at US$ 1521.13 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing demand for resource optimization solutions is expected to drive the growth of the sustainability and energy management software market over the forecast period. With rising energy costs and focus on reducing carbon footprint, businesses are under pressure to cut down their utility expenses and improve resource efficiency. Sustainability and energy management software help organizations monitor and analyze consumption patterns to make informed decisions and optimize operations. For example, software can detect energy leaks in building infrastructure and recommend measures to plug them. They can also suggest procedural changes such as switching off equipment during non-working hours. These solutions help achieve significant cost savings by reducing wastage which is expected to increase their adoption rate going forward.”
Segment Analysis
The global sustainability and energy management software market is dominated by the cloud-based segment that holds around 70% share due to benefits like flexibility, scalability and low cost for small and medium organizations. The cloud-based segment allows flexibility for organizations to access data and software from remote locations through internet that proves cost effective for organizations to deploy and maintain sustainability and energy management solutions.
PEST Analysis
Political: Government regulations around the world to reduce carbon emissions and implement sustainability practices are driving adoption of sustainability and energy management solutions by organizations.
Economic: Rise in energy costs and need to optimize energy consumption is a key factor for organizations to adopt sustainability and energy management solutions to reduce operational costs.
Social: Increasing awareness among organizations about environmental protection and sustainability has led to focus on reducing carbon footprint through efficient energy management.
Technological: Advancements in technologies like IoT, analytics and automation has enabled development of sophisticated sustainability and energy management software that help organizations improve sustainability performance.
Key Takeaways
The Global Sustainability And Energy Management Software Market Demand is expected to witness high growth in the forecast period. The global Sustainability And Energy Management Software Market is estimated to be valued at US$ 1521.13 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030.
The North American region dominates the market currently due to stringent energy efficiency regulations and deployment of sustainability solutions by organizations in the region to achieve sustainability goals.
Key players operating in the sustainability and energy management software market are Becton, Dickinson and Company, Pfizer Inc., Gerresheimer AG, B. Braun Medical Inc., Grifols S.A, Baxter International, Inc., Fresenius Kabi AG, Mylan N.V., Bayer AG, F. Hoffmann-La Roche AG. These players focus on developing advanced software through investments in R&D and strategic partnerships to strengthen their market presence. The cloud-based deployment model holds major share in the market due to advantages like flexibility, scalability and low cost of ownership for organizations. Real-time energy monitoring and automation capabilities of software help organizations optimize energy consumption and costs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
