by Sustainability and energy management software provides cloud-based tools and data analytics to measure, monitor, report, and reduce energy and resource consumption at various facilities. It helps optimize energy utilization, lower costs, and reduce carbon footprint. These solutions also offer benchmarking and performance monitoring capabilities to analyze sustainability efforts.
The global sustainability and energy management software market is estimated to be valued at US$ 175 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Cloud deployment lowers upfront costs and facilitates seamless integration of sustainability goals with business operations. It also enables remote monitoring of energy consumption from any location. Furthermore, stringent government regulations toward reducing carbon emissions are encouraging enterprises to adopt sustainability and energy management software for compliance and improving their ESG ratings. Various environmental protection agencies provide incentives such as tax credits to businesses implementing sustainability initiatives, thereby augmenting the demand for energy management platforms. However, data security concerns and lack of expertise in handling these complex solutions are some of the factors hindering the market growth.
SWOT Analysis
Strength: Sustainability and energy management software offers customizable solutions that help organizations track and reduce energy consumption and costs. The software provides accurate data insights and reporting capabilities that empower users to make informed decisions regarding energy usage and sustainability targets. It also allows centralized monitoring and control of an organization’s energy assets from any location.
Weakness: The upfront software installation and training costs can be high for small and medium-sized businesses. Additionally, technical glitches or software errors may occur during implementation, requiring additional troubleshooting efforts.
Opportunity: Rising environmental awareness and stringent government regulations around the world are compelling more companies to adopt sustainability practices and invest in energy management systems. Furthermore, remote work trends driven by the pandemic have increased demand for cloud-based solutions that facilitate real-time collaboration.
Threats: Open-source or low-cost alternatives offered by startup vendors can attract price-sensitive customers. A shift towards distributed and renewable energy may reduce dependence on grid-based power, impacting the scope of monitoring and optimization by energy management platforms.
Key Takeaways
The Global Sustainability And Energy Management Software Market Size is expected to witness high growth over the forecast period of 2023 to 2031. The global Sustainability And Energy Management Software Market is estimated to be valued at US$ 175 in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2031.
Regional analysis indicates that North America currently dominates due to strict environmental policies and the presence of pioneering players. Government initiatives promoting sustainable practices and the adoption of renewable energy infrastructure are fueling rapid adoption across European countries as well.
Key players operating in the Sustainability And Energy Management Software market include SCHNEIDER ELECTRIC, IBM, SAP, ENGIE, GENERAL ELECTRIC, EMAC, VERISAE, ENVIANCE, ENABLON, CARBON CLEAR, ENVIZAGE. These leaders offer comprehensive software-as-a-service platforms tailored for industries like manufacturing, commercial buildings, data centers, and utilities. Their suite of solutions combines energy use optimization, carbon accounting, waste tracking and reporting features.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
