Sustainability And Energy Management Software Market Estimated To Witness High Growth Owing To Rising Environmental Concerns
Sustainability and energy management software is a solution that helps organizations track, measure, and analyze their energy and resource consumption with an aim to enhance sustainability. It consists of various applications required for energy and sustainability management including carbon accounting and reporting, building energy and utilities management, and sustainable procurement. The software helps organizations measure and optimize the use of energy, water, waste output, and carbon emissions. It also assists in managing sustainability initiatives, policies, risks and compliance.
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
Rising environmental concerns have emerged as a key driver for the growth of the sustainability and energy management software market. According to the United Nations Environment Programme, global carbon emissions need to be reduced by 45% from 2010 levels by 2030 in order to limit global warming to 1.5°C. This has spurred organizations across industry verticals to focus on improving their operational efficiency, managing energy consumption, and reducing greenhouse gas emissions through tools like sustainability and energy management software.
The software helps businesses track their sustainability initiatives and set targets to minimize their environmental footprint, which is a major factor driving its adoption. It enables organizations to cut costs by optimizing energy usage through simple operational changes. This has boosted the business case for sustainability and energy management solutions. However, the high costs associated with deployment and maintenance of such software can restrain market growth.
SWOT Analysis
Strength: Sustainability and energy management software provides visibility into resource consumption and helps organizations reduce operating costs through energy efficiency. It allows remote monitoring of assets and energy usage data collection through IoT devices which aids data-driven decision making to meet sustainability goals. The software also helps comply with environmental regulations through automated reporting of carbon emissions and waste production.
Weakness: Initial high costs involved in deploying energy management systems and IoT infrastructure across sites. Additionally, data security is a concern as the software collects and stores sensitive operational and energy usage data. Lack of in-house expertise to implement and manage such systems is another weakness.
Opportunity: Rising environmental awareness is driving global firms to set net-zero emission targets promoting adoption of sustainability solutions. Growing focus on ESG reporting presents opportunities for software vendors. Emerging technologies like AI and IoT are expected to further enhance functionality and analytics capabilities boosting demand.
Threats: Stiff competition from open-source and low-cost alternatives limits pricing power of vendors. Economic slowdowns can negatively impact sustainability budgets of companies. Dependence on third-party service providers for hardware and implementation services also poses threats.
Key Takeaways
The Global Sustainability And Energy Management Software Market Demand is expected to witness high growth over the forecast period supported by stringent emission regulations worldwide and focus on achieving sustainability goals of enterprises. 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 Asia Pacific region is anticipated to grow at the fastest pace on account of rapid industrialization and ongoing infrastructure development projects stimulating demand. Countries like China and India are emerging as major markets. This is generating substantial opportunities for deployment of energy management systems and software to track as well as optimize usage. Growth rates average over 10% annually in Asia Pacific.
Key players
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 are focused on expanding their product portfolios and geographical presence through mergers, acquisitions and collaborations.
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