The global energy portfolio management market is projected to reach a valuation of US$ 11,569 Million in 2032, with the demand growing at a prolific CAGR of 12.4% over the forecast period of 2022 to 2032. Valued at an estimated US$ 3,579 Million in 2022, the energy portfolio management market is fueled by the accelerated adoption of smart meters and smart grid worldwide.
Energy portfolio management, an integrated platform, supports utilities and market operators, helping them to examine and decide on critical energy investments and support operations across planning, forecasting, trading, and grid operating decisions.
The rapid advances in digital technology and their utilization in the energy management process optimize the entire procedure by permitting the connection and coordination of all the networks’ equipment and devices. This will have a long-lasting positive impact on the energy portfolio management market.
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Furthermore, the escalating demand for energy monitoring systems in residential and industrial sectors will be a primary growth driver for the Energy Portfolio Management market over the projected period. Due to rising concern for the environment and growing sustainable living trends, the focus on energy saving by reducing excessive consumption, as well as an emphasis on energy management, and energy monitoring have also increased. This factor induces governments across the world to adopt energy portfolio management.
Additionally, the implementation of stringent government regulations on limiting the wastage of energy and promoting efficient energy management fosters an environment of growth for the target market. Again, the heightened awareness about energy management along with enterprises wanting to gain carbon credits will further propel the demand for Energy Portfolio Management solutions. All these factors are spearheading the growth of the market during the forecast period.
Though the energy portfolio management market is looking forward to bright future prospects, the target market is not without its challenges. A serious lack of awareness of the product and its advantages coupled with high installation costs may stunt the overall market growth during the assessment period.
“Increasing adoption of smart grids in the residential and industrial sector is expected to bolster the market growth of energy portfolio management over the forecast period,” says an FMI analyst.
Key Takeaways:
- A lack of awareness about the benefits of the product may hamper the market growth.
- In 2022, North America is expected to account for 32.6% of the market share.
- Europe will register substantial market growth over the forecast period.
- Based on the end-user, the industrial segment will account for the highest growth rate over the forecast period.
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Competitive Landscape
Eaton Corporation PLC, ABB Ltd., Siemens AG, Schneider Electric, International Business Machines Corporation, C.A. Technologies, SAP SE, Emerson Electric Co., Honeywell International Inc., Watchwire, and others are some of the major players in the energy portfolio management market profiled in the full version of the report.
Major market players are focusing on tactics like mergers and acquisitions with other enterprises to strengthen their market presence. These businesses are also concentrating on product development and product portfolio expansion to gain a competitive advantage.
Key Segments Covered In the Industry Analysis
By End User:
- Residential
- Industrial
- Commercial
By Deployment:
- Cloud
- On-premises
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Energy
- The Middle East & Africa
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