Future Growth Prospects for India Energy Management Market 2031

According to the TechSci Research report, “India Energy Management Market - By Region, Competition, Forecast & Opportunities, 2018-2031.” The India Energy Management Market facilitates the efficient use of energy by various entities such as organizations, governments, and commercial/industrial sectors. It enables the adoption of energy-saving technologies without substantial upfront investments. Establishing achievable energy consumption targets, devising action plans, and monitoring outcomes are integral to implementing effective energy management systems. These systems leverage new technologies to minimize energy waste and optimize existing processes for reduced energy consumption.

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India's "Smart Cities" Mission underscores the need for advanced infrastructure across national cities, necessitating effective energy management and storage solutions. The mission mandates that 80% of buildings in smart cities meet energy efficiency standards and incorporate "green building" principles, with 10% of energy requirements met through solar power. Consequently, the market anticipates rapid growth, driven by a substantial compound annual growth rate (CAGR) throughout the forecast period.

Browse over 96 market data Figures spread through 27 Pages and an in-depth TOC on the "India Energy Management Market."

The India energy management market is segmented by component into hardware, software, and services. Hardware, including smart meters, sensors, and controllers, dominates with a market share of 53.24% in 2022, and is expected to maintain this dominance. This segment's growth is fueled by increasing installations in commercial and industrial buildings to monitor and regulate energy consumption. The rise in renewable energy adoption and demand for energy-efficient solutions further bolster the need for energy management systems. IoT-enabled devices and sensors enhance these systems by providing real-time energy consumption data, aiding businesses in identifying optimization opportunities. Leading market players offer integrated energy management solutions encompassing hardware, software, and services, empowering customers to achieve significant energy savings through efficient monitoring and management.

Regionally, the India energy management market is segmented into South India, North India, West India, and East India. South India leads with a market share of 38.54% in 2022 and is expected to maintain its dominance. The region, economically advanced with concentrations of energy-intensive industries like textiles, manufacturing, and IT, increasingly adopts energy management solutions to optimize costs. Legislative initiatives promoting energy efficiency in states like Tamil Nadu, Karnataka, and Andhra Pradesh further drive market expansion. South India's growing awareness and adoption of renewable energy solutions contribute significantly to the region's expanding Energy Management System market.

These factors collectively underline the dynamic growth and strategic importance of energy management solutions in India's evolving industrial landscape.

Key market players in the India Energy Management market include:

• Schneider Electric India Pvt. Ltd.

• Siemens Limited

• ABB India Limited

• GE Power India Limited

• Emerson Electric Company (India) Private limited

• Eaton Power Quality Private Limited (India)

• Honeywell International (India) Private Limited

• Mitsubishi Corporation India Private Limited

• Cisco Systems (India) Private Limited

• IBM India Private Limited

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“India Energy Management Market stood at USD 1216.64 million in 2022 and is expected to register a CAGR of 14.91% during 2023E-2031F owing to increasing green building awareness, non-fossil fuel based energy goal, growing smart city program among others. From 2005 to 2050, numerous energy strategies will employ scenarios that will primarily include the adoption of renewable energy sources and investments in energy-saving technology in order to cut  CO2 emissions by up to 50%. As of February 2023, India has installed more than 174.53 Giga Watts of renewable energy during the preceding 8.5 years, making about 42.5% of the country's total capacity (including big hydro). In 2022, India saw the highest year-over-year increase of 9.83% for renewable energy additions. Moreover, the installed solar energy capacity reached 63.3 GW in February 2023, a 24.4-fold increase over the previous nine years. Therefore, the market for energy management across the country is expected to rise during the forecast period, 2024-2031F,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Energy Management Market Segmented By Component (Hardware, Software, Service), By Deployment (On-Premises, Cloud), By End-User (Manufacturing, Residential, Energy & Power, IT & Telecom, Healthcare, Others), By Type (Industrial Energy Management System, Building Energy Management System, Home Energy Management System),  By Region, Competition, Forecast & Opportunities, 2031F”, has evaluated the future growth potential of India Energy Management market and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the India Energy Management market.

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