Global Industrial Energy Audit Services Market

Industrial Energy Audit Services Market Size, Share, Growth Analysis, By Type(Process, Electrical, Mechanical, Building), By End Use(Manufacturing, Power Generation, Petrochemicals, Mining), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2053 | Region: Global | Published Date: April, 2024
Pages: 178 |Tables: 65 |Figures: 77

Industrial Energy Audit Services Market Insights

Global Industrial Energy Audit Services Market size was valued at USD 15.35 billion in 2022 and is poised to grow from USD 16.36 billion in 2023 to USD 27.28 billion by 2031, growing at a CAGR of 6.60% during the forecast period (2024-2031).

The global industrial energy audit services market is driven by the increasing demand for energy efficiency and sustainability across various end-use industries, as well as government regulations and initiatives aimed at reducing carbon emissions and energy consumption. The market includes a range of service providers, including energy consulting firms, engineering firms, and energy service companies (ESCOs), among others. The market is expected to continue to grow as companies seek to improve their environmental performance and reduce their energy costs.

US Industrial Energy Audit Services Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 15.35 billion

Largest Segment

Electrical

Fastest Growth

Electrical

Growth Rate

6.60% CAGR

Global Industrial Energy Audit Services Market ($ Bn)
Country Share for Europe Region (%)
Global Industrial Energy Audit Services Market By Type ($ Bn)
Global Industrial Energy Audit Services Market By Type (%)

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Industrial Energy Audit Services Market Segmental Analysis

Global Industrial Energy Audit Services Market is segmented on the basis of type, end use and region. By type, the market is segmented into process, electrical, mechanical, building. By end use, the market is segmented into manufacturing, power generation, petrochemical, mining. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Industrial Energy Audit Services Market Analysis by End Use

In 2021, This sector is expected to witness a CAGR of 6.9% during the forecast period. The manufacturing sector is the largest end-use industry for industrial energy audit services, accounting for a significant share of the market. The increasing focus on energy efficiency and cost savings in manufacturing processes is driving the demand for energy audit services in this sector.

The power generation sector is another major end-use industry for industrial energy audit services, with a CAGR of 6.5%. The increasing demand for clean energy and the need to reduce emissions are driving the demand for energy audit services in this sector.

Industrial Energy Audit Services Market Analysis by Type

The process energy audit segment is expected to witness the fastest growth with a CAGR of 7.5% during the forecast period. This type of audit helps in identifying energy-saving opportunities by analyzing the energy consumption patterns of different processes and optimizing them. The manufacturing sector is the largest end-user industry for this type of audit.

The electrical energy audit segment is also expected to witness significant growth, with a CAGR of 6.8%. This type of audit helps in identifying energy-saving opportunities by analyzing the electrical systems and equipment in different industries, including manufacturing, power generation, and petrochemicals.

Global Industrial Energy Audit Services Market By Type, 2023 (%)

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Industrial Energy Audit Services Market Regional Insights

In 2021, The Asia Pacific region is the fastest-growing market for industrial energy audit services, with a CAGR of 8.6%. The increasing industrialization in countries such as China and India have driven the demand for energy audit services to optimize energy consumption and reduce emissions. The manufacturing sector is the largest end-use industry for energy audit services in the region.

North America is one of the largest markets for industrial energy audit services, driven by the increasing focus on energy efficiency and sustainability. The U.S. is the largest market in the region, with a CAGR of 6.8%. The demand for industrial energy audit services in the region is expected to grow due to the stringent regulations related to energy consumption and emissions in industries such as manufacturing and power generation.

Global Industrial Energy Audit Services Market By Region, 2024-2031
  • Largest
  • Fastest

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Industrial Energy Audit Services Market Dynamics

Industrial Energy Audit Services Market Drivers

Increasing demand for Energy Efficiency to Drive Sales and Bring Lucrative Opportunities

  • The rising costs of energy and increasing environmental concerns are driving the demand for energy efficiency across various industries. Industrial energy audit services can help companies identify areas of energy waste and inefficiency, develop strategies to optimize energy use, and reduce energy costs.
  • Governments around the world are implementing regulations and initiatives to reduce carbon emissions and promote energy efficiency. For example, the European Union's Energy Efficiency Directive requires large companies to conduct energy audits every four years. Compliance with these regulations is driving the demand for industrial energy audit services.

Industrial Energy Audit Services Market Restraints

Lack of Skilled Professional to Hinder Market Growth

  • Energy audit services require specialized knowledge and expertise in energy management and engineering. The shortage of skilled professionals in the industry can limit the availability of energy audit services and increase costs.

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Industrial Energy Audit Services Market Competitive Landscape

These companies are competing on the basis of several factors, including service offerings, pricing, quality, and brand reputation. Some of the key strategies adopted by these companies to maintain their competitive edge include mergers and acquisitions, partnerships, and collaborations.

Top Player’s Company Profiles in Industrial Energy Audit Services Market

  • Siemens AG (Germany)
  • ABB Group (Switzerland)
  • Intertek Group plc (United Kingdom)
  • SGS SA (Switzerland)
  • General Electric (United States)
  • Johnson Controls International plc (Ireland)
  • Honeywell International Inc. (United States)
  • Veolia Environnement (France)
  • Trane Technologies plc (Ireland)
  • Rockwell Automation Inc. (United States)
  • Yokogawa Electric Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Emerson Electric Co. (United States)
  • E. ON SE (Germany)
  • Eaton Corporation plc (Ireland)
  • L&T Technology Services Limited (India)
  • TÜV Rheinland (Germany)
  • WSP Global Inc. (Canada)
  • ENGIE (France)

Industrial Energy Audit Services Market Recent Developments

  • In March 2023, A new investment by Honeywell may allow the United States to access 10% more power capacity.
  • In July 2022, Honeywell stated that its venture arm, Honeywell Ventures, had contributed to the Series B round of financing for Electric Hydrogen. Honeywell Ventures invests in early-stage, high-growth businesses that offer transformative and developing technologies.
  • In June 2022, Electrify America is worth $2.45 billion thanks to Volkswagen's $450 million investment alongside Siemens, the top global technology business.

Industrial Energy Audit Services Key Market Trends

  • Companies are placing greater emphasis on sustainability and environmental performance, driven by stakeholder expectations and regulatory requirements. This is driving the demand for industrial energy audit services that can help companies reduce their energy consumption and carbon emissions.

Industrial Energy Audit Services Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global industrial energy audit services market is expected to see significant growth in the coming years, driven by several factors, including increasing government regulations, rising energy costs, and the need for energy efficiency and sustainability in industrial operations. The market is also benefiting from the growing awareness of the benefits of energy audit services, including reducing energy usage, improving efficiency, and lowering operational costs. The Asia Pacific region is expected to hold the largest market share due to the increasing demand for energy efficiency solutions in emerging economies such as China and India. However, North America and Europe are also expected to see significant growth due to the increasing focus on energy efficiency and sustainability in industrial operations in these regions. The global industrial energy audit services market is expected to see significant growth in the coming years, driven by increasing demand for energy efficiency and sustainability in industrial operations, government regulations, and rising energy costs.

Report Metric Details
Market size value in 2023 USD 15.35 billion
Market size value in 2031 USD 27.28 billion
Growth Rate 6.60%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Process, Electrical, Mechanical, Building
  • End Use
    • Manufacturing, Power Generation, Petrochemicals, Mining
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Siemens AG (Germany)
  • ABB Group (Switzerland)
  • Intertek Group plc (United Kingdom)
  • SGS SA (Switzerland)
  • General Electric (United States)
  • Johnson Controls International plc (Ireland)
  • Honeywell International Inc. (United States)
  • Veolia Environnement (France)
  • Trane Technologies plc (Ireland)
  • Rockwell Automation Inc. (United States)
  • Yokogawa Electric Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Emerson Electric Co. (United States)
  • E. ON SE (Germany)
  • Eaton Corporation plc (Ireland)
  • L&T Technology Services Limited (India)
  • TÜV Rheinland (Germany)
  • WSP Global Inc. (Canada)
  • ENGIE (France)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Industrial Energy Audit Services Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Industrial Energy Audit Services Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Industrial Energy Audit Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Energy Audit Services Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Energy Audit Services Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Industrial Energy Audit Services Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Industrial Energy Audit Services Market size was valued at USD 15.35 billion in 2022 and is poised to grow from USD 16.36 billion in 2023 to USD 27.28 billion by 2031, growing at a CAGR of 6.60% during the forecast period (2024-2031).

These companies are competing on the basis of several factors, including service offerings, pricing, quality, and brand reputation. Some of the key strategies adopted by these companies to maintain their competitive edge include mergers and acquisitions, partnerships, and collaborations. 'DNV GL (Norway)', 'Bureau Veritas (France)', 'Schneider Electric (France)', 'Siemens AG (Germany)', 'ABB Group (Switzerland)', 'Intertek Group plc (United Kingdom)', 'SGS SA (Switzerland)', 'General Electric (United States)', 'Johnson Controls International plc (Ireland)', 'Honeywell International Inc. (United States)', 'Veolia Environnement (France)', 'Trane Technologies plc (Ireland)', 'Rockwell Automation Inc. (United States)', 'Yokogawa Electric Corporation (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'Emerson Electric Co. (United States)', 'E. ON SE (Germany)', 'Eaton Corporation plc (Ireland)', 'L&T Technology Services Limited (India)', 'TÜV Rheinland (Germany)', 'WSP Inc. (Canada)', 'ENGIE (France)'

The rising costs of energy and increasing environmental concerns are driving the demand for energy efficiency across various industries. Industrial energy audit services can help companies identify areas of energy waste and inefficiency, develop strategies to optimize energy use, and reduce energy costs.

Companies are placing greater emphasis on sustainability and environmental performance, driven by stakeholder expectations and regulatory requirements. This is driving the demand for industrial energy audit services that can help companies reduce their energy consumption and carbon emissions.

In 2021, The Asia Pacific region is the fastest-growing market for industrial energy audit services, with a CAGR of 8.6%. The increasing industrialization in countries such as China and India have driven the demand for energy audit services to optimize energy consumption and reduce emissions. The manufacturing sector is the largest end-use industry for energy audit services in the region.

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