LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global carbon and energy management software market to grow to USD 48.49 billion by 2021, at a CAGR of close to 12% over the forecast period, according to their latest report.
“Digitization of the energy sector in developed nations, such as the US and Singapore, has created a high demand for IT solutions. Digitization is a key enabler of IT spending, which drives the carbon and energy management software market”
The research study by Technavio on the global carbon and energy management software market for 2017-2021 provides detailed industry analysis based on deployment (Cloud-based and on-premises), end-user (power and utilities, oil and gas, industrial, and enterprise), and geography (the Americas, EMEA, and APAC).
|Carbon and energy management is the process of managing the carbon emission associated with businesses. Carbon management is applicable to a wide variety of business activities, products, and services, and can vary depending on the size of the business and the sector.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global carbon and energy management software market:
- Digital transformation and automation of energy sector
- Increase in solar energy investments
- Adherence to compliance and regulations
Digital transformation and automation of energy sector
“Digitization of the energy sector in developed nations, such as the US and Singapore, has created a high demand for IT solutions. Digitization is a key enabler of IT spending, which drives the carbon and energy management software market,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Modernization of the energy sector has increased the adoption of energy analytics and Internet of Things (IoT) to reduce the energy consumption. This is expected to create new demand for smart connected devices, which in turn drives the carbon and energy management software market.
Increase in solar energy investments
The rising need for energy is resulting in the increasing adoption of green energy solutions such as solar and wind energy. The drop-in installation costs of solar energy plants has resulted in their increased adoption in countries such as Qatar, Saudi Arabia, Bahrain, Algeria, Egypt, Morocco, Libya, Jordan, Syria, Iraq, the UAE, and Kuwait. End users of these renewable energy plants are aggressively integrating carbon and energy software into their systems to help them manage, track, and optimize resources effectively.
Adherence to compliance and regulations
“The oil and gas industry is controlled by many government and industry regulations and guidelines. Such compliance is possible only with the successful implementation of many aspects of IT such as carbon and energy management software in the oil and gas industry,” says Amrita.
The oil and gas industry in the UK is regulated by a number of statutory bodies such as the Environment Agency (EA) in England, Department of Energy and Climate Change (DECC), Natural Resources Wales (NRW) in Wales, Health and Safety Executive (HSE), and the Scottish Environment Protection Agency (SEPA) in Scotland.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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