Energy Management Market in Agriculture Industry Outlook 2031
- The global energy management market in agriculture industry was valued at US$ 174.1 Mn in 2021
- It is estimated to grow at a CAGR of 4.7% from 2022 to 2031
- The global energy management market in agriculture industry is expected to reach US$ 275.9 Mn by the end of 2031
Overview of Global Energy Management Market in Agriculture Industry
Energy management for agriculture sector explains how energy can be managed and conserved in order to use it efficiently without harming the environment. Energy management is a proactive, organized, and systematic coordination of conversion, distribution, and usage of energy to meet requirements, taking into account environmental and economic objectives. Energy efficiency measures need to target areas where energy is actually consumed. These include buildings, municipal facilities, and the agriculture sector, which consumes significant amount of energy. Thus, it is vital to improve energy efficiency in agriculture in order to lower energy demand and consequently costs. Improved energy efficiency also helps reduce the reliance on fossil fuels and therefore contributes to lower GHG emissions. The green revolution has changed the nature of farming for decades to come. The automation revolution in farming can have a similar impact on the industry.
Get PDF sample for Industrial Insights and business Intelligence –
Increase in Investment in Energy Efficiency to Drive Global Energy Management Market in Agriculture Industry
Demand for energy management has been rising significantly in developed as well as developing countries. Awareness about energy management is increasing along with the growth in adoption of advanced technologies. Energy efficiency is an essential part of sustainable energy management in order to decrease energy consumption and distribute it for economic growth. Agriculture and food sectors, which use around 30% of the world’s energy, play a key role in energy production. Therefore, increase in agricultural energy efficiency is likely to help lower energy demand.
According to the United States Department of Agriculture (USDA), farms are both energy producers and consumers. Most of the farms use non-renewable fossil fuels such as diesel, gasoline, and propane; and create significantly more energy than they consume. Technological advancements and decrease in operational costs are likely to drive the advanced energy management market in agricultural industry. Technological advancement in energy management is also improving the quality of products, leading to more user-friendly designs. These systems do not require any programming and use less time and labor to operate, which in turn, reduces maintenance and service costs. Thus, increase in investment in energy efficiency is set to drive the applications of energy management market in agriculture industry during the forecast period.