This is a guest post by Victor Voulgaropoulos, Industry Analyst at Verdantix, an independent research and advisory firm with expertise in digital strategies for EHS (Environment, Health, and Safety), operational excellence, smart buildings, as well as ESG (Environmental, Social, and Governance) and sustainability technologies.
Surging climate change policy developments along with the impact of ESG ratings in investment decision-making as well as customer pressure have been fuelling an increasing engagement of industrial organizations towards sustainability. The industrial sector is responsible for about a third of the world’s energy consumption and CO2 emissions, pushing industrial firms to take a hard look at their energy efficiency and consumption patterns. While the global industrial energy productivity index has been growing annually by 2.1% over the last decade, an increase of 2.8% per year is required to achieve the WEO-2021 Sustainable Development Scenario. A key contributor to the growth so far has been the deployment of technologies supporting operational adjustments that lead to more efficient equipment use.
Asset performance management (APM) software has a significant role to play in achieving energy efficiency goals through process optimization for higher yield, better quality and increased productivity. In our recent Buyer’s Guide for APM software, we found that AspenTech’s APM suite is well positioned to support clients with their energy optimization efforts. Aspen ProMV, part of AspenTech’s APM suite, is a multi-variate analysis tool, which offers process engineers an interface to address process health issues and their contributions to facility availability, power usage and product quality. By leveraging big data analytics, the software application monitors for process behaviours indicative of adverse conditions, such as excess energy consumption, off spec product, or increased fouling rates.
Addressing quality, power usage and productivity challenges with technology is imperative to support energy reduction and material recycling efforts. While APM’s core value propositions are centred on asset reliability, availability and maintainability, software vendors are increasingly expanding their APM portfolios to meet the energy requirements of their clients.
Read the full article on the Verdantix website to learn more about the role of APM software in delivering efficient and sustainable operations in 2022.