AspenTech’s APM Software Breaks Ground For Data-Driven Energy Optimization

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AspenTech’s APM Software Breaks Ground For Data-Driven Energy Optimization

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. Apart from AspenTech, vendors such as Elmodis, GE Digital and QiO Technologies have also recently developed solutions to reduce energy consumption and waste. As the industry transitions from hydrocarbons to cleaner energy sources, and as investors, stakeholders, and public opinion demand evident and tracible environmental agendas, we anticipate that digital technologies, and especially APM software, will come to the fore of efficient and sustainable operations in 2022.

To learn more about the APM solutions available in the market read our Buyer’s Guide: Asset Performance Management Software.

Senior Analyst

Victor is a Senior Analyst in the Verdantix Operational Excellence practice. His research agenda focuses on asset management solutions and their overlap with industrial risk management technologies and digital twins. His advisory portfolio includes go-to-market, growth strategy, commercial due diligence and digital strategy projects for corporates, vendors and investors. Prior to joining Verdantix, Victor was a research associate at Imperial College London and Massachusetts Institute of Technology, providing engineering advisory services for clients in the energy industry (oil & gas, nuclear and solar). Victor holds a PhD in Process Engineering from University College London.