by Brianna Crandall — October 14, 2015—The need for continuity in operations and production has made energy efficiency a lower priority in industrial facilities compared to commercial buildings, despite their status as some of the most energy-intensive buildings worldwide. However, as executives begin to understand the value of enhanced visibility and insight into enterprise performance and site-level strategic energy management, the business case for industrial energy management systems (IEMSs) is growing.
A new report from Navigant Research examines the global market for industrial energy management systems (IEMSs), segmented by software and services, with forecasts for revenue by region, through 2024. The research forecasts that global IEMS revenue will grow from $13.5 billion in 2015 to $35.6 billion in 2024.
“Industrial customers are struggling to recover from the economic crisis and, in many cases, are targeting higher production with fewer resources,” says Casey Talon, senior research analyst with Navigant Research. “IEMSs can offer tools for managing costs, hedging risks associated with price volatility and policy impacts, and achieving corporate social responsibility and sustainability commitments.”
Because of increasing customer demand for IEMS software and services, Navigant Research projects this market will grow aggressively during the next decade. The North American and European markets are expected to continue to lead the market in terms of revenue, while Asia Pacific is expected to experience the fastest growth.
The report, Industrial Energy Management Systems: Software and Services for Intelligent Efficiency: Market Issues, Drivers, and Barriers, Regional Trends, and Global Forecasts, analyzes the global market for IEMSs in two segments: software and services. Available for purchase from Navigant Research, the study provides an analysis of the market issues, including business cases, opportunities, and implementation challenges, associated with IEMSs.
Global market forecasts for revenue, broken out by segment and region, extend through 2024. The report also examines the key aspects of IEMS solutions, specifically software functionality and service offerings, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research Web site.
