Technological advancements coupled with rising commercialization of innovative products expected to fuel growth
April 27, 2016
The global energy management systems (EMS) market was valued at $20.49 billion in 2014, and is forecast to grow at a compound annual growth rate (CAGR) exceeding 14 percent from 2015 to 2022, reaching $58.59 billion by 2022, according to a report from Grand View Research.
Industrial energy management systems (IEMSs) are evolving quickly to help industrial facilities minimize energy use while still meeting the demands of production. According to a new report from Navigant Research, annual revenue from IEMSs will reach $22.5 billion in 2020, essentially doubling their 2013 level.
Industrial and manufacturing companies in the United States must take additional measures to ensure they remain cost-competitive on a global scale, and the efficient use of energy is one area that U.S. industrial companies can improve upon to accomplish that, according to a report from Pike Research.