Industrial Energy Management Systems Market to Reach $35.6 Billion by 2024
North America and Europe will lead the market in terms of revenue
BOULDER, Colo. — Global industrial energy management systems (IEMS) revenue is forecast to grow significantly, from $13.5 billion in 2015 to $35.6 billion in 2024, according to a new report from Navigant Research.
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 IEMS is growing.
“Industrial customers are struggling to recover from the economic crisis and, in many cases, are targeting higher production with fewer resources,” said 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, according to the report. 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.
An executive summary of the report is available here.
Publication date: 10/14/2015