Industrial Energy Management Revenue to Total $224 Billion from 2015-2024
Production remains the primary concern for industrial facility customers, report finds
BOULDER, Colo. — Though industrial facilities are some of the most energy-intensive buildings worldwide, the drive for continuous operations and a focus on production has usually made energy efficiency a low priority for their operators and managers, notes Navigant Research. However, many executives are now paying closer attention to the enhanced data visibility and performance benefits that industrial energy management systems (IEMSs) can provide. According to a report from the research firm, global revenue from IEMSs is expected to total $224 billion from 2015 to 2024.
“As industrial customers struggle to regain financial stability in a post-recession world, IEMS solutions are expected to gain traction across geographies and customer types,” said Casey Talon, principal research analyst with Navigant Research. “These systems can help support corporate governance, increase budget certainty, and develop key performance indicators for energy to set targets for improvements in costs, use, or production.”
The foremost concern for industrial customers is production, which means energy efficiency and cost savings associated with IEMSs can be attractive, but only if they do not cause other disruptions. If the potential cost of disrupting critical processes outweighs the potential for improvement, according to the report, this can essentially stall or kill the implementation of an IEMS.
An executive summary of the report is available here.
Publication date: 5/10/2016