The market for global industrial energy management systems (IEMSs) is expected to grow from $13.5 billion in revenue in 2015 to $35.6 billion in 2024, says a 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 IEMSs is growing, the report said.
“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,” Talon added.
The market is driven by the increasing customer demand for IEMS software and services. 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.
source: Navigant Research