IEMSs Revenue Projected to Reach $224 Billion in 2024
Based on a report from Navigant Research, the drive for continuous operations and center on production has made energy efficiency a low priority for the managers and operators in the industrial facilities, even though these facilities are some of the most energy-intensive buildings in the world. But this may change because many executives are now focused on the enhanced data visibility and performance benefits that their companies can get from Industrial Energy Management Systems (IEMSs). The report also stated that the global revenue from IEMSs is forecast to grow from $13.5 billion in 2015 to $224 billion in 2024.
Achrnews.com reported what Casey Talon, the Principal Research Analyst in Navigant Research said regarding the results of the report. “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. 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 main concern for industrial customers is production. This means that cost savings and energy efficiency related to IEMSs can be appealing, only if they do not cause other disruptions. According to the report, if the potential cost of disrupting critical processes outbalances the potential for improvement, this can primarily halt the implementation of an IEMS. However, IEMSs adoption these days is increasing worldwide due to present industrial market dynamics that include customer demands for solutions that help them avoid risks and take advantage of various opportunities.
The results of this report are beneficial for the industrial energy management system vendors, IT companies, government agencies, investor community, electric utilities, factory owners, and industrial and manufacturing companies.
The report examined the IEMSs worldwide in two segments: services and software. It indicated a detailed analysis of the market issues that include implementation challenges, opportunities, and business cases related to IEMSs. The key aspects of IEMS solutions were also examined. This included competitive landscape, software functionality, and service offerings.
Navigant Research is a market research and consulting team that gives in-depth analysis of clean technology markets in the world. Its research team’s methodology combines end-user primary research and demand assessment, a thorough examination of technology trends to provide an extensive view of various industry sectors, and supply-side industry analysis.