Global Industrial Energy Management System Revenue Is Expected to Reach $35.6 Billion in 2024, According to Navigant Research
By Business Wire News
A new report from Navigant Research examines the global market for industrial energy management systems (IEMSs), segmented by software and services, with forecasts for revenue by region, through 2024.
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. Click to tweet: According to a new report from Navigant Research, global IEMS revenue is expected to grow from $13.5 billion in 2015 to $35.6 billion in 2024.
“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.”
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.
The report, Industrial Energy Management Systems, analyzes the global market for IEMSs in two segments: software and services. The study provides an analysis of the market issues, including business cases, opportunities, and implementation challenges, associated with IEMSs. Global market forecasts for revenue, broken out by segment and region, extend through 2024. The report also examines the key aspects of IEMS solutions, specifically software functionality and service offerings, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Industrial Energy Management Systems, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.