July 23, 2013
Industrial energy management systems (IEMSs), which comprise software, upfront services, and ongoing monitoring and management, enable industrial companies to advance their initiatives with regard to cost reduction and improved efficiency. In order to remain competitive or gain a competitive advantage, it is increasingly necessary for large energy users to actively manage their energy consumption and energy procurement activities. This requires detailed knowledge of ongoing energy use patterns and present and future energy consumption requirements, as well as the internal capability to act on that data. According to a recent report from Navigant Research, IEMS implementation has become critical to this understanding.
The market for IEMSs will reach $22.5 billion in annual revenue by 2020, the study concludes.
“Energy usage is now considered an important data source that can be combined with other business intelligence to provide a more holistic and complete picture of overall business performance,” says Eric Woods, research director with Navigant Research. “An IEMS enables companies to bring information and knowledge of all aspects of energy-related matters into the present, where cost-effective tactics can be employed before high charges or inefficient usage occurs.”
The depth of the capabilities of IEMS solutions can vary widely, the study concludes. Some IEMSs are passive and perform only a monitoring and analysis function. Other systems are designed to be active, with the ability to control portions of the industrial processes that they monitor. Although an IEMS rarely controls all or even major portions of an industrial process, it can provide significant input into the control processes themselves.
The report, “Industrial Energy Management Systems”, examines the worldwide market for IEMSs, including initial services, software installation and operation, and ongoing services. Market drivers and hurdles are examined in detail, along with global supply-side and demand-side market trends. Software functionality and service-related components are also detailed, and the report provides profiles of key industry players, including newer entrants that may shape the future direction of the market. Revenue forecasts, broken down by market segment and by region, extend through 2020. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Richard Martin
* 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.