International. Revenue from global industrial energy management systems (IEMS) is forecast to grow significantly, from $13.5 billion in 2015 to $35.6 billion in 2024, according to a new 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 having some of the most energy-intensive buildings worldwide. However, as executives begin to understand the value of greater visibility and insight into company performance and strategic energy management at the site level, the business case for IEMS is growing.
"Industrial customers are struggling to recover from the economic downturn and, in many cases, are heading for higher production with fewer resources," said Casey Talon, senior research analyst at Navigant Research. "IEMS can offer tools for the management of costs, risks associated with volatility and political impacts and achieve corporate social responsibility and sustainability commitments."
Due to the increasing customer demand for SIAA software and services, Navigant Research Projects this market will grow aggressively over 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.
