The Global Market for Industrial Energy Management Systems (IEMS) is Projected to Reach US$29.3 Billion by 2024
Focus On Minimizing Emissions
& Process Energy Wastage Drives the Industrial Energy Management Systems Market,
According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Industrial Energy
Management Systems (IEMS) market. The global market for Industrial
Energy Management Systems (IEMS) is projected to reach US$29.3 billion by 2024, driven by enforcement of stringent environmental regulations and rising adoption of
voluntary energy management initiatives against the backdrop of the growing
focus on minimizing emissions and process energy wastages.
Industrial Energy Management System (IEMS) is a
specially designed technology solution that aids industrial facilities in streamlining
and minimizing energy usage in their plants and factories. Equipped with state-of-the-art computer
systems, sophisticated software, and remote sensors, IEMS offers an automated
tool that strives to reduce energy costs, which form a major portion of production
line OPEX, without disturbing plant operations. Leveraging the IEMS, enterprises can
effectively meet compliance norms and multifarious government regulations and also
identify energy efficiency measures that optimize the organization’s
profitability. Further, standardized IEMS ensures that energy savings targets
are closely aligned to ground realities in the onsite and industry environment,
while providing a scientific system for validating energy savings. In recent
years, IEMS gained immense popularity, especially among enterprises operating
in energy intensive industries (EIIs). Construction,
mining, power utilities,
oil & gas refineries, petrochemicals, electronics, automotive, cement,
mining & minerals, metal manufacturing, pulp & paper, food &
beverage and agriculture are some of the sectors where IEMS deployments grew
substantially.
While the ongoing thrust towards minimizing carbon
emissions through implementation of stricter environmental regulations by
governments across the world has a robust bearing on IEMS deployments,
voluntary adoption by enterprises to leverage benefits of energy management continue
to steer the demand. Stipulations such as the
Energy Efficiency Directive (EED) and EU Emissions Trading Scheme (EU ETS) have
a robust influence on IEMS adoption. Sustained thrust towards industrial
automation, where automated technologies are deployed to ensure precise and
efficient operations, is another major driver for IEMS. As a concept, IEMS
forms an integral component of automation, monitoring the energy infrastructure
and its performance in the facility. A latest trend in the IEMS market is the growing proliferation
of cloud-based IEMS-as-a-Service (IEMSaaS), which integrates all the key
features of an on-premise IEMS platform along with proven attributes of cloud
technology.
As
stated by the new market research report on Industrial Energy Management
System (IEMS),
Europe constitutes the largest regional market for IEMS, worldwide. On the
other hand, Asia-Pacific represents the fastest growing market, trailing at a
CAGR of 14.2% over the analysis period. In Asia-Pacific, China contributes the bulk of IEMS revenues,
given the country’s robust appetite for energy management solutions against the
backdrop of restructuring and technological modernization of the domestic industrial
sector.
Major
players in the market include ABB Ltd., AECOM, ARCHIBUS Inc., Autodesk Inc., C3
Energy, Cascade Energy Inc., Cypress Envirosystems, Eaton Corporation Plc,
Emerson Electric Company, ENERGYai, EnerNOC Inc., General Electric Company,
GridPoint Inc., Honeywell International Inc., IBM Corporation, Lightapp
Technologies, Mitsubishi Electric Corporation, Opto22, Panoramic Power,
Rockwell Automation Inc., SAP SE, Schneider Electric SE, Setpoint Systems
Corporation, Siemens AG, and Trane Inc., among others.
The
research report titled “Industrial Energy Management
Systems (IEMS): A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections in US$ Million for all major geographic markets such
as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and
Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Middle East
& Africa, and Latin America.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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