Global revenue from industrial energy management could total $224 billion by 2024

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New research has revealed that the global market for industrial energy management systems is expected to total $224 billion between 2015 and 2024, Business Wire reports.
 
A recent study conducted by Navigant Research, entitled Industrial Energy Management Systems, explored the global market for industrial energy management systems (IEMSs) - both software and services - and provided revenue forecasts according to region, starting from last year leading right through to 2024.
 
Industrial facilities are among the most energy-intensive buildings found throughout the world; but despite this fact, energy efficiency has in the past been a low priority for operators and managers of these sites, who also have to focus on continuous operations and production.
However, a growing number of executives are starting to realise the benefits that IEMSs can offer - most of all, improved data visibility and enhanced performance. This means that these systems will grow further in popularity as word about their value continues to spread, contributing to the global revenue predictions.
 
This is further explained by Casey Talon, a principal research analyst with Navigant Research, who noted: "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."
 
As well as the previously mentioned advantage, Talon added that 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."
 
With their main focus being on production, it's understandable that industrial facilities would find the energy and cost savings promised by IEMSs attractive. But according to the report, this enthusiasm can be stalled if the potential costs of installing them outweighs the potential financial benefits.
 
An executive summary of the report can be downloaded from the Navigant Research website.
 
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