Industrial energy management systems are evolving quickly to help industrial facilities minimize energy use and waste while still meeting the demands of production.
Technology, processing capabilities, software applications, and business intelligence insights are progressing quickly in the energy management systems market, as vendors apply the latest innovations and advancements from other markets and application areas to the industrial sector. According to a new report from Navigant Research, annual revenue from industrial energy management systems will reach $22.5 billion in 2020, essentially doubling their 2013 level.
“The industrial energy management systems market is opening to new firms, new technologies, and unique products and services,” said Eric Woods, research director with Navigant Research. “This is good news for both clients and vendors as fresh ideas make industrial energy management systems more accessible. It is, however, not easy to access the market, and partnering with more established players is a necessary component of any successful entry by a company or solution.”
With their global presence, extensive domain expertise, and established infrastructure to support long-term engagements, large original equipment manufacturers have long been the leaders in this market. However, the market is changing rapidly, according to the report. Major IT companies with expertise in handling large data sets and sophisticated real-time business analytics applications are making inroads, as are smaller players.