Focus On Minimizing Emissions & Process Energy Wastage Drives the Industrial Energy Management Systems 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.

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.

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