Research and Markets has issued its latest study on the global industrial energy management systems (IEMS) market.
The report covers market trends in the US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin America between 2015 and 2024.
According to the study, increasing energy costs, new regulations on carbon emissions and energy efficiency obligations are driving investments in the IEMS market.
The research firm says the market will continue to grow as a result of factors including:
- Continued development and adoption of standards and certification
- Introduction of cloud-based IEMaaS
- Surging importance of smart industry
- The presence of regulatory tools to implement energy efficiency
- Industry 4.0
- Consumer awareness
- IoT and machine learning technology rollouts
- Global deployment of smart meters
The findings of Market and Research also include developed regions remaining primary revenue contributors. The firm regards the IEMS market as competitive and still in its introductory phase.
Developing economies will be hot spots for future growth and sustained emphasis on industrial automation will instigate massive momentum, according to the research.
In addition, continued partnerships, together with merger and acquisitions among solution providers is expected to positively impact on the market.
Recently, EnerNOC has partnered with Brookfield Global Integrated Solutions, GridPoint with Bell, and Enel Green Power North America acquired EnerNOC.
EnerNOC and GridPoint also inked a partnership.
Moreover, solution providers continue to launch innovative solutions. Panasonic and Schneider Electric unveiled a new building energy management platform, GridPoint a new designer user interface to its energy manager platform.
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