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(I-SoftwareNews.Com, July 10, 2018 ) The Industrial Energy Management System Market has been applied to the process and manufacturing sector since past few years. But its proper implementation was seen after the introduction of ISO 50001:2011 Energy Management System guideline in 2011. Many other standards were also introduced in past decade for the same purpose and many of the standards were implemented as the regional standards by the local governments. The standards lay down the requirements establishing, executing, upholding and enhancing an energy management system. The purpose of introducing the standard was to enable an industrial plant to adhere methodical way in accomplishing persistent enhancement of energy functioning, including energy efficiency, wastage reduction, energy usage and utilization. Today, industrial sector in the phase of dynamic rejuvenation and innovation has found many new ways to optimize the energy consumption and associated cost. The technology has been so advanced to allow greater insights regarding energy procurement, consumption, and strategies for management of energy as business inputs in the industrial process. Hence, there has been a drastic change in the view points of industrial organization to look at the energy cost, and strategies of efficient ways of energy consumption and management. This approach had a significant impact over the overall competitive landscape in the industrial sectors. The influence is said to have positive impacted over investors, shareholders, global supply chain, and customer associated.
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The process and manufacturing sector are accounted as the most important component of the gross domestic product (GDP) in any country’s economy. But the increasing energy procurement has declined the cost benefits of the process and manufacturing industries and hence an Industrial Energy Management System Market strategic plan is the priority focus of the industry. The industrial sector account to for almost one-third of the world total energy consumption it is now essential to understand and enhance the industrial energy consumption in an efficient manner. The implementation of energy management practices in the future is likely to depend more upon the government policies on the subject of energy efficiency and conservation as well as market education of end users about the importance of saving energy and improving bottom line profits.
The Industrial Energy Management System Market solutions are been deployed in various industries such as automotive, cement manufacturing, food and beverage processing, metal manufacturing, mining and mineral processing, oil and gas refineries, electronic manufacturing, paper and pulp processing, petrochemicals, and utility. The today’s automotive manufacturing sector is highly advanced and comparatively efficient with noteworthy prospects of energy reduction through implementation of energy management and R&D automotive sector is the largest sector in terms of implementation of the IEMS solutions. While, the petrochemical sector is expected to show the highest growth rate during the five years forecast due to on-going crisis in the international market so as to reduce the consumption and expenses related to the energy. The main drivers for the market include increasing focus on energy saving and efficiency improvement and regulations and benefits. The services playing crucial role in system integration and contract consulting of manufacturing and engineering plants for energy star program.
The Industrial Energy Management System Market is expected be $12,560.0 million in 2014 and forecasted to be $24,385.0 million by 2019 with a compound annual growth rate (CAGR) of 14.2% for 2014 to 2019.
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Source: EmailWire.Com
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