Los Angeles, December 12, 2019 – QY Research has recently added a report titled “Global Industrial Energy Management System (IEMS) Market Size, Status and Forecast 2019-2026”. According to the report, the global market was US$24.7 bn during 2018 and is likely to reach US$40.9 bn by the end of 2026, registering a CAGR of 6.48% during the forecast period.
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Ability to Extensively Record Energy Consumption to Boost the Global Market
Industrial energy management is employed to optimize, control, and monitor the performance of transmission or generation system through a computer-aided tool. It implements effective energy management system into business processes. It repeatedly monitors and optimizes the energy performance by maximizing competitiveness, increasing energy savings, establishing regulation compliance, and reducing operational expenditure. This helps to reduce energy-related business risk.
As energy is an integral part of operation expenses in numerous organizations, sustainable business practice has become a priority. Energy control helps in approaching international standards and best practices. It helps in recognizing and mapping energy flow in organizations, registers significant energy consumers and uses, register energy improved opportunities, draws flow diagrams of cost, carbon, and energy, and coaches process owners. It also develops, implements, and documents procedures.
Energy Management Software Segment to Augment as it Helps in Monitoring and Reporting
Energy management software segment is likely to lead the market as it can provide variety of energy-related software applications such as demand response, energy audits, IT equipment management, sustainability and carbon reporting, building modelling and simulation, building lighting and HVAC control systems, real-time metering, and providing utility bill tracking.
It assists in reducing energy consumption and cost by providing tools to monitor and report. It helps in identifying cost-saving opportunities by promoting energy conservation.
China to Lead the Global Market as it is the World’s Largest Exporter
China has one of the largest number of industries in the world which proves that it has the maximum numbers of opportunities for industrial energy management system market. China is the largest exporting country followed by the United States and Germany. The top export industries are machinery, technology, furniture, plastics, and vehicles that will incorporate IEMS.
New Dimension in Technology to Boost the Global IEMS Market
Key players in the market are investing in energy ventures to transform outlooks of various industries. The innovations are focused on carbon-reducing technologies that can help in sustainability and containing climate change. Using energy-efficient appliances and profound technologies has become necessary, which is why the players are expected to incorporate data-intensive solutions in the industrial energy management systems.
The key players operating in the global industrial energy management system are Cisco, Siemens, General Electric, Schneider Electric, and ABB.
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