The global industrial energy management systems market is expected to witness significant growth over the forecast period. Organizations continuously check their energy utilization to ensure optimal consumption, which is expected to drive the Industrial Energy Management Systems (IEMS) market. Energy accounts for the biggest share in the operating cost expense for industries such as chemical, steel, aluminum, automotive, oil refineries, paper, and other such heavy industries. In addition, stringent standards of energy management and environmental regulations have led to market growth.
IEMS captures the fluctuation in energy consumption and functions as a monitor to strategically devise energy consumption efficiency. It helps energy managers to anticipate the energy consumption throughout the workplace, which includes manufacturing as well as the building operation. The increasing need for optimal energy consumption, energy efficiency, utilizing the changing costs, and control of demand the resultant reduction in the costs of operation has led to increasing IEMS adoption. The systems include planning and implementation of process changes to ensure minimum or optimal consumption of energy for the various activities. With the integration of such systems into the current management systems, industries that are energy-intensive make a profit from the eventual reduction in cost in energy, personnel, and financial and temporal expenditure. Programmable Logic Controls (PLC), supervisory control and data acquisition (SCADA), Energy Analytics, Energy platforms, energy management information system (EMIS) demand response management solution, and other such systems constitute the major solutions segments in the industrial energy management systems market.
Companies such as Cisco Systems, Schneider Electric SE ABB Ltd, Eaton Corp., Emerson Electric Company, GE Company, Honeywell Inc., and Siemens AG are some of the vendors that offer services in the industrial energy management systems market.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.