Worldwide spending on industrial energy management systems and services, including software components, will grow from $11.3 billion in 2013 to $22.4 billion in 2020, according to a study from Navigant Research.
That amounts to a compound annual growth rate of 10.3 percent, according to the report, titled Industrial Energy Management Systems. The North American market is the largest global region for IEMS revenues, but only by a slim margin over Europe.
A report released in September last year by Pike Research found that the smart building energy management systems market is to almost quadruple in size and be worth over $1 billion by 2020. Worldwide spending on these services – which include data acquisition and analytics, as well as building maintenance contracts – will grow from $291 million in 2012 to $1.1 billion by 2020, the report, titled Smart Building Managed Services, says.