BOULDER, Colo.--(BUSINESS WIRE)--Industrial and manufacturing companies in the United States use close to one-third of all the energy consumed in the country on an annual basis. These companies have had to understand energy use since it is such a critical input to their industrial processes. Industrial companies already have relatively high adoption rates for energy management initiatives, and they continue to spend on energy management products and services for new innovations. According to a recent report from Pike Research, U.S. industries must take additional measures to ensure they remain cost-competitive on a global scale, and the efficient use of energy is one area that U.S. industrial companies can improve upon to accomplish that. Executives are beginning to understand that they will lose substantial competitive positioning if energy management programs are not initiated in the near-term future. Facing high price volatility and stiff global competition for market share, these companies are quickly coming to the realization that energy and sustainability issues are a critical requirement for the competitiveness and even survival of their businesses.
This realization will lead to significant growth in industrial energy management software and services through the remainder of this decade, the cleantech market intelligence firm finds. The U.S. market for industrial energy management software and services will rise from $960 million in 2011 to $5.6 billion by 2020, a compound annual growth rate (CAGR) of 21.6%.
“The energy management industry is entering a dynamic period of renewal and innovation,” says vice president Bob Gohn. “New technologies are allowing greater insight into energy procurement and use, as well as the management of energy as an input to the industrial process. At the same time, a variety of assistance programs, plus new standards and certifications, are helping to drive energy performance initiatives into the organizational cultures of companies wishing to gain efficiencies in their industrial processes.”
Additionally, a range of economic and market forces – including the economic recovery and the increased scrutiny by consumers, shareholders, and other stakeholders of businesses’ sustainability initiatives – are changing the climate around energy management initiatives. Just as quality was a major competitive issue in the 1980s and 1990s, so is energy management today.
Pike Research’s report, “Energy Management Systems for Industrial Markets”, examines energy management software and services market trends, industrial capital expenditures, risk appetite characteristics for implementing energy management initiatives, and market forecasts and growth prospects in the United States for the period from 2011 through 2020. In addition, Pike Research assesses the competitive landscape, provides key statistics on energy management adoption rates, and identifies industrial market segments where growth is projected to be the highest. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1.303.997.7609.