The clean-tech market intelligence firm anticipates that the services segment will represent more than 85 percent share of the total market during the forecast period.
The research firm claims that energy management software and service offerings, along with new energy management standards and certification programs, have created a renewed focus on energy as a manageable input to the industrial process.
The research firmâ€™s analysis indicates that there are multiple market influences that will drive growth and demand for energy management software and services. The strongest drivers include the desire for industrial companies to understand and limit the variability and cost of their energy inputs, and to satisfy increasing sustainability demands from their supply chain partners, consumers, and other stakeholders.
Clint Wheelock, president of Pike Research, said: â€œEnergy management has become not only a company-specific issue, but a national imperative as well. There is a definite shift taking place in the way industrial companies view energy procurement and use internally, and how its management and use is perceived externally by the companyâ€™s customers and supply chain.â€
Mr Wheelock adds that although it has been in existence for decades, the industrial energy management software and services market is evolving rapidly with technological advances and a growing knowledge base resulting from the increased availability of detailed information about industrial energy use.
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