Light-bulb moment could lead to utility energy management opportunities
Facing high price volatility and tough global competition, U.S. industrial and manufacturing companies are quickly realizing that energy and sustainability issues are a critical to the competitiveness of their businesses, especially when these companies consume nearly a third of all of the energy used in the country annually.
Executives are beginning to understand that they will lose substantial competitive ground if energy management programs are not initiated in the near-term. Even though these companies are investing in energy management products and services currently, they must take additional measures to ensure they remain cost-competitive on a global scale, and the efficient use of energy is one area in which industrial companies can do that.
This realization will lead to significant growth in industrial energy management software and services through the remainder of this decade and 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 percent, according to a recent report from Pike Research.
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