Annual revenue from industrial energy management systems will reach $22.5 billion in 2020, essentially doubling their 2013 level, according to a new report from Navigant Research.

Growth is based on the fact that Industrial energy management systems (IEMSs) are evolving quickly to help industrial facilities minimize energy use and waste while still meeting the demands of production, Navigant Research says. Technology, processing capabilities, software applications, and business intelligence insights are progressing quickly in the IEMS market, as vendors apply the latest innovations and advancements from other markets and application areas to the industrial sector.

“The IEMS market is opening to new firms, new technologies, and unique products and services,” says Eric Woods, research director with Navigant Research, in a prepared statement. “This is good news for both clients and vendors as fresh ideas make IEMSs more accessible. It is, however, not easy to access the IEMS market, and partnering with more established players is a necessary component of any successful entry by a company or solution.”

With their global presence, extensive domain expertise, and established infrastructure to support long-term engagements, large original equipment manufacturers (OEMs) have long been the leaders in this market. However, the market is changing rapidly, according to the report. Major IT companies with expertise in handling large data sets and sophisticated real-time business analytics applications are making inroads, as are smaller players.

The report, “Industrial Energy Management Systems,” examines the worldwide market for industrial energy management systems, including initial services, software installation and operation, and ongoing services. Market drivers and hurdles are examined in detail, along with global supply-side and demand-side market trends. Software functionality and service-related components are also detailed, and the report provides profiles of key industry players, including newer entrants that may shape the future direction of the market. Revenue forecasts, broken down by market segment and by region, extend through 2020.

An Executive Summary of the report is available for free download on the Navigant Research website.