Energy is an important parameter in the emergence of the developing countries. With the ever increasing requirement of Energy, demand of fossil fuels also increases which degrades Environment. Markets are facing a great challenge because of the high energy demand to sustain economic growth and development. The basic strategy to save energy is by replacement of old with new one but this is not easy solution for many industries. With the use of some techniques the losses can be controlled or reused in such a manner that it start generating profit. Efforts have been made over the last decade to work out best practices under suitable standards to implement consistent energy management in order to save energy.