Global Building Energy Management System market is expected to register a CAGR of around 11% over the period of 2022-2028. A building energy management system (BEMS) is a computer-based system that monitors and controls a building’s electrical and mechanical equipment such as lighting, power systems, heating, and ventilation. Growth in technological advancement has made building energy management systems a vital component for managing energy demand, especially in large building sites. They can efficiently control 84% of the building’s energy consumption. According to the US Department of Energy, commercial buildings consume almost 20% of the energy produced in the US, whereas both commercial and residential buildings produce about 38% of the greenhouse gas emissions. In addition, the US Energy Information Administration cites those commercial buildings consume over 70% of the electricity produced in the US. With such high consumption and pollution rates, making global buildings more efficient represents a significant opportunity to contribute to a less wasteful energy future, as well as one with less environmental impact.
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According to UnivDatos Market Insights (UMI)’ research report “global building energy management system market”, the market is expected to witness a growth of around 11% during the forecast period 2022-2028F. The growth of the market is influenced by the benefits such as low energy consumption, low cost, lower greenhouse emissions, etc. Furthermore, Power-efficient systems can save electricity while maintaining good quality and quantity of energy management. It is focused on the conservation of energy and sustainability to provide a better low cost-effective alternative.
Based on components, the market is classified into hardware, software, and services. The software segment held a prominent share of the market and is expected to witness significant growth during the forecast period. The software segment includes asset performance optimization, data management, application platform, lighting system, and heating, ventilation, and air conditioning (HVAC). Increasing investment by major players in the market such as Schneider Electric in their existing building energy management systems is expected to further support revenue growth of the software platforms segment going ahead.
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Based on connectivity type, the market is classified into wired and wireless. The wireless category is expected to experience the fastest growth during the forecast period. This is due to the increase in adoption of smart devices and digitalization driving the need for wireless connections. High-performance wireless routers used in building energy management systems make installation easier and reduce the cost of installation. Moreover, the additional cost of wiring, labor, and time for physically deploying wired building energy management systems are factors resulting in increased demand for wireless systems over wired systems.
APAC to witness extensive growth
For a better understanding of the market adoption of the building energy management system industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, Rest of North America); Europe (Germany, Italy, The United Kingdom, Spain, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to witness a considerable CAGR during the forecast period on account of the growing adoption of building energy management systems in countries like China and India. Moreover, the government of India is investing heavily in building energy management systems to reduce carbon norms and usage of electricity consumption.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Building Energy Management System market are ABB Ltd., CISCO Systems Inc., Emerson Electric Co., Rockwell Automation Inc., General Electric, Siemens AG, Honeywell International Inc., IBM Corporation, Ingersoll Rand Plc, and Johnson Controls Inc. Several MAs along with partnerships have been undertaken by these players to boost their presence in different regions.
“Global Building Energy Management System Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentations:
- By Components (Hardware, Software, and Services)
- By Connectivity Type (Wired and Wireless)
- By End-Use (Residential, Commercial Institutional, and Industrial)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (ABB Ltd., CISCO Systems Inc., Emerson Electric Co., Rockwell Automation Inc., General Electric, Siemens AG, Honeywell International Inc., IBM Corporation, Ingersoll Rand Plc, and Johnson Controls Inc.)
Key questions answered in the study:
- What are the current and future trends of the global building energy management system industry?
- How the industry has been evolving in terms of components, connectivity type, and end-use?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global building energy management system industry?
- What is the customer orientation, purchase behavior, and expectations from the global building energy management system suppliers across various region and countries?
