According to Goldstein Research, “Emergence of IoT coupled with growing need to curb green house emission and to reduce energy consumption by buildings is one of the key factors driving the growth of global building energy management system market." Technological advancements such as cloud computing is also gradually entering the BEMS market. Most of the building energy management solutions are now being offered as software-as-a-service (SaaS), which allows enterprises to access information from any location and lowering the cost and effort of implementation of building energy management systems.
“Global Building Energy Management System Market Outlook 2024”
The global building energy management system market is segmented based on components and by end users. End users segment is further bifurcated into Commercial, industrial and residential. Commercial offices are the fastest growing end users segment and accounted for the highest revenue share in 2016 with more than 45% revenue share in global building energy management system market owing to large scale implementation of energy management systems by large enterprises majorly in Europe and North America.
The global building energy management system market is projected to reach USD 9.2 billion by 2024, majorly driven by the regulatory pressure from the different regional governments to curb the green house gas emission and energy wastage in buildings. Further, the market is likely to expand at a CAGR of 16.0% over the forecast period i.e. 2016-2024.
Geographically, Korea has a major share in building energy management market compared to the other developing countries in Asia Pacific region owing to growing industrialization and energy requirements in the country. Korea is followed by the Japan, where adoption of BEMS and industrial energy management system (IEMS) is observed. Presently, IEMS accounted for the highest revenue generation in Asia Pacific region followed by BEMS. In Asia Pacific region BEMS generated about 40% of the energy management system market in 2016, and expected to grow significantly owing to the rising adoption in various sectors such as Telecom & IT, Healthcare and manufacturing sector.
IoT and Innovation for Automation of Buildings
The internet of things has significantly gained traction in past few years in the building energy management industry. Inexpensive sensors, controllers and secure communication networks are converting the data centre of the commercial building into a data-rich network for business improvement. The best way to lower down the operating costs is to consume less energy. Intelligent building automation for energy management can drastically reduce the energy consumption by as much as 30 percent. Moreover, many tech giants and electronics companies are collaborating in order to lead the energy management market and to explore the untapped market opportunities. For instance, Panasonic Corporation and Schneider Electric collaborated in 2016 to provide integrated HVAC equipment and building management solutions to bring new levels of HVAC and energy efficiency in commercial buildings.
“Global Building Energy Management System Market Outlook 2024” contains detailed overview of the global building energy management system market in terms of market segmentation by components type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Building Energy Management System Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as IBM Corp., Siemens AG, Schneider Electric, Honeywell International Inc., Cisco, Eaton, General Electric Company, Johnson Controls Inc., CA Technologies Ecova Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global building energy management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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