Building Energy Management System Market Trend- Technological advancements in building energy management systems
Rising need to minimize energy costs, increase energy efficiency, and growing concerns regarding climate change are some key factors driving global building energy management system market growth.
The global building energy management system market is expected to reach a market size of USD 16.92 Billion at a steady CAGR of 11.8% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing government incentives and policies such as tax benefits related to energy efficiency and associated solutions and services. Policies of government bodies regarding minimization of energy consumption such as Leadership in Energy and Environmental Design (LEED) and Green Rating for Integrated Habitat Assessment (GRIHA) in India is expected to have favorable impact on growth of the building energy management systems market in the country.
Key Highlights of Report
- In October 2020, Honeywell International Inc. and Vertiv entered into a partnership in order to introduce integrated solutions to optimize data center resiliency, ensure sustainability, and improve operational performance. The companies are expected to leverage building data to minimize energy costs and use, optimize operations, and improve data center sustainability and performance.
- Software segment accounted for largest market share of 2019. Increasing investment by major market players such as Schneider Electric, IBM Corporation, and Honeywell International Inc. for the incorporation of data analytics software in their existing building energy management systems is expected to support growth of the software platforms in the market.
- Wireless building energy management systems segment revenue is expected to expand at a rapid CAGR of 12.1% during the forecast period. Lower cost, greater flexibility, and higher reliability of wireless building energy management systems over hard-wired systems are key factors driving adoption of these systems.
- Commercial segment accounted for a significantly high revenue share in the building energy management system market in 2019. Increasing adoption of building energy management systems in the healthcare sector, corporate sector, hospitality sector, and large shopping complexes is expected to continue to drive revenue growth of the commercial sector segment.
Competitor Analysis
The BEMS report offers an exhaustive analysis of the key market aspects like market size, volume, share, current and emerging trends, production and consumption rate, and other key elements that offer an idea about the prospective expansion of the Building Energy Management System industry.
Key players in the market include ABB, Accenture, Cisco Systems, Emerson Electric Co., General Electric, Hitachi Ltd., Honeywell international Inc., IBM, Johnson Controls and Schneider Electric.
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