Presently, the world is facing two important trends: a rise in fossil fuel prices and distresses for the climate change. Both of these trends inspire energy conservation. According to the World Business Council for Sustainable Development, globally buildings consume more than one-third of total end-use energy and are a root cause of a fifth of total greenhouse gas emissions. Reducing energy use in buildings is vital for climate change, but at the same time, it is also a substantial business opportunity.
Building Energy Management Systems (BEMS) are hardware-software systems that are installed in buildings to observe and regulate the energy requirements of a building and to ensure the efficiency and optimum utilization of the energy. They monitor a building's energy consumption by electrical and mechanical equipment such as heaters, ventilators, air conditioners, and lighting to increase energy efficiency, and reduce energy costs. These systems are advanced with increasing attention to the usage of data in commercial buildings driven by technological trends such as the Internet of Things (IoT) and cloud networking.
As per the study which was conducted in the year 2018 by Johnson Controls Energy Efficiency Indicator, 50% of 1,900 worldwide organizations in 20 countries strategize to have at least one zero carbon (or net-zero energy) building over the next ten years.
The building energy management systems market is expected to attain a notable CAGR over the forecast period, i.e., 2020-2028. The building energy management systems market is segmented by component, communication technology, end-user, and region. Among product component segmentation, the software segmentation is expected to grab major share in the building energy management systems market. This is attributed to the integration of data analytics software in existing modules that help the organizations to run algorithms for optimized solutions. Dominant market players such as Honeywell International Inc., IBM Corporation, and Schneider Electric have assimilated the data analytics software to their existing energy management system modules for the effective monitoring of the data. The advent of new technologies such as IoT and others are also significantly contributing towards the growth of this segment. CLICK TO DOWNLOAD SAMPLE REPORT
Emerging technologies such as the Internet of Things (IoT) and cloud networking are surfacing as a major contributor for more advanced systems. It has been observed that to monitor multiple buildings at the same time and integrate their tasks have become feasible. The heating and the cooling necessities among buildings can be pooled, resulting in energy saving and management of an individual building to the optimal.
Innovations in the global and regional markets are taking place with the majority of dominant players coming up with improved solutions. These factors are driving the growth of the building energy management systems market.
The market growth might be hampered by enormous initial investment for design and installation, high operation and maintenance cost, and establishing appropriate policies for the building energy management systems.
Our in-depth analysis of the building energy management systems market includes the following segments:
Geographically, the building energy management systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is predicted to dominate the global building energy management systems market in the next 8 years owing to technological maturity, well-established infrastructure network, widespread adoption of building energy management systems across verticals, and the massive growth of the industrial sector in the region. The major players operating in the building energy management systems market are from North America only and the existing datacentre facilities are also further observing expansion.
Europe is projected to witness decent growth in the coming few years owing to favorable government projects, environmental concerns, and high adaptation of technology. The Powerhouse Brattorkaia, in Trondheim, Norway designed by the Powerhouse alliance, is the world’s northernmost energy-positive building.
The energy management systems market is expected to witness the rapid growth in the Asia Pacific region on account of technological advancements, increasing commercial and residential development, rapid industrialization, rebates, and tax incentives from various administrations across the region, particularly in China, Japan, and India, which are estimated to further stimulate the market growth.
Latin America and the Middle East & Africa represent immense potential in terms of the adoption of building energy management systems solutions. Huge population growth and rapid industrial development are few reasons to drive the growth of building energy management systems in the region. Growing environmental distress has led the Middle Eastern region to make sturdy progress in energy consumption and efficiency through sustainable development. The new Bee’ah Headquarters under construction in Sharjah, United Arab Emirates has the aim of being the smartest and most sustainable building in the Middle East region.
The building energy management systems market is further classified based on region as follows:
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization