The Global Market for Building Energy Management Systems (BEMS) is Projected to Reach US$8.8 Billion by 2024
Need for Efficient Energy
Management and Regulatory Pressures to Curb Energy Wastage Fosters Growth in the
Building Energy Management Systems Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Building Energy
Management Systems (BEMS) market. The global market for Building
Energy Management Systems (BEMS) is projected to reach US$8.8 billion by 2024, driven by pressing need for
efficient energy management, regulatory pressure to curb energy wastage,
upcoming smart building technologies, BEMS’ role in green building movement,
and introduction of renewable energy standards and policies.
Building
energy management systems (BEMS), an integrated system comprising hardware,
software, and services that leverage information and communication technology
for monitoring, automating, and controlling energy consumption, is primarily
designed for meeting the energy efficiency needs of industrial and commercial
buildings. The building sector accounts for a major share of the global energy
consumption and greenhouse gas emissions. Bourgeoning population, growing
urbanization and rapid industrialization remain some of the major reasons
behind rising energy demand. Several types of energy management systems are
utilized, the most prominent of which are BEMS, Industrial Energy Management
(IEMS), Facility Energy Management (FEMS), Cluster/Community Energy Management
System (CEMS), and Home Energy Management Systems (HEMS). BEMS technology
enhances building comfort and efficiency by exercising control over various
building systems, including lighting, heating, and cooling controls.
Additionally, integration of BEMS with software-based data analytics enables
businesses to exercise greater control over their systems, especially across
multiple properties, and access more information. Apart from this, the novel system
also enables governments to accomplish sustainability as well as energy
efficiency targets.
Smart buildings with BEMS are pivotal in
facilitating smart grids that closely align power generation and consumption
levels. Urban infrastructure development, particularly the fast paced growth of
smart buildings is therefore a major growth driver for BEMS, intelligent
lighting systems, and building automation controls and systems (BACS). Smarter building
technologies are being primarily driven by BEMS that enhance the capabilities
of automation, sensing and control hardware to direct manual and/or automated
improvements in system operations by leveraging data gathered from multiple
sources. Growing concerns pertaining to intermittent climatic patterns and
increasing greenhouse gas emissions is fueling growth for the
global BEMS market. While certain larger companies deliver comprehensive
solutions incorporating BEMS, smaller providers may leverage other suppliers
for delivering end-to-end BEMS. However, a common challenge confronting all
companies within the worldwide BEMS market is the market’s evolving nature,
both in terms of technology as well as use cases.
As
stated by the new market research report on Building Energy Management
Systems (BEMS),
the United States represents the largest market worldwide, supported by rising adoption of
advanced technologies such as BEMS by government and commercial organizations, in turn fueling
growth in the market. Asia-Pacific, representing the fastest-growing market exhibiting a CAGR
of 19.9% over the analysis period, is driven by major government initiatives to
set up smart buildings, smart grids, and smart cities. Latin America is also poised
to record one of the fastest growth rates over the analysis period, led by the
growing popularity of green building technologies for conserving energy.
Major
players in the market include ABB, Accruent, Azbil Corp., BuildingIQ, C3 IoT,
Carma Industries Inc., Cylon Active Energy, Daikin Applied, Echelon Corp.,
EnerNOC, Inc., eSight Energy, FirstFuel Software, Inc., General Electric
Company, GridPoint, Honeywell International, Inc., IBM Corporation, Johnson
Controls, Optimum Energy LLC, Schneider Electric, Siemens AG, and Toshiba
Energy Systems & Solutions Corp., among others.
The
research report titled “Building Energy Management
Systems (BEMS): A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections in US$ Million for all major geographic markets such as
the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and
Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific),
Middle East & Africa, and Latin America. Analytics are also provided for
the global market by segments – Software, Hardware, and Services.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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