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Increasing campaigns and activities promoted by the government and other authorities for reducing energy consumption is anticipated to spur the market demand in the residential, industrial, and commercial sectors. Rapidly growing residential & commercial establishment in Eastern Europe and Asia Pacific is anticipated to spur “building energy management systems (BEMS) market” growth by 2024.
Global building energy management systems (BEMS) market is projected to grow at a CAGR of 13.59% to reach over USD 7 billion by 2024. High energy cost in the manufacturing and commercial sector has compelled companies to adopt energy-efficient products and systems. Intelligent building energy management products have helped companies reduce the operational cost to a large extent.
Increasing campaigns and activities promoted by the government and other authorities for reducing energy consumption is anticipated to spur the BEMS market demand in the residential, industrial, and commercial sectors. Commercial, residential, and industrial sectors are now investing in technologies for effectively monitoring, controlling, and conserving energy.
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The building & construction industry is primarily accountable for high energy consumption and global greenhouse emission. Growing urbanization and rapid developments of smart buildings are projected to augment market demand over the coming years.
The rapidly growing residential & commercial establishments in Eastern Europe and Asia Pacific is anticipated to spur market growth over the forecast period.
For addressing the total energy consumptions and carbon dioxide emissions, various other energy management systems are being used such as Cluster/Community Energy Management Systems (CEMS), Home Energy Management Systems (HEMS), Industry Energy Management Systems (IEMS), and Facility Energy Management Systems (FEMS). BEMS is an efficient system in integrating services, technologies, ICT, hardware, and software. BEMS offers efficient controlling, automatic lightening, and monitoring along with HVAC functions to effectively handle energy consumption in buildings. BEMS benefits in advancing dwellers comfort and productivity enhancing the efficiency of the system. The functionalities of BEMS is similar to various other automation technologies including Building Automation Systems (BAS) and Building Management Systems (BMS).
BEMS based on product is segmented into HVAC systems, solar power, and LED lights. HVAC system is expected to dominate the BEMS market demand due to reducing operational costs and increasing trend of green technology. LED lights are highly preferred over fluorescent bulbs & lights due to minimum electricity consumption, high quality, and longer durability.
The BEMS market by software comprises of data management, HVAC system, lighting system, application platform, and asset performance optimization. The communication channel among these technologies consists of wired and wireless transmission. BEMS based on service includes training & consultancy and support & maintenance.
Building energy management system segmented on the basis of application includes manufacturing, office & commercial buildings, retail, government & MUSH (Municipal, University, School, and Hospital), telecom and IT systems. Growing consumer awareness for reducing energy costs along with favorable government policies is likely to influence market growth positively.
Incentives, rebates, and tax credits from governments is likely to encourage infrastructure & real estate companies to implemented building energy management systems. The growing expenses on energy consumption from pumps, catering, HVAC systems, and office equipment in buildings & complexes is anticipated to propel the demand for BEMS. In the commercial sector, maximum solar power installations were in hotels, offices, and healthcare establishments. Water heaters, pool heaters, batteries & chargers, and attic fans are few residential applications which require large electricity consumption.
Asia Pacific is expected to drive the BEMS market over the forecast period. Increasing industrialization, high power consumption, and green building technologies are projected to boost the market demand in this region. India and China are expected to contribute to Asia Pacific’s market growth on account of rising manufacturing plant setup and growing population.
The U.S. is anticipated to dominate the BEMS market on account of technological developments in energy efficient systems coupled with the implementation of demand response programs. BEMS also helps customers handle variation in prices and save on peak demand charges. Latin America is expected to grow rapidly owing to rising awareness on energy conservation over the forecast period.
Europe energy efficient building market is anticipated to observe a significant growth due increasing usage of smart grid systems. The countries expected to boost the European market growth are France, the UK, and Germany. Increasing government regulation and favorable policies for adopting BEMS is anticipated to drive regional market growth.
Growing local infrastructure expenses in Turkey, Qatar, and Saudi Arabia are projected positively to influence the Middle East & African energy efficient construction market growth. Low capital countries such as Zimbabwe and Nigeria may observe sluggish growth due to high plant setup cost.
The leading companies in building energy management systems market are involved in rigorous R&D activities to achieve energy efficient systems. Emerging firms undertake mergers & acquisitions to gain market share in developing as well as developed regions.
Key players operating in building energy management systems market are SkyFoundry, Verisae, Toshiba, Siemens AG, Optimum Energy LLC, Schneider Electric, Jones Lang LaSalle, Johnson Controls, IBM, Ingersoll-Rand PLC, Honeywell International, eSight Energy, GridPoint. Other participants of this market are FirstFuel Software, EnerNOC, Inc., Ecova, Inc., Elster EnergyICT, Echelon Corp., Daikin Industries, Daintree Networks, Cylon Active Energy, C3 Energy, Carma Industries, BuildingIQ Carma Industries, ABB Group, and Azbil.
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