Newark, July 26, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.50 billion in 2023 global building energy management systems market will reach USD 14.61 billion in 2033. Building Energy Management Systems (BEMS) is a modern infrastructure component that analyses and optimizes energy in residential, commercial, and industrial environments. These systems include and integrate hardware, software, and other components that allow for the monitoring, analysing, and optimising of energy use. These systems account for various energy requirements, including lighting and HVAC systems. They provide real-time monitoring of energy consumption patterns by each of these devices, resulting in a greater understanding of energy requirements and more efficient optimization. These systems can be automated to decrease or prevent wasteful energy use by monitoring device consumption patterns and automatically turning them off or lowering their intake.
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These systems can be linked to existing building infrastructure, making them more centralized and easier for users to administer and maintain. Furthermore, these systems provide advanced functionality and may be accessed remotely. These advanced characteristics also allow these systems to detect any abnormal energy consumption patterns or defects in equipment. Integrating these systems saves energy and money. It also allows users to contribute to environmentally friendly aims aligned with current climate challenges.
Key Insight of the Global Building Energy Management Systems Market
Asia Pacific will dominate the market during the forecast period.
Rapid urbanization, combined with increased concerns about climate change and sustainability, is boosting the demand for energy management systems. Furthermore, government initiatives, laws, and supportive policies and incentives are pushing the use of energy-efficient and sustainable systems, increasing regional BEMS demand. Rising energy costs are also prompting homeowners to install these systems to optimize resources. Increased research and development have resulted in improved technological innovation, resulting in the development of more effective BEMS solutions, which have driven market acceptability. The growing knowledge and education about the benefits of energy management and sustainability measures has driven up demand for BEMS.
In 2023, the software segment dominated the market, with a 45% market share and revenue of 2.02 billion.
The category segment is divided into services, software, and hardware. In 2023, the software segment dominated the market, with a 45% market share and revenue of 2.02 billion.
In 2023, the residential segment dominated the market with the largest market share of 40% and revenue of 1.80 billion.
The end-user segment is divided into residential, commercial and institutional, and industrial. In 2023, the residential segment dominated the market with a 40% market share and revenue of 1.80 billion.
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Advancement in market
Bitech Technologies Corporation, a global technology solution provider focused on green energy solutions, has announced the beginning of its previously announced attempt to enter the Building Energy Management System (BEMS) market. In a deliberate move to expand its technology capabilities, the company has created new solutions exclusively for MDU (Multi-Dwelling Unit) complexes.
Market Dynamics
Driver: The rising energy demands.
The growing population, greater urbanization, and reliance on technological devices will all contribute to rising energy consumption. However, as energy demand increases, so do energy costs. Geopolitical tensions, wars, regional tensions, territorial conflicts, and climate change have all contributed to increased costs. Consumers increasingly depend on Building Energy Management Systems (BEMS) to optimize their energy consumption needs, resulting in reduced savings and cost/expenditure. These systems provide real-time monitoring and control, resulting in effective energy optimization. The growing awareness of climate change and the need to reduce energy consumption is driving the adoption of building energy management systems. The supportive regulatory framework and government policies also provide a beneficial boost to the adoption and implementation of these systems in the economy. As a result, the growing need for building energy management systems originates from increased energy use and the need to balance this with rising energy costs.
Restraints: High initial investment and capital costs.
Many components, including the building infrastructure, must be connected for these systems to function. All of these components and procedures result in large upfront or investment expenditures. These components include hardware such as sensors, controllers, meters, and specialized equipment used to monitor and manage energy consumption. Furthermore, it requires trained staff to run, monitor, regulate, and maintain these systems, which raises the cost. These expensive initial expenditures and other major costs make these systems unaffordable to smaller players, impeding market expansion.
Opportunities: Technological advancements.
Technological developments such as improved sensor technology have boosted BEMS' ability to collect real-time data with higher accuracy and precision. This has made these systems more advanced, dependable, and desirable technologies in a sustainable future. Advancements in infrastructure capabilities have resulted in the seamless integration of BEMS and other building systems, including safety, water, and fire. New BEMS platforms with advanced functionality have user-friendly interfaces and may be integrated into mobile phones using simple mobile applications. These technical breakthroughs have accelerated the adoption of BEMS and will continue to fuel market expansion during the forecast period.
Challenges: Integration challenges.
Modern buildings face minimal restrictions while integrating these systems. However, older buildings with old hardware and foundational backbone offer significant resistance. The old fire and security systems add to the friction and may lead to users abandoning the integration due to mounting costs. Furthermore, building codes and other civic laws governing residential and commercial buildings and relevant aspects of them may lead to further challenges to the market's growth.
Some of the major players operating in the global building energy management systems market are:
• ABB Group
• Accruent Inc.
• Acuity Brands Lighting Inc.
• Airedale International Air Conditioning Ltd.
• Albireo Energy LLC
• Azbil Corporation
• Daikin Applied
• Dexma
• Emerson Electric Co.
• IBM Corporation
Key Segments covered in the market:
By Category
• Services
• Software
• Hardware
By End User
• Residential
• Commercial and Institutional
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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