New York, USA, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Building Energy Management System Market Analysis:
The global Building Energy Management System Market will touch USD 15.9 billion at a 13.20% CAGR by 2032, as per the recent Market Research Future report.
Key Players:
- Eminent market players profiled in the building energy management system market report include General Electric Company
- Honeywell International Inc
- Siemens AG
- Schneider Electric
- Hitachi Ltd
- Rockwell Automation Inc
- Emerson Electric Co
- Rockwell Automation Inc
- Mcloud Technologies Inc
- ABB Ltd
- among others
Key players have incorporated several strategies to stay ahead in the competition such as partnerships, mergers, new product launches, to name a few.
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Scope of the Report – Building Energy Management System Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 15.9 Billion |
| CAGR during 2023-2032 | 13.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Government initiatives toward the construction of new smart homes |
| Key Market Dynamics | An uptick in the management of energy use across commercial, industrial, and public sector organizations and increase in activities in the construction sector |
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Building Energy Management System Market Segmentation
The building energy management system market is bifurcated based on type, component, and application.
- By type - wired will lead the market over the forecast period. A rise in the construction-related activities like those involving the development and construction of infrastructure, is the primary factor. The high initial cost involved with setting up energy management systems & the price volatility in energy management, however, severely restrict the market for building energy management solutions.
- By component - software will domineer the market over the forecast period. The software category comprises lighting systems, heating, ventilation, & air conditioning (HVAC), data management, application platforms, and asset performance optimization.
- By application - HVAC will spearhead the market over the forecast period. The increasing investments being made by major market players like IBM Corporation, Schneider Electric, and Honeywell International Inc. for data analytics software integration in their current building energy management systems are predicted to support the future revenue growth of the software platforms market.
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Drivers
Surging Energy Consumption to Boost Market Growth
The rising energy usage is one of the most significant factors affecting the worldwide market for building energy management systems. Increased electricity generation as a result of increased energy consumption has a direct impact on both production and consumption costs. Because BEMS is an energy-efficient technology, it will encourage more people to manage the usage of natural resources effectively and ease the financial burden of high power costs.
Opportunities
Advances in IoT Technology to offer Robust Opportunities
The basis for linked smart devices in buildings has been laid by the development of Internet of Things (IoT). Building systems may be intelligently controlled and automated with the help of BEMS, which makes use of IoT technology to gather real-time data both from sensors and devices.
Restraints and Challenges
High Initial Cost to act as Market Restraint
The high initial cost to deploy energy management systems coupled with price volatility in the energy management may act as market restraints over the forecast period.
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COVID-19 Analysis
Construction efforts were hampered by the epidemic, and several projects were postponed or delayed. The need for BEMS installations especially in new buildings may have suffered as a result. Office buildings, retail locations, and educational institutions all saw their occupancy rates decline as remote work became more common. As the necessity for energy optimization decreased for underutilized buildings, this circumstance could have had an impact on BEMS demand and utilization. The pandemic made it clear how crucial indoor air quality is for stopping the spread of infections. The air quality monitoring & ventilation systems that may be integrated with BEMS solutions may have been purchased by building owners and managers. The accessibility of BEMS installations and components may have been hampered by manufacturing & supply chain interruptions brought on by lockdowns and limitations. To lessen the consequences of the epidemic, governments throughout the world undertook a variety of economic stimulus initiatives. Energy policy and incentives for energy-efficient technology like BEMS may be affected by these initiatives.
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Regional Analysis
North America to Head Building Energy Management System Market
In 2022, this market was headed by the North American market (45.80%). Due to the increasing usage of smart grids & investments in infrastructure, it is projected that the United States and Canada will present business prospects. According to the IEA, investments in energy networks will increase by 10% in 2021, and the United States will be one of the top countries making infrastructure investments. Additionally, the region's need for the smart energy has increased substantially, which has prompted investors to fund EMS. The largest demand for the IoT-based solutions is projected to be in the building, residential, and commercial sectors. Additionally, the North American market in the US grabbed the biggest market share, while the market in Canada had the quickest rate of expansion. In 2021, the market was led by North America. The manufacturing industry in the area has expanded as a result of several government initiatives. For instance, the government-has sponsored initiatives such as "Make in India" & "Made in China 2025" have both contributed to the expansion of the manufacturing industry. The building energy management system will get more prevalent in companies over the next several years due to the region's rapid expansion in the manufacturing sector.
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