Dublin, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The "Global Building Energy Management System (BEMS) Market: Analysis By Components (Services, Software, and Hardware), By End-User (Residential, Commercial & Institutional, and Industrial), By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global building energy management system market in 2021 was valued at US$5.20 billion. The market is expected to reach US$10.64 billion by 2027. The building energy management system is a comprehensive system of hardware, software, and services.
The system helps to manage energy usage through numerous techniques such as information & communication technology, etc. Moreover, BEMS technology also provides monitoring, automation, and control of building systems such as heating, ventilation & air conditioning, and lighting to escalate the building's energy efficiency and improve comfort.
Due to the rise in urban population, growth in consumer awareness about the evolvement and use of the latest technology products, and an increase in the number of new construction of buildings, institutes, and complexes, would propel the market growth in the forthcoming years. The market is expected to grow at a CAGR of 12.67% during the forecast period of 2022-2027.
Market Dynamics:
- Growth Drivers: One of the most important factors impacting the global building energy management system market is surging energy consumption. The rise in energy consumption led to the increase in electricity production, which directly influenced the production as well as consumption cost. Hence, BEMS being an energy-conservative technology would attract more people to efficiently manage the use of natural resources and reduce the cost burden of electricity prices. Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, growth in adoption of smart home products, rise in carbon dioxide emission, accelerating construction activities, rise in consumer spending, growth in consumer awareness, adoption of smart sensors, and many other factors.
- Challenges: However, the market has been confronted with some challenges specifically, high installation costs, lack of trained experts, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as cloud technology, the surge in adoption of the internet of things (IoT), the decline in fossil fuels, government initiatives and regulations, etc. The infusion of IoT in BEMS and merging it with multiple features such as lighting, security, and heating is facilitating the user to efficiently operate such equipment. Hence, the growth of the IoT market would congruently support the growth of the BEMS market also.
Impact Analysis of COVID-19 and Way Forward:
COVID-19 has negatively impacted the market growth in the year 2020. Industrial and commercial building energy demand has declined significantly in many countries, accompanied by an increase in residential energy demand. Restricting social distancing has resulted in a sharp drop in the utilization of commercial buildings. However, in 2021, the stabilization of the global economy and the clearance of the roadblocks in industrial manufacturing has resulted in tremendous growth in the BEMS market.
Competitive Landscape:
The global building energy management system market is moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major revenue share.
The key players in the global building energy management system market are:
- Honeywell International Inc.
- Enel S.p.A (Enel X)
- Johnson Controls International PLC
- ABB Group
- Siemens AG
- General Electric Company (GE)
- Schneider Electric SE
- Emerson Electric Co.
- Azbil Corporation
- Landis+Gyr
- Robert Bosch GmbH
- IBM Corporation
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Building Energy Management System Market: An Analysis
3.1.1 Global Building Energy Management System Market: An Overview
3.1.2 Global Building Energy Management System Market by Value
3.1.3 Global Building Energy Management System Market by Component (Services, Software, and Hardware)
3.1.4 Global Building Energy Management System Market by End-User (Residential, Commercial & Institutional, and Industrial)
3.1.5 Global Building Energy Management System Market by Region (Europe, North America, Asia Pacific, and rest of the World (ROW)
3.2 Global Building Energy Management System Market: Component Analysis
3.2.1 Global Building Energy Management System Market by Component: An Overview
3.2.2 Global Building Energy Management System Services Market by Value
3.2.3 Global Building Energy Management System Software Market by Value
3.2.4 Global Building Energy Management System Hardware Market by Value
3.3 Global Building Energy Management System Market: End-User Analysis
3.3.1 Global Building Energy Management System Market by End-User: An Overview
3.3.2 Global Residential Building Energy Management System Market by Value
3.3.3 Global Commercial & Institutional Building Energy Management System Market by Value
3.3.4 Global Industrial Building Energy Management System Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Building Energy Management System Market
5.2 Impact of COVID-19 on Energy Use in Buildings
5.3 Impact of COVID-19 on Energy Demand
5.4 Post COVID-19 Impact on Building Energy Management System Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rapid Urbanization
6.1.2 Surging Energy Consumption
6.1.3 Growth in Adoption of Smart Home Products
6.1.4 Rise in Carbon Dioxide Emission
6.1.5 Accelerating Construction Activities
6.1.6 Rise in Consumer Spending
6.1.7 Adoption of Smart Sensors
6.1.8 Growth in Consumer Awareness
6.2 Challenges
6.2.1 High Installation Cost
6.2.2 Lack of Trained Experts
6.3 Market Trends
6.3.1 Cloud Technology
6.3.2 Surge in Adoption of Internet of Things (IoT)
6.3.3 Decline in Fossil Fuel
6.3.4 Government Initiatives and Regulations
7. Competitive Landscape
8. Company Profiles
8.1 Honeywell International Inc.
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy
8.2 Enel S.p.A (Enel X)
8.2.1 Business Overview
8.2.2 Operating Business Line
8.2.3 Business Strategy
8.3 Johnson Controls International PLC
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy
8.4 ABB Group
8.4.1 Business Overview
8.4.2 Operating Businesses Areas
8.4.3 Business Strategy
8.5 Siemens AG
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy
8.6 General Electric Company (GE)
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy
8.7 Schneider Electric SE
8.7.1 Business Overview
8.7.2 Operating Segments
8.7.3 Business Strategy
8.8 Emerson Electric Co.
8.8.1 Business Overview
8.8.2 Operating Segments
8.8.3 Business Strategy
8.9 Azbil Corporation
8.9.1 Business Overview
8.9.2 Operating Segments
8.9.3 Business Strategy
8.10 Landis+Gyr
8.10.1 Business Overview
8.10.2 Operating Regions
8.10.3 Business Strategy
8.11 Robert Bosch GmbH
8.11.1 Business Overview
8.11.2 Operating Business Sector
8.11.3 Business Strategy
8.12 IBM Corporation
8.12.1 Business Overview
8.12.2 Operating Segments
8.12.3 Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/407t4
