ResearchAndMarkets.com now offers the study, “Global Building Energy Management System Market (by Components, End-User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)”.
The market for building energy management systems (BEMS) worldwide is predicted to grow significantly over the next few years, reaching a projected value of US$6.60 billion by 2023. During the projected period, this amazing growth is anticipated to continue at a consistent compound annual growth rate (CAGR) of 12.68%.
BEMS is a flexible system that combines hardware, software, and services to optimize energy management using cutting-edge methods like information and communication technology. In order to improve energy efficiency and comfort, BEMS technology is essential for monitoring, automating, and controlling a variety of building systems, including lighting, ventilation, heating, and air conditioning.
The market is expanding as a result of a number of important factors, such as the expanding urban population, rising consumer knowledge of cutting-edge technology, and an increase in the number of new construction projects for structures, institutions, and complexes.
Division Highlights:
By Constituent: Services, software, and hardware make up the three market segments that make up the worldwide BEMS market.
By End-User: The market is segmented into three groups based on end-users: Residential, Commercial & Institutional, and Industrial. Residential uses of electricity-intensive devices such pool heaters, water heaters, batteries, chargers, and attic fans are the market’s largest segment.
Locational Overview
Europe, North America, Asia Pacific, and the rest of the world are just a few of the geographical regions that make up the global BEMS market. The US, Canada, Mexico, Germany, the UK, France, Italy, Spain, China, Japan, South Korea, India, and other notable nations are among those found in these regions.
Due to strict government controls on greenhouse gas emissions and supportive policies for the implementation of green BEMS, Europe dominates the industry.
Rising energy use is the driving factor:
Increased energy consumption from all sources, including renewable energy, coal, and natural gas, is a result of the world’s rapid population rise. Particularly urban residents rely substantially on energy-intensive goods and machinery. This increased energy use raises the price and output of power. People are increasingly turning to energy-conservation technology like BEMS to lessen this burden by managing natural resources and electrical costs in an efficient manner.
Problem: Lack of Skilled Labor
The shortage of competent people in the sector is impeding the expansion of the BEMS market. Skilled labor is necessary for the installation of BEMS technology since improper setup can result in defective outputs or safety risks.
Embracing cloud technology is a trend.
BEMS has entered a new phase as a result of cloud technology, which has allowed it to expand beyond energy visualization and analytics to include demand response systems. Integration with the cloud enables improved energy management across numerous buildings, smart sensor management across numerous locations, and access to a variety of energy data via handy terminals.
Affected by COVID-19
In 2020, the COVID-19 pandemic had a substantial effect on the BEMS market. Residential energy demand increased as a result of lockdowns and social isolation measures, whereas the demand for energy in industrial and commercial buildings fell. However, the BEMS market experienced significant growth in 2021 as the global economy steadied and industrial manufacturing picked back up.
Key Figures
The revenue from many small- and medium-sized producers plays a key role in the moderately fragmented global BEMS industry. ABB Group, Honeywell International IncEnel S.p.A (Enel X), General Electric Company (GE), Schneider Electric SE, Emerson Electric CoRobert Bosch GmbH, IBM Corporation, Azbil Corporation, and Landis+Gyr are a few notable market participants.
