The global building energy management system market size is expected to reach USD 16.92 Billion in 2028 at a CAGR of 11.8% during the forecast period. Increasing government incentives and favorable policies such as tax benefits concerned with energy efficiency solutions and services are key factors contributing to steady revenue growth of market. Rising concerns regarding climate change and increasing volatility in fossil fuel prices have increased focus on energy conservation and this is expected to boost incorporation of building energy management systems across residential and commercial sectors.
Increasing investment by major manufacturers to develop technologically advanced building energy management systems is expected to boost revenue growth of market over the forecast period. Growing demand for these systems can also be attributed to increasing need for real-time monitoring, control, and optimize building energy usage. These systems are integrated and computerized systems that monitor and control energy-related building services and equipment such as ventilation and air conditioning systems, lighting, heating, and power systems, among others. Integration of system operations through building energy management system enables greats control and can help achieve considerable savings. Increasing focus on optimizing electricity, healing, and ventilation systems in buildings has been boosting deployment of building energy management systems and this is expected to drive market growth over the forecast period.
However, high initial investment associated with installation of building energy management systems is expected to restrain market growth to a significant extent over the forecast period. Lack of awareness about these systems and their benefits among building owners and operators is another key factor expected to limit demand to a certain extent over the forecast period.
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Some Key Highlights in the Report:
- Software segment is expected to account for largest revenue share of market over the forecast period. Segment growth is majorly driven by increasing investment by prominent companies such as Schneider Electric, IBM Corporation, and Honeywell International Inc. to incorporate data analytics software in their existing building energy management systems.
- Wireless building energy management systems segment is expected to register a significant revenue CAGR of 12.1% over the forecast period owing to their low cost, enhanced flexibility, and higher reliability as compared to hard-wired systems.
- Commercial segment accounted for largest revenue share in the global market in 2020 and is expected to register significant revenue growth over the forecast period. Rising adoption of building energy management systems in healthcare, corporate, and hospitality sector, and shopping complexes is expected to drive revenue growth of segment over the forecast period.
- Europe accounted for largest revenue share in the global market in 2020 and growth can be attributed to increasing adoption of smart grid services and increasing demand for energy-efficient solutions in the region.
- Major companies in the market include ABB, Accenture, Cisco Systems, Emerson Electric Co., General Electric, Hitachi Ltd., Honeywell international Inc., IBM, Johnson Controls and Schneider Electric.
- In October 2020, Honeywell International Inc. and Vertiv joined forces to introduce integrated solutions for optimizing data center resiliency, improve sustainability, and enhance operational performance. These companies are expected to utilize building data to reduce energy usage and costs, streamline operations, and improve data center sustainability.
For the purpose of this report, Emergen Research has segmented the global building energy management system market on the basis of components and services, communication, end-use, and region:
Components and services Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
- Services
Communication Outlook (Revenue, USD Billion; 2018–2028)
- Wired
- Wireless
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Commercial
- Residential
- Government
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Israel
- Turkey
- Rest of MEA
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