Global Building Energy Management System Market Growth To Be Driven By Increasing Demand For Energy Efficient Systems Across The Globedate_range
Building energy management system is one of the important components and is the software and hardware system installed in many buildings for controlling and monitoring the energy needs of the building for ensuring economical and efficient energy utilization. These building energy management system helps in monitoring the buildings energy consumption by using mechanical and electrical equipment’s including ventilators, heaters, lighting, and air conditioners for increasing energy efficiency and reduces the costings. Building energy management system offers features including information of processes, communication, and other remotely- operated roles that can be controlled through a central point or a single operating unit.
Growing population across the globe and increasing demand for energy efficient systems, regulatory requirements and, high energy price volatility are propelling the demand for building energy management system. Increasing environmental awareness, consumers have planned their consumption pattern for reducing the costs and rising energy efficiency standards and increasing energy efficiency and increasing adoption of internet of things (IoT) technology, stringent government regulation on energy efficiency, and global creativity for reducing greenhouse emission are among the other factors which help to drive the growth of the target market. However, factors such as associated security risks, lack of skilled expertise and high implementation costs are the factors that are hampering adoption of building energy management system.
Mainly three types of building energy management system are available in the market currently, including controllers, sensors, and actuators. Demand for sensors is high as compared to the other two types as they are sophisticated devices and are often used for responding and detecting electrical or optical signals.
The building energy management system is used in various applications including commercial buildings, manufacturing facilities, educational institutions, hospitals, and government institutes. Demand for building energy management system is increasing in commercial buildings, due to the increasing demand for energy-efficient and eco-friendly buildings.
$ 32,558.4 Mn
- By Type
- By Region
- By Application
$ 110,283.4 Mn
Rapid technological advancements, increasing number of installations of building energy management system, and increasing demand for residential and industrial buildings especially in US and Canada, are the factors that are resulting in high demand for the target market in North America. There is increasing popularity for the building energy management system in the region of Asia Pacific due to increasing popularity of green building technologies and increasing awareness regarding energy preservation in this region. In addition, rising awareness regarding the effective use of energy at government and corporate levels in countries such as India and China is another factor driving growth of the market. Demand for building energy management system is comparatively less in regions such as Latin America, and the Middle East & Africa.
The building energy management system market worldwide is expected to grow at a compound annual growth rate of nearly 13.0% over the next 10 years and was valued at around US$ 32,558.4 Mn in 2018 to US$ 110,283.4 Mn in 2028.
Some of the major players operating in the global building energy management system market are Honeywell, Johnson Controls, Inc., Pacific Controls, Schneider Electric, Siemens, ABB Group, GE Energy, and BuildingIQ.