Building Energy Management Systems Market to Grow with a CAGR of 15.16% through 2029
Increasing awareness for the need for energy
conservation and growing demand for smart buildings & cities are likely to
drive the market in the forecast period.
According to TechSci Research report, “Building
Energy Management Systems Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the Global Building
Energy Management Systems Market stood at USD 39.08 billion in 2023 and is
anticipated to grow with a CAGR of 15.16% through 2029. One of the primary drivers propelling the global
Building Energy Management Systems (BEMS) market is the increasing emphasis on
energy efficiency and sustainability. As the world grapples with the challenges
of climate change and the depletion of natural resources, there is a heightened
awareness of the need to reduce energy consumption and minimize environmental
impact. Buildings are significant contributors to energy consumption and
greenhouse gas emissions, making them a focal point for energy-saving
initiatives. BEMS serve as a vital tool
in achieving energy efficiency and sustainability goals. These systems enable
precise monitoring, control, and optimization of energy usage within buildings
by regulating HVAC systems, lighting, and other energy-consuming components. By
leveraging real-time data and advanced analytics, BEMS help building owners and
operators identify areas of energy waste and implement strategies to mitigate them.
In response to the global commitment to combat climate change, governments,
regulatory bodies, and industry standards organizations are increasingly
imposing energy efficiency mandates and sustainability requirements for
buildings. This regulatory environment compels building owners and developers
to integrate BEMS into their projects to meet these stringent standards.
Consequently, the growing emphasis on energy efficiency and sustainability is a
powerful driver fueling the expansion of the BEMS market.
Another driver for the Global Building
Energy Management Systems (BEMS) market is the rapid advancement of technology,
particularly the integration of the Internet of Things (IoT) into building
automation and energy management. IoT devices, sensors, and smart building
technologies have transformed the capabilities of BEMS, making them more
intelligent, adaptive, and efficient. IoT sensors embedded in various building
systems can collect real-time data on factors such as temperature, humidity,
occupancy, and energy consumption. This data is then transmitted to BEMS
platforms, which utilize advanced analytics and artificial intelligence (AI)
algorithms to analyze and make data-driven decisions. BEMS can autonomously
adjust HVAC systems, lighting, and other building components to optimize energy
usage based on occupancy patterns, weather conditions, and other variables. The
integration of BEMS with IoT technologies enables buildings to become smarter
and more responsive to changing conditions, enhancing occupant comfort while
minimizing energy waste. Moreover, IoT connectivity allows for remote
monitoring and control of building systems through mobile devices and
cloud-based platforms, providing building owners and operators with greater
flexibility and convenience.
As technology continues to advance, BEMS solutions are
becoming more accessible and cost-effective, driving greater adoption across a
wide range of building types and sizes. The convergence of technology and
energy management is a driving force behind the growth of the global BEMS
market, offering the promise of enhanced energy efficiency, reduced operational
costs, and improved sustainability for buildings worldwide.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Building
Energy Management Systems Market.”
The Global Building Energy Management Systems Market
is segmented into type, application, component, deployment, and region.
Based on type, The Wireless segment had the largest
market share in 2023 & expected to maintain it in the forecast period.
Wireless BEMS systems are known for their ease of installation compared to
their wired counterparts. Traditional wired BEMS installations require the
routing of physical cables throughout a building, which can be time-consuming,
disruptive, and costly. In contrast, wireless BEMS systems eliminate the need
for extensive wiring, making them quicker and less disruptive to deploy. This
ease of installation is particularly advantageous in retrofit projects or in
buildings where structural modifications may not be feasible. Moreover,
wireless BEMS systems are highly scalable. Building owners can easily add
additional sensors or control points without the constraints of physical
wiring, allowing for flexible expansion as building needs evolve. Wireless BEMS
can offer cost savings in terms of both installation and maintenance. The
reduced labor and material costs associated with wiring make wireless solutions
more budget-friendly. Additionally, wireless systems are typically easier to
maintain since they have fewer physical components that can degrade over time.
Wireless BEMS systems provide greater flexibility in sensor placement and
system configuration. Sensors can be placed in optimal locations for data
collection without being constrained by the need for physical connections. This
flexibility enables more precise monitoring and control of building systems.
Furthermore, wireless BEMS systems can adapt to changing building layouts or
requirements more easily than wired systems. As buildings undergo renovations
or reconfigurations, wireless solutions can be repositioned or expanded with
minimal disruption. Wireless BEMS systems often provide real-time data accessibility
from remote locations through cloud-based platforms or mobile applications.
Major companies operating in the Global Building
Energy Management Systems Market are:
- Johnson Controls International Plc
- Schneider Electric SE
- Siemens AG
- Honeywell International Inc
- International Business Machines Corporation
- Cisco Systems Inc
- Trane Technologies Company, LLC
- Delta Electronics, Inc
- ABB Ltd
- Rockwell Automation Inc.
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“The Global Building Energy Management Systems market
is expected to rise in the upcoming years and register a significant CAGR
during the forecast period. Escalating energy expenses and heightened
environmental consciousness are driving the global Building Energy Management
Systems (BEMS) market. As businesses strive to optimize operational costs, BEMS
offer a compelling solution by precisely managing energy usage within
buildings. Furthermore, increased environmental concerns and regulatory
pressures to reduce carbon emissions propel BEMS adoption. These systems
facilitate compliance with energy efficiency standards, aligning with the
sustainability objectives of organizations worldwide. With energy efficiency
becoming a critical imperative, BEMS empower businesses to minimize costs,
enhance sustainability, and ensure compliance in an evolving regulatory
landscape. Therefore, the market of Building Energy Management Systems is
expected to boost in the upcoming years”, said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
“Building Energy Management Systems Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Wired, Wireless), By Application (Heating, Ventilation, And Air Conditioning (HVAC), Lighting, Security, Access control, Others), By Component (Hardware, Software, Services), By Deployment (Cloud-based, On-Premises), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global
Building Energy Management Systems Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Building Energy Management Systems Market.
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