Building Energy Management System (BEMS) Market Size, Share, Growth, and Industry Growth by Type (Software, Hardware and Service) By Application (Residential, Commercial and Industrial), Regional Insights, and Forecast From 2031

Updated On: 08 April 2024

Building Energy Management System (BEMS) Market REPORT OVERVIEW

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The global building energy management system market size was USD 6363 million in 2022 and market is projected to touch USD 17254 million by 2031, at a CAGR of 11.7% during the forecast period.

Building Energy Management Systems are complex systems that use information and communication technologies to integrate hardware, software, and services in order to monitor, automate, manage, and regulate the energy requirements of buildings. In order to increase energy efficiency and comfort, building energy management system are microcomputer systems that automatically monitor and control energy-consuming electrical and mechanical equipment, such as thermostats, HVAC, and lights, within a single building or a group of buildings. building energy management system regulates a wide range of equipment, including air conditioners, lights, boilers, water heaters, outlet machines, elevating machines, and sanitary and plumbing fixtures.

COVID-19 Impact: Lockdown and Social Distancing to Restrict the Market Growth

COVID-19 has had a detrimental effect on market expansion. In many nations, the demand for energy in industrial and commercial buildings has drastically decreased, while the need for energy in residential buildings has increased. Restricting social distance has led to a significant decline in the use of commercial structures. The building energy management system market has experienced phenomenal development as a result of the stability of the world economy and the removal of barriers in industrial manufacturing.

LATEST TRENDS

"Cloud Computing and Rapid Use of Internet of Things to Boost the Market"

The market is anticipated to expand quickly during the forecast period as a result of a number of recent developments, including cloud computing, the rapid use of the internet of things (IoT), the depletion of fossil fuels, government initiatives and regulations, etc. The user is made able to control such equipment effectively thanks to the integration of IoT into BEMS and its fusion with several features like lighting, security, and heating. Therefore, the expansion of the IoT industry would be consistent with the expansion of the building energy management system market as well.

building energy management system now offer a wider variety of applications, drawing an increasing number of end customers as a result of rapid advances in building energy management systems and ongoing technical breakthroughs. building energy management system improves energy use and efficiency by controlling the activities of the machinery. Market demand will rise as a result of the expanding practice of working directly with utility providers to share information on power pricing and demand, allowing for more efficient scheduling of high-power usage activities and resulting cost savings.

Building Energy Management System (BEMS) Market Segmentation

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• By Type Analysis

By type, market is segmented into software, hardware and service. The software segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into residential, commercial and industrial. The residential segment will lead the global share through 2028.

DRIVING FACTORS

"Rising Energy Consumption to Propel the Market Demands"

Rising energy consumption is one of the key factors influencing the worldwide market for building energy management systems. An increase in electricity output as a result of rising energy consumption directly affected both the cost of production and consumption. building energy management system, being an energy-efficient technology, would therefore draw more users to effectively control the use of natural resources and lessen the financial burden of power costs. The market has been expanding over the past few years as a result of a number of factors, including quick urbanization, a rise in the adoption of smart home products, an increase in carbon dioxide emissions, an acceleration in construction activity, an increase in consumer spending, an increase in consumer awareness, the adoption of smart sensors, and many others.

"Increase in Population of Cities and Rise in Consumer Awareness to Push the Market Demands"

The system uses a variety of methods, such as information and communication technologies, to regulate energy use. In order to increase the building's energy efficiency and enhance comfort, building energy management system technology also offers monitoring, automation, and control of building systems including lighting, ventilation, and air conditioning, and heating.

The growth of the market would be fueled in the upcoming years by factors such as an increase in the population of cities, a rise in consumer awareness of the development and use of cutting-edge technology products, and an increase in the number of new buildings, institutions, and complexes being built.

RESTRAINING FACTORS

"High Installation Prices and Shortage of Qualified Professionals to Impede the Market"

The market is being constrained by a number of issues throughout the projected period, including high installation prices, a shortage of qualified professionals, and many more.

Building Energy Management System (BEMS) Market REGIONAL INSIGHTS

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"Asia Pacific’s Global Building Energy Management System Market Share to Grow Exponentially within the Forecast Period"

The Asia-Pacific region is anticipated to dominate the market throughout the forecasted period. The main reasons propelling the market's growth in this area are the construction industry's rapid expansion, especially in emerging nations like China and India, as well as the rising number of government programs to increase energy consumption. The development of smart cities as a growing trend to enhance citizens' quality of life is also boosting demand for building energy management systems.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Schneider Electric (France)
• Siemens (Germany)
• Honeywell (U.S.)
• ABB (Switzerland)
• Johnson Controls (Ireland)
• Grid Point (U.S.)
• General Electric (U.S.)
• Emerson Electric (U.S.)
• Eaton Corporation (Ireland)
• Azbil (Japan)
• Tongfang Technovator (China)
• Shenzhen Sunwin Intelligent (China)
• KMC Controls (U.S.)
• Verdigris Technologies (U.S.)
• Optimum Energy (U.S.)
• Hoffman Building Technologies (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.