Building Energy Management Systems Market Size, Share| Forecast 2027
The Building Energy Market Systems Market is projected to reach USD 8412 million by the end of 2027, growing at a CAGR of 12.70% over the forecast period
Building Energy Management Systems Market
The Building Energy Market Systems Market is projected to reach USD 8412 million by the end of 2027, growing at a CAGR of 12.70% over the forecast period (2020-2027).
The factors driving the growth of Building Energy Market Systems (BEMS) Market includes growing use of Building Energy Management Systems in the residential and commercial areas, rise in the prices of electricity and increasing concerns related to carbon emissions. According to the report published by Statista, the global electricity demand was estimated around 22 petawatt hours in 2017 and is predicted to reach 35.3 petawatt hours, by the end of 2040, which is expected to boost the Building Energy Management Systems Market size in the approaching years. Moreover, the technological innovations in the BEMS, Government policies regarding energy conservation, limited availability of fossil fuels, growing adoption of HVAC systems in the buildings and increasing investments on research and development, are some of the additional factors supplementing the market growth. As per Bloomberg, the Global HVAC System Market is predicted to reach USD 455.96 billion by the end of 2028, exhibiting a CAGR of 10.8% CAGR over the forecast period (2022-2028), which will boost the market growth in the upcoming years.
However, the growth of Building Energy Market Systems Market is hindered due to lack of knowledge amongst consumers about Building Energy Management Systems.
The major players operating in the market are IBM, Ingersoll Rand Security Technologies, Johnson Controls, Cisco, Emerson Electric Co., General Electric, Schneider Electric, Hitachi Ltd., and Honeywell International Inc., among others.
Software: Segment Analysis
Based on Software, the HVAC System is anticipated to expand at a significant CAGR during the forecast period attributed to its increasing application in residential buildings and growing emphasis on reducing carbon emissions.
Communication Technology: Segment Analysis
Based on Communication Technology, the Wireless segment is projected to grow at a remarkable CAGR over the forecast period attributed to rise in the demand for smart devices, growing adoption of advanced building energy management systems.
Industry: Segment Analysis
Based on Industry, the Office and Commercial Buildings segment is estimated to expand at a robust CAGR over the forecast period attributed to rising deployment in corporate offices, railway stations and airports.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is expected to capture the largest market share during the forecast period. Rise in the energy consumption, increasing investment by Government on building smart cities, growing adoption of HVAC systems in the residential apartments, increasing emphasis on reducing the carbon emissions and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Global Building Energy Management Systems Market by Software
Asset Performance Optimization
Global Building Energy Management Systems Market by Communication Technology
Global Building Energy Management Systems Market by Service
Consulting & Training
Support & Maintenance Services
Global Building Energy Management Systems Market by Industry
Telecom and IT
Office and Commercial Buildings
Global Building Energy Management Systems Market by Region
Rest of APAC
United States of America
Rest of Europe
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