Building Energy Management Systems Market Size, Share| Forecast 2027

4.1
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.

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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.

Market Segmentation

Global Building Energy Management Systems Market by Software

Data Management

Asset Performance Optimization

Application Platform

HVAC System

Lighting System

Global Building Energy Management Systems Market by Communication Technology

Wired

Wireless

Global Building Energy Management Systems Market by Service

Consulting & Training

Support & Maintenance Services

Global Building Energy Management Systems Market by Industry

Manufacturing

Telecom and IT

Office and Commercial Buildings

Municipal

Others

Global Building Energy Management Systems Market by Region

Asia Pacific

China

Japan

India

Rest of APAC

North America

United States of America

Canada

Europe

United Kingdom

Germany

France

Spain

Rest of Europe

RoW

Brazil

South Africa

Saudi Arabia

UAE

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