Building Energy Management System Market Size, Trends, Shares, and Forecast - 2031

MARKET OVERVIEW

Building energy management system (BEMS) is a vital component to manage the demand for energy in a large complex or multi- building site. Technological developments in the BEMS hardware for sensors and communication highways and computer processing power have rendered BEMS a preferred management system. The rising need to minimize energy cost, increase energy efficiency, growing concerns regarding climate change and rise in fossil fuel prices are some of the prominent factors driving the market growth. The main benefits that are incurred by BEMS are cost saving, reduction in fossil fuel consumption, balanced environment and exemption from stringent regulation and tax benefits. Such lucrative factors are strengthening the demand for BEMS which is fueling the market growth over the projected period.

MARKET SCOPE

The "Global Building Energy Management System Market Analysis to 2031" is a specialized and in-depth study of the energy management system with a special focus on the global market trend analysis. The report aims to provide an overview of the building energy management system market with detailed market segmentation by software, communication, industry and geography. The report provides key statistics on the market status of the leading building energy management system market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

• On the basis of software the market is segmented into data management, asset performance optimization, application platform, HVAC system, and lighting system
• On the basis of communication, the market is segmented as wired and wireless
• On the basis of industry, the market is segmented as residential, industrial, and commercial

MARKET DYNAMICS

Drivers  

 

• Increasing Demand for Energy Conservation propels the market growth
• Favorable Government Initiatives drives the market growth

Restraints

• High initial investment restraints the market growth

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The building energy management system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the building energy management system market in these regions.

IMPACT OF COVID-19 ON BUILDING ENERGY MANAGEMENT SYSTEM MARKET

The outbreak of the COVID-19 pandemic has severely impacted the building energy management system market in the year 2021. This is due to the diminished energy usage in heavy industries such as petroleum, coal, and natural gas. This has led to deflated energy demand across the key economics including U.S., Italy, Germany, UK, and others. However, the market has survived owing to surge in demand from the household energy consumption. The imposition of lockdown has increased home activities such as online shopping, remote work, powering home appliances, cooling or heating home, and streaming entertainment services. Therefore, the application of energy management systems in household energy consumption has increased the demand in the market during the COVID-19 pandemic. During the pandemic recovery period, supportive government initiatives and favourable policies such as tax rebates and benefits related to energy efficiency is expected to drive the growth of the building energy management system market. Thus, such government initiaitives coupled with growth prospects in constructing smart buildings during the pandemic recovery period is fueling the market growth.

MARKET PLAYERS

The report covers key developments in the building energy management system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the building energy management system market are anticipated to provide lucrative growth opportunities in the future owing to supportive government regulations that encourages energy efficient solution for buildings.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the building energy management system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• ABB
• Accenture
• Cisco Systems, Inc.
• Emerson Electric Co.
• General Electric
• Hitachi, Ltd.
• Honeywell HBT.
• IBM
• Johnson Controls
• Schneider Electric

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Building Energy Management System Report Scope