Energy Efficiency Revolution: Building Energy Management System Market Set to Grow at 12.68% CAGR Through 2023

DUBLIN, Oct. 9, 2023 /PRNewswire/ — “Global Building Energy Management System Market (by Components, End-User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)”

The global building energy management system (BEMS) market is on the brink of significant expansion, with an estimated value set to soar to US$6.60 billion by 2023. This remarkable growth is forecasted to occur at a steady compound annual growth rate (CAGR) of 12.68% during the forecast period.

BEMS Overview

BEMS is a versatile system encompassing hardware, software, and services designed to optimize energy management through innovative strategies, including information and communication technology. Moreover, BEMS technology plays a pivotal role in monitoring, automating, and controlling various building systems such as heating, ventilation, air conditioning, and lighting to enhance energy efficiency and comfort.

Segmentation Highlights

By Component:

• Services currently hold the largest market share
• The software segment is poised for the highest CAGR growth

By End-User:

• The residential sector dominates the market

Geographic Overview

The global BEMS market spans multiple regions, including Europe, North America, Asia Pacific, and the Rest of the World.

Europe leads the market due to stringent government regulations regarding greenhouse emissions and favorable policies for green BEMS adoption. In North America, Mexico is expected to witness the fastest growth, while China dominates the Asia Pacific region due to its energy policies emphasizing efficiency and digital technologies.

Driving Force: Escalating Energy Consumption

Rapid global population growth has led to increased energy consumption across various sources, including renewables, coal, and natural gas. To alleviate this burden, people are increasingly turning to energy-conservation technologies like BEMS to efficiently manage natural resources and reduce electricity expenses.

Challenge: Skilled Labor Shortage

The BEMS market’s growth is hampered by a lack of skilled labor in the industry. Implementing and operating BEMS technology requires specialized teams to ensure equipment functions properly.

Trend: Embracing Cloud Technology

Cloud technology has ushered in a new era for BEMS, extending its capabilities beyond energy visualization and analytics to demand response systems. The continued growth of cloud technology is expected to further propel the BEMS market.

Impact of COVID-19

The COVID-19 pandemic had a significant impact on the BEMS market in 2020. However, in 2021, as the global economy stabilized and industrial manufacturing resumed, the BEMS market witnessed substantial growth.

Key Players

The global BEMS market is moderately fragmented, with numerous small- and medium-sized manufacturers contributing significantly to the revenue. Key players in the market include Siemens AG, Johnson Controls International PLC, ABB Group, Honeywell International Inc., Enel S.p.A (Enel X), General Electric Company (GE), Schneider Electric SE, Emerson Electric Co., Robert Bosch GmbH, IBM Corporation, Azbil Corporation, and Landis+Gyr.

Top Impacting Factors

Growth Drivers

1. Rapid Urbanization
2. Surging Energy Consumption
3. Growth in Adoption of Smart Home Products
4. Rise in Carbon Dioxide Emission

Challenges

1. High Installation Cost
2. Lack of Trained Experts

Trends

1. Cloud Technology
2. Surge in Adoption of Internet of Things (IoT)
3. Decline in Fossil Fuel
4. Government Initiatives and Regulations

For more information about this report visit https://www.researchandmarkets.com/r/65ky20

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