Global building energy management system market is estimated to reach US$9.420 billion by 2023 at a CAGR of 9.80% over the forecast period from the current estimate of US$5.375 billion in 2017. A building energy management system (BEMS), also known as building automation system (BAS) or building management system (BMS), is a computer-based system installed in buildings which aims at controlling and monitoring mechanical and electrical equipment and building services such as heating, lighting, air conditioning, ventilation, fire systems and power systems among other services. The system can manage electricity demand effectively and the loads can be managed properly without compromising on safety, productivity, and comfort. BEMS system consists of hardware as well as software in a hierarchical manner. Such systems can also be linked to access control or security systems such as motion detectors and closed-circuit television.
The global market of building energy management services is influenced significantly due to stringent energy efficiency standards coupled with the rising demand for both commercial and residential buildings across the globe. Growing global renewable energy sector will propel the growth of building energy management services market in the coming years owing to rising energy costs, leading to the adoption of cleaner and renewable energy sources for power generation by building owners. Moreover, growing adoption of IoT and smart home appliances will also contribute to the market growth during the forecast period. However, high installation costs will inhibit the market growth during the forecast period.
Geographically, North America, as well as Europe, will drive the global market of building energy management services on account of the supportive government initiatives undertaken towards energy management. Asia Pacific market is also expected to contribute significantly on account of growing economy, increasing infrastructure base of the region and initiatives towards the making of smart cities in the region.
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Major industry players profiled as part of the report are Siemens AG, Johnson Controls, Schneider Electric, Robert Bosch GmbH, Honeywell International, Inc., and Automated Building and Energy Controls Ltd. among others.
The building energy management services market has been analyzed through following segments:
By Service Type
Maintenance and Support
By End User
Middle East and Africa