The Building Energy Management System market is projected to grow at a CAGR of 15.97% during the forecast period of 2018-2024. 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 that aim 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 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. The growing global renewable energy sector will propel the growth of the 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, the 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 the growing economy, increasing infrastructure base of the region and initiatives towards the making of smart cities in the region.
Stringent energy efficiency standards
Growing adoption of IoT
High installation cost
In May 2018, Honeywell launched IQ Vision which is a building energy management system (BEMS) from Trend Control Systems.
In June 2018, Siemens acquired Building Robotics to expand its smart building solutions portfolio.
The major players profiled in the Building Management System market include Schneider Electric, Johnson Controls, IBM, Honeywell, Siemens, General Electric, BuildingIQ, Iconics, Coppertree Analytics, and Delta Electronics among others.
The building energy management system market has been analyzed through the following segments:
By Deployment Model
Middle East and Africa