Developing countries, in the upcoming three decades are expected to account for the majority of the population growth. By 2050, 2.20 billion people are expected to be an addition to the global population. As per the U.N. projections, Africa is expected to register the highest population growth with an additional 1.30 billion people across the globe, by 2050. Majority of this growth is expected to result in the increase in urbanization. If greenhouse gas emission reductions are to be targeted, the new buildings need to be as energy efficient as possible.
Read Report Overview: Building Energy Management System Market
Energy efficiency is an important driver in the development of systems that automatically monitor and control energy usage. The concept of using energy management systems across buildings has been around for many years now, however the recent developments in IT have made it a more practicable proposition. Companies, manufacturers, and individuals are becoming more intelligent in incorporating greater automation.
Considerable Number of Patents Being Filed Across the BEMS Industry
The use of building energy management systems is expected to revolutionize the energy management industry. The reducing energy consumption to lower the overhead cost for its end users is done by the installation of intelligent applications. About 103 patents related to building energy management systems were filed or granted across the globe during the time period 2016-2018. These include patents related to any activity in the energy management industry, such as temperature sensors using HVAC control, energy consumption visualization using building automation, anomaly detection using sensors, and thermostat guidance systems, among other functions.
Rising Demand of Wireless Systems Fueling the Market Growth
The building energy management system market can be wired, wireless, or a combination of both. While installing building control systems or building energy management systems, many industries prefer the use of most efficient, economic, and environmental-friendly solutions to meet their growing demand for maintaining energy efficiency. Since building energy management systems can be wired or wireless, buildings are audited to figure out which system is appropriate, how well the signals are being received, and how much amount of disturbances are there. The major factor considered for the selection and installation of the systems, apart from the services, is usually the cost associated with installation.
Building Energy Management System Leverages in Commercial Industry
The exponential increase in the global population has led to the rise in energy consumption and shrinking natural resources, thereby depleting the ozone layer. Hence, the need to enhance energy consumption has become critical due to continuous increase in energy demand mainly from industrial, residential, and commercial consumers. Major end-user industries of building energy management technologies include residential, commercial, and industrial. The residential sector represents the most significant end-user industry in the market for building energy management systems.
North America – Frontrunner in Building Energy Management System Market
The trends of the building energy management system market vary across different geographical regions. The building energy management system market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). North America is at the forefront of the global building energy management system market, with high market penetration rate in countries such as U.S. and Mexico, which are expected to display robust market growth in the coming five years.
Competitive Landscape
The building energy management system market comprises major companies providing hardware solutions, software solutions, and services. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. This segment details the latest strategies and developments adopted by the key market players in the building energy management system market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.
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The emerging strategies and developments resulted in the increased number of mergers and acquisition in the building energy management system market. Moreover, the growing market of building energy management system is further expected to increase the involvement of companies across different segments of the value chain. The key players actively taking part in the building energy management system market are ENGIE, Johnson Controls, Ingersoll Rand, Schneider Electric, and Siemens AG, among others.