According to a new market report published by Credence Research, Inc., “Building Energy Management System (BEMS) Market (By Component (Hardware, Software, and Services), By End-use Application (Commercial Buildings, Manufacturing Facilities, Government Buildings, and Others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025”, the building energy management systems (BEMS) market is expected to expand at a CAGR of 14.3% from 2017 to 2025.
Browse the full Building Energy Management System (BEMS) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025 report at https://www.credenceresearch.com/report/building-energy-management-systems-bems-market
Product and Market Insights:
Energy management systems are electronic devices that allow consumers to monitor, control, and manage their energy consumption optimally. The global building energy management systems market is currently in the growth stage of development and is expected to offer ample growth opportunities all participants across BEMS value chain. The basic need to save and optimize energy consumption is expected to drive building energy management system market demand. With the ever growing population, rise in urbanization, and rapid growth in industrialization, energy consumption has increased manifolds, widening the energy demand-supply gap. Furthermore, with fast depleting fossil fuels, electricity prices are further expected to hike in the coming years. In view of these futuristic challenges, governments across the globe are enforcing stringent energy standards, guidelines, incentives, and regulations to better manage demand-supply gap.
For instance, incentives in form of tax credits to consumers and enacting nationwide standards to relieve manufacturers from the burden of providing different device for different application are all driving market forward. The initiatives, standards, and incentives are all aimed to de-stress the existing energy infrastructure and promote smart and optimum energy management, thereby driving demand for building energy management systems.
The global building energy management systems (BEMS) market is competitive and technology driven. Some of the leading players identified in the global building energy management system market include Honeywell International, Inc., General Electric Company, Schneider Electric SE, Johnson Controls, Inc., Siemens AG, Rockwell Automation, Inc., Emerson Electric Company, Eaton Corporation Plc, C3 Energy, ABB Group, EnerNOC, Inc, BuildingIQ, Inc. among others. The market is characterized by the presence of both application sub-system suppliers and core solution providers. Being a technology driven market, it is requisite for new entrants in the market to dedicate substantial budget for research and development in order to keep pace with the technological advancements. The industry has been committed towards developing a universal platform capable of addressing issues concerned with the interface, interoperability, and installation.
- Soaring electricity prices and consequent need to manage electricity consumption and curb electricity bills
- Initiatives taken by the governments across the globe to develop smart cities and smart buildings will aid the market growth
- Emergence of Internet of Things is expected to benefit market growth
- Heightened investments in green technologies
- Positive futuristic outlook for managed BEMS services