Global Building Energy Management Solutions (BEMS) Market Expands as IoT Data Increases is expected to grow owing to increase in rise in digitization and increase in data generated by IoT devices throughout the forecast period.
According to TechSci Research report, “Building Energy Management Solutions Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Building Energy Management Solutions Market is expected to register robust growth during the forecast period. The increase in activities within the construction sector, encompassing both building and infrastructure projects, is driving the demand for HVAC control and energy management systems. This surge in demand is fueling the growth of the market.
The rising usage of wired energy management systems in both HVAC and non-HVAC spaces, driven by factors such as user-level security control, faster data scanning, energy-saving capabilities, and LCD screen displays for meters, is boosting the adoption of energy management solutions. Additionally, the growing demand for HVAC housing, fueled by rapid global population growth, is a key factor propelling the growth of the building energy management solution industry.
Rapid advancements in technology, particularly in IoT sensors, data analytics, and artificial intelligence, are fueling innovation in the BEMS market. Providers have the opportunity to develop and offer state-of-the-art BEMS solutions that harness these technologies, providing real-time insights, predictive maintenance capabilities, and increased automation. As buildings become smarter and more interconnected, the demand for advanced BEMS is anticipated to experience significant growth.
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Based on type, the Wired segment is expected to dominate the market during the forecast period. Wired BEMS solutions are widely regarded as being more secure than their wireless counterparts due to their lower susceptibility to hacking and unauthorized access. This makes wired systems the preferred choice for applications where data security is of utmost importance. A significant number of existing BEMS installations rely on wired infrastructure. When retrofitting or upgrading these systems, the use of wired technologies is often necessary to maintain compatibility with legacy equipment and infrastructure.
Wired BEMS systems are increasingly leveraging cloud-based management platforms, enabling remote monitoring, control, data storage, and analytics. This provides building operators with enhanced flexibility and accessibility in managing energy usage. As wired BEMS systems become more interconnected and data-intensive, the need for robust cybersecurity measures grows. Service providers are investing in cybersecurity solutions to safeguard wired BEMS systems against potential threats and vulnerabilities.
The integration of wired BEMS systems with IoT devices and platforms offers a lucrative opportunity. This allows building operators to harness the benefits of both wired and wireless technologies. In conclusion, the wired segment of the global Building Energy Management Solutions market presents unique advantages in terms of reliability, security, and data transmission rates. Providers that leverage technological advancements and capitalize on trends such as IoT integration and cloud-based management can tap into a range of opportunities, including retrofit projects and specialized applications in critical infrastructure.
Based on application, the HVAC segment is projected to dominate the market throughout the forecast period. The HVAC segment of the BEMS market focuses on optimizing the energy performance of heating, ventilation, and air conditioning systems in buildings. These systems play a crucial role in maintaining indoor comfort and air quality, while consuming a significant amount of energy. HVAC systems are major energy consumers in buildings, accounting for a substantial portion of total energy usage.
Therefore, optimizing the energy efficiency of these systems is of paramount importance in the HVAC segment. The adoption of energy-efficient HVAC systems and BEMS solutions is driven by stringent environmental regulations and sustainability goals. Compliance with these regulations often necessitates advanced monitoring and control capabilities. BEMS solutions within the HVAC segment are incorporating state-of-the-art control algorithms and predictive analytics to optimize the performance of HVAC systems.
These controls take into account factors such as weather forecasts, occupancy patterns, and equipment health to make real-time adjustments. Opportunities arise for BEMS providers to implement retrofit solutions in existing buildings with outdated HVAC systems. By upgrading HVAC controls and integrating BEMS, significant energy savings can be achieved. BEMS providers can offer services that assist building owners and operators in complying with energy efficiency and environmental regulations. This includes ensuring that HVAC systems meet required standards and reporting energy usage data.
Key market players in the Global Building Energy Management Solutions Market are:-
- Hitachi Ltd
- Schneider Electric SE
- General Electric Company
- ABB Ltd
- Rockwell Automation Inc
- Mcloud Technologies Inc
- Rockwell Automation Inc.
- Honeywell International Inc
- Siemens AG
- Emerson Electric Co
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“The Building Energy Management Solutions Market in Asia Pacific is poised to be the dominant force in the industry. The North American BEMS market caters to a wide array of industries. Within commercial real estate, BEMS solutions are employed to optimize energy consumption in office buildings, shopping malls, and hotels. In the healthcare sector, BEMS solutions aid hospitals and healthcare facilities in reducing energy costs while ensuring uninterrupted operations.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Building Energy Management Solutions Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Wired and Wireless), By Component (Hardware, Software and Services), By Application (HVAC and Non-HVAC), By Region, By Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Global Building Energy Management Solutions Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Building Energy Management Solutions Market.
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