The Building Energy Management System Market was valued for $6.5 billion in 2022 and is estimated to reach $18.5 billion by 2032, exhibiting a CAGR of 11.2% from 2023 to 2032.
Technological advancements, such as the Internet of Things (IoT), cloud computing, and data analytics, enhance the capabilities of building energy management systems (BEMS). These innovations make it easier to collect, analyze, and act on data for improved energy management.
PORTLAND, Ore., Jan. 29, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Building Energy Management Systems Market by Category (Service, Software, Hardware) and End-User (Residential, Commercial and Institutional, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the building energy management system market was valued for $6.5 billion in 2022 and is estimated to reach $18.5 billion by 2032, exhibiting a CAGR of 11.2% from 2023 to 2032.
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Prime determinants of growth
The global building energy management system market is experiencing growth due to several factors such as the rise in IoT, cloud computing, and enhanced building energy management systems (BEMS). However, complexity in building energy management system customization is expected to hinder the market growth to some extent. Moreover, the increasing trend toward smart buildings and smart cities offers remunerative opportunities for the expansion of the building energy management system market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$6.5 billion |
|
Market Size in 2032 |
$18.5 billion |
|
CAGR |
11.2 % |
|
No. of Pages in Report |
270 |
|
Segments Covered |
Category, End-User and Region. |
|
Drivers |
The rise in IoT, cloud computing, and enhanced building energy management systems (BEMS). Technological advancements in building energy management system |
|
Opportunity |
Increase in trend toward smart buildings and smart cities |
|
Restraint |
High initial costs of building energy management system |
The service segment is expected to grow faster throughout the forecast period
Based on category, the software segment held the highest market share in 2022, accounting for one third of the global building energy management system market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to the fact that building energy management system software employs analytics tools to analyze the collected data, identifying patterns, trends, and areas of inefficiency. Reports generated from these analyses provide insights into energy usage, peak demand times, and potential areas for improvement. However, the service segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, as building energy management system (BEMS) allows service providers to participate in demand response programs. During peak demand periods, the system can automatically adjust energy usage to reduce the load on the grid.
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The residential segment is expected to lead the trail by 2032
Based on the end-user, the residential segment held the highest market share in 2022, accounting for one-third of the global building energy management system market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that smart thermostats are a common feature in residential energy management. They allow users to control heating, ventilation, and air conditioning (HVAC) systems remotely. However, the industrial segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032, as BEMS in industrial settings can monitor energy consumption across various processes and equipment. This involves the collection of data from sensors and meters placed strategically throughout the facility.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share and fastest growing region accounting for one-third of the market share growing with the CAGR of 11.6% in 2022. The Asia-Pacific region has seen significant growth in the adoption of BEMS, driven by the increasing awareness of energy efficiency, environmental sustainability, and government initiatives promoting smart building solutions. Rapid urbanization and ongoing infrastructure development in countries like China, India, and Southeast Asian nations have led to increased demand for smart and energy-efficient buildings. BEMS plays a crucial role in managing and optimizing energy consumption in these modern structures.
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Leading Market Players:
- ABB Group
- Accruent Inc.
- Azbil Corporation
- Daikin Applied
- Acuity Brands Lighting Inc.
- DEXMA
- Albireo Energy LLC
- Airedale International Air Conditioning Ltd.
- IBM Corporation
- Emerson Electric Co.
The report provides a detailed analysis of these key players in the global building energy management system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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