Author: Himanshu Patni
21 November 2022
Building energy management system market is expected to register significant growth rate of over 11% during the forecast period (2022-2028). This is mainly due to factors such as the emerging need to minimize energy costs, rising fossil fuel prices, and being extensively utilized in various industries such as corporate offices, hospitality services, and shopping malls. Moreover, global emphasis on green energy transition and climate change has increased the demand for an energy-efficient product that consumes much less power than the same product with more energy consumption. Building an energy management system can save electricity while maintaining good quality and quantity of light.
Based on components, the market is classified into hardware, software, and services. Amongst them, the software segment grabbed the major market share and dominated the market in 2020. This is mainly due to increasing investment by encouraging leading industry players such as Honeywell International Inc. Furthermore, due to changing weather conditions and a growing desire to cut energy usage.
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Based on end-use, the market is categorized into residential, commercial & institutional, and industrial. The commercial category is to experience the fastest growth during the forecast period. Increasing adoption of building energy management systems in the healthcare sector, corporate offices, the hospitality sector, and large shopping complexes are expected to support the deployment of building energy management systems in commercial sectors.
For a better understanding of the market adoption of the building energy management system industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, rest of North America) Europe (Germany, U.K, France, Spain, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), and Rest of World. APAC is expected to witness the highest CAGR during the forecast period on account of growing adoption in countries like China and India.
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APAC is projected to hold the largest proportion of the building energy management system market because of increasing investments in building energy management systems to reduce the carbon norms and usage of electricity consumption. Moreover, other countries in the region such as Japan and South Korea are projected to improve their share through the up-gradation and deployment of new Building energy management systems.
Some of the major players operating in the market are ABB Ltd., CISCO Systems Inc., Emerson Electric Co., Rockwell Automation Inc., General Electric, Siemens AG, Honeywell International Inc., IBM Corporation, Ingersoll Rand Plc, and Johnson Controls Inc.
Building energy management system Market Segmentation
Market Insight, by components
Market Insight, by connectivity type
Market Insight, by end-use
Market Insight, by Region
Top Company Profiles
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