Building Energy Management Market

Building Energy Management Market Size

[170+ Pages Research Report]  to surpass USD 18.8 billion by 2031 from USD 5.9 billion in 2021 at a CAGR of 12.6% throughout the forecast period 2021-31

Building energy management system is a computer-based system that monitors and manages electrical and mechanical equipment in a building, including lighting, power systems, heating, and ventilation. The BEMS is linked to the building's service plant and then to a central computer, allowing for temperature, lighting, and humidity management at specific periods. Cables connect the building's different hubs to a central supervisory computer, which allows building operators to regulate the building. Building energy management software allows operators to improve building performance by providing control features, monitoring, and warnings.

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Market Highlights

Global Building Energy Management Market is expected to project a notable CAGR of 12.3% by 2031

Global Building Energy Management Market to surpass USD 18.8 billion by 2031 from USD 5.9 billion in 2021 at a CAGR of 12.3% in the coming years, i.e., 2021-2031. Building Energy Management Systems Market expansion is expected to be fueled by factors such as the rising global need for energy efficiency in the construction sector and the rising population, which drive demand for energy-efficient housing. Supportive rules for green construction methods, as well as an increase in the penetration of smart building structures, will also boost merchandise demand.

Figure - Market Analysis of Global Building Energy Management Market

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Global Building Energy Management Market: Segments

Hardware segment is expected to grow with the highest CAGR during 2021-31

On the basis of Offering, the global Building Energy Management Market is fragmented into Hardware, Software, and Services. In 2020, the Hardware segment had the largest market share, and by 2026, it is expected to rise at a significant rate, exhibiting a significant CAGR during the analysis period. In 2020, the United States will be the largest regional market for the Hardware segment. China is on track to have the fastest compounded annual growth rate during the analysis period, and to make significant progress by the end.

Oil and Gas Industry is expected to grow with the highest CAGR during 2021-31

Global Building Energy Management Market is classified on the basis of End User into Oil & Gas, Manufacturing, Building Automation, Energy & Utilities, Automotive, Pharmaceutical, and Others (IT and Telecom, Hospitality). Owing to the rising energy consumption, the oil and gas industry has a significant market share. Furthermore, governments all over the world are imposing tight rules on the oil and gas industry in order to promote efficient energy consumption and environmental sustainability. Implementing power management systems in industries can result in significant energy savings and lower carbon emissions while also being cost-effective.

Figure - Market Analysis of Global Building Energy Management

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Market Dynamics

Drivers

The Growing Urbanization and Rising Demand for Efficient Solutions

Building Energy Management Around the World Due to factors such as rising demand for energy-efficient solutions, increased urbanization in developing economies, and an increase in the number of connected devices through the Internet of Things, the market size is expected to grow significantly during the forecast period. With the construction of smart buildings, emerging countries in Asia Pacific and America are seeing fast urbanization. The increased awareness of housing development in these countries has led to an increase in demand for enhanced housing infrastructure. Building Energy Management would be implemented in newly constructed buildings as a result of this.

Benefits offered by Smart Grids and Integration of Analysis Capabilities

Smart grids' benefits, such as reduced electricity bills, increased reliability, lower costs, and fraud detection, are boosting their implementation. Smart grids and meters also have data collection and processing capabilities, allowing them to extract important information. As a result, technologically improved smart grids and smart energy meters are expected to aid market growth.

Restraint

High Deployment Cost with the Building Energy Management

The high initial cost of adopting energy management systems is a major impediment to the growth of the global building energy management market.

Global Building Energy Management Market: Key Players

• GENERAL ELECTRIC COMPANY

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Honeywell International Inc.
• Alphabet, Inc. (Google, Inc.)
• Vivint Inc.
• Comcast Cable Communications, LLC (Xfinity)
• EcoFactor, Inc.
• Energyhub, Inc.
• Ecobee, Inc.
• Panasonic Corporation
• SCHNEIDER ELECTRIC SE 
• Other Prominent Players

Global Building Energy Management Market: Regions

Global Building Energy Management Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America has the largest market share and is anticipated to continue to do so. Furthermore, political forces are causing major changes in energy restrictions in the United States. These shifting policies have a direct impact on BEMS uptake. Furthermore, the market initiatives like the North American Energy Management Pilot Program for natural resource energy conservation are positively driving the market.

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Impact of COVID-19 on Building Energy Management Market

The global COVID-19 pandemic has significantly hampered industrial activities and society's ability to survive. As a result of the COVID-19 epidemic, key players in the market saw a considerable drop in revenue. The shutdown of large factories and industrial plants has resulted in a significant reduction in global energy and electricity demand.

Global Building Energy Management Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, and Rest of Asia Pacific
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, South Africa, and Rest of Middle East and Africa

Global Building Energy Management Market report also contains analysis on:

Building Energy Management Market Segments:

• By Product Type
  • Lighting Controls
  • Self-Monitoring Systems and Services
  • Programmable Communicating Thermostats
  • Advanced Central Controllers
  • Intelligent HVAC Controllers 
• By Offering
  • Hardware
  • Software
  • Services
• By End User
  • Oil & Gas
  • Manufacturing
  • Building Automation
  • Energy & Utilities
  • Automotive
  • Pharmaceutical
  • Others (IT and Telecom, Hospitality) 
• Building Energy Management Market Dynamics
• Building Energy Management Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Building Energy Management Market Report Scope and Segmentation

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