Global Building Energy Management System Market: Analysis By Components, By End-User, By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2027 – Yahoo Finance
The global building energy management system market in 2021 was valued at US$5. 20 billion. The market is expected to reach US$10. 64 billion by 2027. The building power management system is a comprehensive system of hardware, software, and services.
New York, Aug. 10, 2022 (GLOBE NEWSWIRE) — Reportlinker. com announces the release of the report “Global Building Energy Management System Market: Analysis By Components, Simply by End-User, By Region Size And Trends With Impact Of COVID-19 And Forecast as much as 2027” – https://www.reportlinker.com/p06313470/?utm_source=GNW
The system helps to manage energy usage through numerous techniques such as information & communication technology, etc. Moreover, BEMS technologies also provides monitoring, automation, and control of building systems such as heating, ventilation & air conditioning, and lighting in order to escalate the building’s energy efficiency plus improve comfort.
Due to the rise in urban population, growth within consumer awareness about the particular evolvement and use of the latest technology products, and an increase in the number of new construction associated with buildings, institutes, and complexes, would propel the market growth in the forthcoming years. The particular market will be expected in order to grow in a CAGR of 12. 67% during the forecast period of 2022-2027.
Marketplace Segmentation Evaluation:
By Component: The statement provides the particular bifurcation of the market into three segments based on the component: Services, Software, plus Hardware. In 2021, Solutions held a major share associated with 47% in the market. On the other hand, the software segment is expected to grow at the particular highest CAGR within the forth-coming years owing to the rise in technological innovation, increased acceptance of data analytics and cloud technology, and growth within the development of customer-centric models.
By End-User: The record further provided the segmentation based on the end-user: Residential, Commercial & Institutional, and Industrial. The residential sector held around half of the share in the particular market. The market’s expansion is aided by the rising use of products with high electricity consumption, like pool heaters, water heating units, batteries & chargers, attic fans, etc.
By Area: The review provides insight into the building energy management system marketplace based upon the regions namely Europe, North America, Asia Pacific, and the Rest of the World. European countries held the particular major discuss of above 30% on the market owing to the rising government regulation regarding greenhouse emissions plus favorable policies for adopting green building energy administration systems.
Within North America, Mexico is anticipated to be the fastest growing region in the forecasted period. Whereas, within the Asia Pacific cycles region, China held almost 51% reveal in the market owing to the power policies associated with China that emphasize electrical power, natural gas, cleaner, high-efficiency, and digital technologies.
Market Dynamics:
Growth Drivers: One of the most important factors impacting the worldwide building energy management program market is usually surging power consumption. The particular within energy consumption led to the particular increase in electricity production, which directly influenced the production as well as consumption cost. Hence, BEMS being an energy-conservative technology would attract more people to efficiently manage the use of natural resources and reduce the cost burden of electricity prices. Furthermore, the marketplace has been developing over the particular past few years, due in order to factors such as rapid urbanization, development in adoption of smart home items, rise within carbon dioxide emission, accelerating construction activities, rise in consumer spending, growth in customer awareness, ownership of wise sensors, and many other factors.
Challenges: However, the market has been confronted with some challenges specifically, high installation costs, lack of trained experts, etc .
Trends: The market is projected to grow at a fast pace during the forecast time period, due to various latest trends for example impair technology, the particular surge in adoption of the internet of things (IoT), the decline within fossil fuels, government initiatives and regulations, and so forth The infusion associated with IoT in BEMS plus merging it with multiple features this kind of as lighting, security, and heating is definitely facilitating the user to efficiently operate such equipment. Hence, the particular growth from the IoT market would congruently support the growth of the BEMS marketplace also.
Effect Analysis of COVID-19 plus Way Forward:
COVID-19 offers negatively impacted the market growth within the year 2020. Commercial and commercial building power demand provides declined significantly in many countries, accompanied by a rise in home energy demand. Restricting social distancing has resulted in a sharp drop in the utilization of industrial buildings. However , in 2021, the stabilization of the particular global economy as well as the clearance from the roadblocks in industrial manufacturing offers resulted in tremendous growth within the BEMS market.
Competitive Landscape:
The global building energy management system market can be moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major revenue share.
The key players within the global creating energy management system market are:
Honeywell International Inc.
Enel S. p. A (Enel X)
Johnson Controls International PLC
ABB Group
Siemens AG
General Electric Company (GE)
Schneider Electric SE
Emerson Electrical Co.
Azbil Corporation
Landis+Gyr
Robert Bosch GmbH
IBM Corporation
Some of the strategies among key players in the market for building power management systems are product launches, mergers, acquisitions, plus collaborations. For instance, in 2021, Emerson Electric Co. acquired OSI, an operations technology software program provider, which broadens and complements Automation Solutions’ software portfolio plus ability in order to help customers in the global power industry. Whereas, Landis+Gyr acquired True Energy A/S, which complements the company’s portfolio by expanding its smart infrastructure.
Read the full report: https://www.reportlinker.com/p06313470/?utm_source=GNW
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