Fr. Mrz 29th, 2024

The building energy management system market is projected to grow from $5.86 billion in 2018 to $12.72 billion by 2025, growing at a CAGR of 11.71% from 2018 to 2025. The deployment of automation and control systems to steer the application of energy management systems is expected to augment the growth of the market.

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The building energy management system market can be wired, wireless, or a combination of both. While installing building control systems or building energy management systems, many industries prefer the use of most efficient, economic, and environmental-friendly solutions to meet their growing demand for maintaining energy efficiency. Since building energy management systems can be wired or wireless, buildings are audited to figure out which system is appropriate, how well the signals are being received, and how much amount of disturbances are there. The major factor considered for the selection and installation of the systems, apart from the services, is usually the cost associated with installation.

In 2018, wireless systems held more than 53.19% share of the total building energy management systems market. Building owners and other end users can take advantage of wireless systems to automate building controls that previously could not be justified. The use of wireless technology has emerged as a cost-effective method across the globe in terms of meeting the required standards of building energy management by end users. The use of wireless systems in building helps in reducing energy cost and also enhancing the performance of the building.

The exponential increase in the global population has led to the rise in energy consumption and shrinking natural resources, thereby depleting the ozone layer. Hence, the need to enhance energy consumption has become critical due to continuous increase in energy demand mainly from industrial, residential, and commercial consumers. Major end-user industries of building energy management technologies include residential, commercial, and industrial. The residential sector represents the most significant end-user industry in the market for building energy management systems.

The building energy management industry has been spending millions of dollars for the innovation of smart appliances and technologies for efficient energy consumption and also to track the real-time data of an entire residential site where the system has been installed. The use of building energy management systems has helped the residential consumers to analyze a set of data collected from sensors planted at the site. Building energy management systems have been adapted to not only improve the operational performance but also ensure a secure living environment for the end users.

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North America, followed by the Europe region, generated the highest revenue in the building energy management system market in 2018. The Europe market for building energy management technologies is quite developed with major growth opportunities arising from countries in the Eastern Europe region. The fastest growth rate is expected from the Asia-Pacific and Rest-of-the-world regions. Among all the countries, the U.S. generated the highest revenue of $654.0 million in 2018 from $595.3 million in 2017 in the global building energy management system market. Strong growth in the U.S. market was largely due to the high rate of adoption of technologies in the U.S. However, during the forecast period, countries, such as China, India, Australia, Singapore, the U.K., Norway, and Mexico, are projected to display significantly fast market growth. These countries present immense scope for market development, owing to the increasing urban population size, growing market penetration of advance technologies, and favorable government investments.

Among all the countries, the U.S. generated the highest revenue of $653.0 million in 2018. This was largely due to the increased adaptability of technologies by the leading companies in the country. Moreover, the majority of the leading players, expanding their product portfolio in the country’s market, are also contributing towards the growth. Countries, such as the U.K. and Norway, are also expected to achieve high gains in the market, owing to economic growth and increasing awareness about the energy management practices across different industries.

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