Global Building Energy Management Systems (BEMS) Market to Reach $7.3 Billion by 2026
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Editing: 19; Published: February 2022
Executive commitments: 24206
Companies: 101 – Players covered include ABB Ltd. ; Accruent Inc.; Azbil Company; BuildingIQ Pty Ltd. ; C3.ai, Inc.; Carma Industries Inc.; Daikin applied; Enel X; eSight Energy Ltd. ; General electricity company; GridPoint; Honeywell International, Inc.; IBM Corporation; Johnson Controls; Optimum Energy LLC; Schneider Electric SE; Siemens AG; Toshiba Energy Systems & Solutions Corporation and others.
Blanket: All major geographies and key segments
segments: Component (Services, Software, Hardware); Application (Commercial, Residential, Industrial)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global Building Energy Management Systems (BEMS) Market to Reach $7.3 billion by 2026
Building energy management systems (BEMS) are sophisticated systems integrating hardware, software and services with information and communication technologies to monitor, automate, manage and control the energy needs of buildings. BEMS are microcomputer systems that automatically monitor and control energy-intensive electrical and mechanical equipment such as thermostats, HVAC, and lighting in a single building or group of buildings to improve energy efficiency and comfort. Components such as air conditioners, lighting, boilers, water heaters, elevating machinery, exit machinery, plumbing and sanitary equipment are controlled by BEMS. BEMS works by connecting the building’s engineering departments to a central computer that allows control of on/off times, humidity, temperature, and other factors. The concept of BEMS plays a vital role in managing energy demand, especially in multi-building sites and large complex buildings.
BEMS’ ability to monitor, manage and control energy consumption in buildings and factories maintains a perfect balance to reduce operating costs. The technology enables building operators to significantly reduce energy consumption for economic and environmental benefits. Saving energy also reduces carbon emissions and helps building operators comply with associated regulations and sustainability goals. BEMS controls various systems such as HVAC to improve occupant comfort and productivity. In addition, technology plays a vital role in reducing repair and maintenance costs. BEMS receives and forwards alarm data for quick action and problem resolution. These advantages make BEMS a lucrative market that is expected to see huge growth opportunities in the coming years. These systems should be widely adopted to maintain efficient operations and ensure optimized controls for energy and cost savings.
Amid COVID-19 crisis, Global Building Energy Management Systems (BEMS) Market Estimated at US$4.3 billion in 2022, is expected to reach a revised size of US$7.3 billion by 2026, growing at a CAGR of 12.4% over the analysis period. Services, one of the segments analyzed in the report, is expected to register a CAGR of 13.4% and reach US$4.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and induced economic crisis, Software segment growth is readjusted to a revised CAGR of 11.5% for the next 7-year period.
The US market is estimated at $1.4 billion in 2022, when China is expected to reach $758.2 million by 2026
The Building Energy Management Systems (BEMS) Market in the United States is estimated at US$1.4 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$758.2 million by 2026 with a CAGR of 16.2% over the analysis period. Other notable geographic markets include Japan and Canadaeach predicting growth of 8.9% and 9.5% respectively over the analysis period. North America and Europe are the dominant markets mainly due to the high proportion of energy consumed by non-residential buildings and regulatory pressure to improve energy efficiency and reduce energy consumption and costs. Despite the economic downturn and protracted sovereign debt crisis, the ambitious environmental targets undertaken to comply with stringent regulations and legislation at EU and national level to boost the adoption of energy efficiency technologies in Europe. The volatility of gas prices, coupled with the uncertainty of gas supply due to political and economic turmoil in the Persian Gulf region and Russia recent years are contributing significantly to the adoption of BEMS in Western European countries. Driven by the growing popularity of smart cities and green technologies and the high growth prospects, various US-based companies are making substantial investments to develop innovative technologies. Fueled by the growing requirement to comply with energy saving standards, the BEMS system market in the United States is expected to witness upward momentum over the coming years. BEMS penetration into the Asia Pacific region is weak due to lack of builder and consumer awareness of the importance of energy efficiency in building engineering services, as well as high market fragmentation and energy efficiency policies. Nevertheless, the Asia Pacific represents the fastest growing market, driven by major government initiatives to implement smart buildings, smart grids and smart cities.
Hardware segment to reach $714 million by 2026
The global Hardware segment market is estimated at US$447.1 million in 2022, and should reach US$714 million by 2026 reflecting a compound annual growth rate of 10.5% over the analysis period. United States constitutes the largest regional market for the Hardware segment, accounting for 36.0% of global sales. China is poised to register the fastest compound annual growth rate of 13.8% over the analysis period, reaching US$67.3 million at the end of the analysis period. Continued
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