The market for next generation building energy management systems 2020 is on track to record a tremendous growth rate of 15.3% from 2019 to 2025, (forecast period), says Market Research Future (MRFR).
The global market for Next-Generation Building Energy Management Systems is marked by the presence of a number of regional as well as local providers. A few of the renowned players in the market include Johnson Controls, Honeywell, Siemens, ABB, Echelon, CISCO, Daikin, GridPoint, CBRE Group, Schneider Electric, among others.
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Top Growth Boosters and Key Barriers
Next generation building energy management systems or BEMS have been subjected to massive evolution with the surge in the focus on using data in commercial buildings that are powered by technology trends like cloud networking and the Internet of Things (IoT). Next-generation BEMS is a crucial component in managing the demand for energy in massive complex or multi-building sites. There is a substantial difference between next-gen BEMS and various other control systems since the former boasts of distinctive features like information of processes, communication, and various remotely operated roles that are controlled via a central operating unit.
Technological advancements in next-generation BEMS hardware for sensors as well as communication highways along with computer processing power have resulted in a high preference for these kinds of management systems. Next-gen BEMS has managed to considerably reduce the cost of management systems.
Developments in technology have also boosted the possibilities of using next generation building energy management systems. At present, there is a high possibility of monitoring multiple buildings simultaneously while integrating their tasks. The cooling and heating requirements in buildings can now be combined, leading to considerable energy saving as well as management of a single building to the optimum.
The Next-Generation Building Energy Management Systems market has been extensively evaluated in the report, with respect to primary segments like type, communication technology as well as application.
Types of next-gen BEMS are service, hardware and software. The types of software in the market are asset performance optimization, data management, HVAC system, lighting system and application platform. The service segment is inclusive of sub-segments like consulting & training as well as support & maintenance services.
The segments with respect to communication technology covered in the report are wired and wireless.
The application-wise segments in the market are manufacturing facilities, commercial buildings, government establishments, along with educational institutions and hospitals.
The global market for next generation building energy management systems is expected to garner massive revenues in the following years. The said market growth is anticipated to be witnessed in the primary regions of North America, Asia Pacific (APAC), Middle East & Africa, South America, and Europe, says the MRFR report.
Europe has managed to claim the leading position among all the regions and owns the largest share in the global next generation building energy management systems market, as estimated in 2018. The region is known for being an early adopter of next-generation BMS, as well as expansive construction industry. The European market also stands to benefit from the high concentration of highly renowned companies that put intense efforts in innovating and developing advanced products to acquire a better position in the market.
APAC is all set to become one of the most profitable markets for next generation building energy management systems during the evaluation timeframe. Some of the chief factors fostering the market growth in APAC include the mounting demand for the construction of industrial and residential buildings. Given the rising urbanization as well as industrialization along with the expanding population and the subsequently rising demand for electricity, the market size is set to multiply in the region during the given timeline. The increasing popularity of green building technologies also benefits the regional market.
In view of a well-established infrastructure network combined with the widespread adoption of EMS across industries like power, retail, manufacturing, and other industries, North America is projected to be one of the strongest contenders in the global market.
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