DUBLIN--(BUSINESS WIRE)--The "Global Building Energy Management Systems Market, Analysis & Forecast: 2017 - 2023 (Focus on Components and Services, End User Such as Residential, Commercial and Industrial)" report has been added to ResearchAndMarkets.com's offering.
Global Building Energy Management Systems Market to Reach $9.32 Billion by 2023
Services acquired major revenue because of the understanding of the BEMS consulting and installation required by the end users across different buildings. The benefits associated with BEMS hardware such as reduction in buildings' energy consumption by 20%-30%, reduction of payback period, along with automatic control of the functions of the buildings will drive the market during the forecast period. BEMS software utilize browser interfaces to provide a dynamic view of the building energy consumptions in order to enhance energy management and its usage. Access to this energy consumption data opens up new opportunities for building owners to enhance the operation of their systems, reduce costs, and validate investments in energy savings measures and system upgrades.
Residential buildings account for approximately 40% of the total energy consumption. The prospective savings of energy efficiency in the residential vertical can substantially contribute to a worldwide reduction of energy consumption. Energy savings across the residential sector reduces the demand for energy which significantly contribute to a nation's compliance with regulatory targets for the reduction of greenhouse gas emissions. The growth in the commercial application will be led by the increasing demand for energy security and sustainable development, along with environmental and social benefits.
Commercial application vertical includes building types such as offices (government and private), retail stores, institutions (schools, colleges and universities), hospitals, shopping malls and hotels, among others. Approximately 30% of the energy resources on an average is wasted by the commercial buildings.
North America dominated the global market in 2016. In the U.S. alone, organizations spend $100 billion on the energy of their buildings. In large urban areas such as New York and Chicago, energy consumption exceeds 70%. The vast majority of the current building stocks, specifically commercial buildings, will cross over 75% of the existing buildings in place by 2040. The APAC region is estimated to grow at a highest CAGR from 2017-2023 owing to development of smart cities and adoption of green technologies.
The vast majority of the current building stocks, specifically commercial buildings, will cross over 75% of the existing buildings in place by 2040. Buildings consume approximately 36% of the total energy consumption in the European Union (EU), 66% of which is in the residential sector. 70% of the building stock in the EU region is still energy inefficient. Different countries' regulatory bodies and governments define their own set of norms and standards for making their economy energy efficient. For instance, in the U.S., in 2016, Obama's government set a clean energy target for North America to generate 50% of the electricity through non-polluting resources by 2025. For the European Union (EU) region, European Commission has set a target of 20% energy efficiency by 2020. Similarly, Japan aims to achieve 30% enhancement in energy efficiency by 2030. The increasing levels of interest in the energy efficiency are expected to drive the BEMS market to grow at a CAGR of 11.14% during the forecast period.
This report is a meticulous compilation of research on more than 50 major players in the building energy management systems industry. Moreover, it draws upon insights from in-depth interviews with key opinion leaders of more than 15 leading companies, market participants, and vendors.
The report also profiles around 26 companies, which are leading solution providers, including Honeywell, Schneider Electric, Johnson Controls, and Siemens, among others.
Key Topics Covered:
1 Research Scope and Methodology
2 Market Dynamics
3 Competitive Insights
4 Industry Analysis
5 The Global Building Energy Management Systems Market, Analysis and Forecast
6 Company Profiles
- ABB Ltd.
- Azbil Corporation
- BuildingIQ, Inc.
- C3 IoT
- Cylon Controls Ltd.
- Daintree Networks
- Echelon Corporation
- Ecova, Inc.
- EnerNOC, Inc.
- eSight Energy
- FirstFuel Software, Inc.
- General Electric
- GridPoint, Inc.
- Honeywell International Inc.
- Ingersoll-Rand PLC
- International Business Machines Corporation
- Johnson Controls, Inc.
- Jones Lang LaSalle Incorporated
- Optimum Energy LLC
- Powerhouse Dynamics
- Schneider Electric
- Siemens AG
- SkyFoundry LLC
- Verisae, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/mm8xgw/global_building?w=4