The Worldwide Building Energy Management System Industry is Expected to Reach $10.6 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Building Energy Management System (BEMS) Market: Analysis By Components (Services, Software, and Hardware), By End-User (Residential, Commercial & Institutional, and Industrial), By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.

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 energy management system is a comprehensive system of hardware, software, and services.

The system helps to manage energy usage through numerous techniques such as information & communication technology, etc. Moreover, BEMS technology also provides monitoring, automation, and control of building systems such as heating, ventilation & air conditioning, and lighting to escalate the building's energy efficiency and improve comfort.

Due to the rise in urban population, growth in consumer awareness about the evolvement and use of the latest technology products, and an increase in the number of new construction of buildings, institutes, and complexes, would propel the market growth in the forthcoming years. The market is expected to grow at a CAGR of 12.67% during the forecast period of 2022-2027.

Impact Analysis of COVID-19 and Way Forward:

COVID-19 has negatively impacted the market growth in the year 2020. Industrial and commercial building energy demand has declined significantly in many countries, accompanied by an increase in residential energy demand. Restricting social distancing has resulted in a sharp drop in the utilization of commercial buildings. However, in 2021, the stabilization of the global economy and the clearance of the roadblocks in industrial manufacturing has resulted in tremendous growth in the BEMS market.

Competitive Landscape:

The global building energy management system market is moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major revenue share.

Market Dynamics

Drivers

• Rapid Urbanization
• Surging Energy Consumption
• Growth in Adoption of Smart Home Products
• Rise in Carbon Dioxide Emission
• Accelerating Construction Activities
• Rise in Consumer Spending
• Adoption of Smart Sensors
• Growth in Consumer Awareness

Challenges

• High Installation Cost
• Lack of Trained Experts

Market Trends

• Cloud Technology
• Surge in Adoption of Internet of Things (IoT)
• Decline in Fossil Fuel
• Government Initiatives and Regulations

Companies Mentioned

• 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 Electric Co.
• Azbil Corporation
• Landis+Gyr
• Robert Bosch GmbH
• IBM Corporation

For more information about this report visit https://www.researchandmarkets.com/r/fh9ngl