Global Building Energy Management System Market to Reach Value of USD 26.43 Billion by 2032 | Emergen Research
Rapid digitization and increasing adoption of smart devices in developing countries are some key factors driving global building energy management system market growth
Vancouver, Nov. 06, 2023 (GLOBE NEWSWIRE) — The global building energy management system market is projected to reach a market size of USD 26.43 Billion at a steady CAGR of 11.8% in 2032, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing concerns regarding environmental impact and adverse impact on public health caused by carbon dioxide emissions due to rising use of fossil fuels. Rising need to reduce dependence on fossil fuels due to depleting natural energy resources is another factor contributing significantly to growing demand for and deployment of building energy management systems globally. The various advantages offered by building energy management systems such as utility bill tracking, collection of energy data from various equipment such as HVAC and lighting, and real-time metering are also resulting in increasing deployment of these systems in commercial and residential buildings. Government initiatives to encourage use of CFLs and LEDs in commercial, residential, and industrial sectors are also expected to boost demand for building energy management systems in developed and developing economies. Moreover, development of smart cities and increasing adoption of smart devices coupled with rapid digitization are among other factors contributing to growth of the building energy management system market, and the trend is expected to continue during the forecast period.
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Scope of Research
|Market size in 2019||USD 6.97 Billion|
|Revenue forecast in 2032||USD 26.43 Billion|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Components and services, communication, end-use, and region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, South Africa, Turkey|
|Key companies profiled||ABB, Accenture, Cisco Systems, Emerson Electric Co., General Electric, Hitachi Ltd., Honeywell international Inc., IBM, Johnson Controls and Schneider Electric|
|Customization scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and 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. Major companies have well-established manufacturing facilities and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies in the building energy management system market. Some prominent players operating in the building energy management system market are:
- Cisco Systems
- Emerson Electric Co.
- General Electric
- Hitachi Ltd.
- Honeywell international Inc.
- Johnson Controls
- Schneider Electric
In March 2020, Emerson Electric Co. announced the complete acquisition of Verdant, which is a major market player in energy management solutions for hospitality industry. This acquisition is expected to help in the growth of the energy management and optimization capabilities of Emerson for commercial and residential applications.
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Key Highlights of Report
- In December 2020, Honeywell International Inc., which is a global leader in connected buildings, announced a collaboration with Signify. The latter is the world leader in lighting, and this collaboration is to enable deployment of integrated, smart lighting solutions for commercial buildings. The companies are aiming to improve owner’s experience and minimize energy consumption. The collaboration will integrate Honeywell Building Management Systems and Honeywell Forge enterprise performance management platforms with Interact connected lighting system and software of Signify and its UV-disinfection lighting.
- Wireless building energy management systems segment revenue is expected to expand at a rapid CAGR of 12.1% during the forecast period. Wireless building energy management systems offer better performance in comparison to conventional hard-wired systems, and demand for a deployment of wireless building energy management systems is expected to increase significantly going ahead.
- Commercial segment accounted for a significantly high revenue share in the global building energy management system market in 2019. Stringent government regulations regarding carbon dioxide emissions is a key factor driving increasing utilization of building energy management system in commercial sectors.
- Europe accounted for largest revenue share contribution to the global building energy management system market in 2019. Increasing adoption of renewable energy resources in commercial and industrials sectors in countries in the region is a key factor contributing to growing demand for building energy management systems.
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Emergen Research has segmented the global building energy management system market on the basis of components and services, communication, end-use, and region:
- Components and services Outlook (Revenue, USD Billion; 2019–2032)
- Communication Outlook (Revenue, USD Billion; 2019–2032)
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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