The market for building energy management solutions is anticipated to grow at an impressive 12.5% CAGR between 2022 and 2032. Building energy management systems market share is estimated to reach a total assets of US$ 15.2 billion over the specified years, which is an improvement over the current valuation of US$ 4.7 billion in 2022.
The primary factors influencing the growth of the building energy management solutions market globally are the growing global demands for energy proficiency and the mechanical advancement in energy proficient building management systems. The framework for building energy management is a well-thought-out, contemporary solution that enables smart building energy productivity.
These solutions incorporate observing and controlling the working gadgets and gear of the building, for example, ventilation and cooling frameworks, warming, lighting, checking, identifying and other associated power frameworks.
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Building energy management framework empowers the constant checking and control on whole framework associated with the building. Energy execution of the building is accomplished by the consistent improvement of the building computerization and control frameworks.
Building energy management solutions additionally incorporates energy request management, which manages improvement energy use by coordinating, unofficial laws, monetary motivations and conduct changes.
Global Building Energy Management Solutions Market: Market Dynamics
Rising energy efficiency standards, broader adaptation to internet of things (IoT) technology coupled with analytical solutions, stringent government regulation on energy efficiency, and global initiative to reduce greenhouse emission are the key factor driving the global demand for building energy management solutions.
Changing organizational structures, rising energy cost, growing awareness on energy governance, and the developing trend towards smart building are further expected to accelerate the demand for building energy management solutions globally.
Additionally, increasing customer understanding about the business benefits of energy management solutions, rising carbon taxes, and favorable government polies to implement energy management solutions are expected to fuel the growth of building energy management solutions market globally.
However, high implementation cost, unstable economic condition and long-term return on investment are some of the factors restraining the growth of global building energy management solutions market.
Global Building Energy Management Solutions Market: Regional Outlook
Regionally, the global building energy management solutions market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
North America and Europe market is in advanced stage of energy management solutions and is expected to dominate the market. Asia Pacific is identified as the fastest growing market due to growing economy, technological advancement, expanding infrastructure, smart city initiatives, and industrialization.
Global Building Energy Management Solutions Market: Competition Landscape
The key vendors in the global building energy management solutions market are Siemens AG, Schneider Electric, Honeywell International, Inc., Cisco, Eaton., General Electric Company, Johnson Controls., CA Technologies, Ecova, Inc., and Cylon Controls. Collaborating with other players and service providers in the building energy management market is the key strategy followed by major market vendors to gain competitive edge.
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Key Segments in the Building Energy Management Solutions Market
By Component:
- Hardware
- Software
- Sensors
- Actuators
- Controls
- Others
By End User:
- Industrial
- Commercial
- Government
- Residential
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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