Vancouver, BC -- (SBWire) -- 04/22/2021 --The global building energy management system market is expected to reach a market size of USD 16.92 Billion at a steady CAGR of 11.8% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing government incentives and policies such as tax benefits related to energy efficiency and associated solutions and services. Policies of government bodies regarding minimization of energy consumption such as Leadership in Energy and Environmental Design (LEED) and Green Rating for Integrated Habitat Assessment (GRIHA) in India is expected to have favorable impact on growth of the building energy management systems market in the country.
The latest market report offers an in-depth analysis of quantitative and qualitative factors affecting the industry growth. Such elements of the report, along with the growth forecast over the foreseeable future, enable the reader to obtain meaningful insights into the global market.
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Key Highlights of Report
In October 2020, Honeywell International Inc. and Vertiv entered into a partnership in order to introduce integrated solutions to optimize data center resiliency, ensure sustainability, and improve operational performance. The companies are expected to leverage building data to minimize energy costs and use, optimize operations, and improve data center sustainability and performance.
Software segment accounted for largest market share of 2019. Increasing investment by major market players such as Schneider Electric, IBM Corporation, and Honeywell International Inc. for the incorporation of data analytics software in their existing building energy management systems is expected to support growth of the software platforms in the market.
Wireless building energy management systems segment revenue is expected to expand at a rapid CAGR of 12.1% during the forecast period. Lower cost, greater flexibility, and higher reliability of wireless building energy management systems over hard-wired systems are key factors driving adoption of these systems.
Commercial segment accounted for a significantly high revenue share in the building energy management system market in 2019. Increasing adoption of building energy management systems in the healthcare sector, corporate sector, hospitality sector, and large shopping complexes is expected to continue to drive revenue growth of the commercial sector segment.
Key players in the market include ABB, Accenture, Cisco Systems, Emerson Electric Co., General Electric, Hitachi Ltd., Honeywell international Inc., IBM, Johnson Controls and Schneider Electric.
Building Energy Management System Market Segmentation:
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; 2021–2028)
Software
Hardware
Services
Communication Outlook (Revenue, USD Billion; 2021–2028)
Wired
Wireless
End-use Outlook (Revenue, USD Billion; 2021–2028)
Commercial
Residential
Government
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Additional information offered by the report:
A complete overview of the global Building Energy Management System market.
Detailed examination of the various market dynamics, including drivers, opportunities, challenges, threats, constraints, and development prospects prevailing in the global market.
Diverse market trends observed on regional and global levels. The report also elaborates on the market size and shares governed by the major geographies, combined with a precise growth forecast analysis, cost analysis, micro- and macro-economic indicators, and regulatory framework.
A vivid analysis of the company profiles of the key market contenders operating in the global Building Energy Management System market.
Extensive research & development assessment, and a detailed study of the growing demand for new products and the increasing application of the existing and new products.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Building Energy Management System Market Segmentation & Impact Analysis
4.1. Building Energy Management System Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing energy consumption and prices
4.2.2.2. Rising government policies regarding energy efficiency
4.2.2.3. Increasing smart grid services
4.2.3. Market restraints analysis
4.2.3.1. Lack of awareness among consumers
4.2.3.2. High initial investment
4.2.3.3. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Building Energy Management System Market By Components and services Insights & Trends, Revenue (USD Billion)
5.1. Components and services Dynamics & Market Share, 2020 & 2028
5.1.1. Software
5.1.2. Hardware
5.1.3. Services
CONTINUED..!!
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Building Energy Management System Market Size, Share, Top Key Players, Growth, Drivers, Research Methodology and Forecast Till 2028
Rising need to minimize energy costs, increase energy efficiency, and growing concerns regarding climate change are some key factors driving global building energy management system market growth.