The growing demands of the ever-growing population have put an immense pressure on the climate, and the need for its conservation has been escalating with the passing time. The increased pollution level due to industrial advancements and rising population has put forth the dangers of climate change. According to the United Nations Environment Programme (UNEP), approximately 80 to 90% of the energy consumption in buildings is utilized during a building’s operational phase. The remaining 10 to 20%, is used during extraction and processing of raw materials along with construction.
The population growth rate was estimated to be 1.13% in 2016, and the current economic growth rate is 3.4%, which makes it evident that the average standard of living will increase gradually in the coming years. The demand for better lighting, air conditioning and other consumer electronics which consume high electricity will rise with it. However, the increasing price of electricity and high electrical energy consumption has led the people to use building energy management systems, which provides higher energy efficiency, as well as minimize operational costs.
The global building energy management systems market is expected to reach $9.32 billion by 2023. The visible signs of climate change have forced the world to opt for sustainable development and energy conservation. Thus, the increasing demand for sustainable development and energy efficient methods and devices is propelling the growth of the market. Many countries are implementing this system in their high-end buildings which optimize building controls, improve energy efficiency and coordinate access controls.
Since the BEMS is new and the assistance and consultation are required frequently by the end-users, the services segment of BEMS market acquired a major share of the revenue. BEMS hardware helps in the reduction of energy consumption by the building by 20%-30%, along with the reduction of payback period, and provides an automatic control of the functions of the buildings. These features will be highly influential in the future growth of the market. On the other hand, BEMS software equips the user with a dynamic view of the building energy consumptions, using browser interfaces, which will help to enhance the energy management and its usage. The data collected by the software opens a plethora of options for end-users to enhance their building operation systems, reduce costs, and validate investments in energy savings measures and system upgrades.
On a global scale, residential buildings contribute 40% to the total energy consumption, and this fact makes residential building segment a potential growth stimulus for the BEMS market. Energy savings in the residential sector will help the nations achieve their regulatory target of the reduction in greenhouse gases. The commercial application for BEMS is expected to increase as the demand for energy security and sustainable development, along with environmental and social benefits, is increasing in this sector.
BIS Research has conducted an extensive market research on ‘Global Building Energy Management Systems Market, Analysis & Forecast: 2017 – 2023‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.