The effect of high energy consumption is very much evident on a global scale with climate affecting every continent in one way or another. The power sector along with others are looking for an efficient way to minimize the energy consumption and minimize the adverse effect on climate. The recent eclipse witnessed all over the U.S.A gave a precise chance to power grid operators, utilities and electricity generators, a means of testing plants, software, and markets refined in recent years in anticipation of the day when renewable energy becomes the world’s dominant source of power. Austin Whitman, director of regulatory affairs at FirstFuel Software Inc. mentioned in his statement that grids and utilities “are quite frankly becoming tech companies” in their need to crunch big data to operate more efficiently, and this eclipse “is a little bit like Y2K.”1
Building energy management systems are playing a vital role in the reduction of energy consumption, especially in the residential sector which accounts for 40% of the total energy consumption. Honeywell successfully implemented its networked Building Management and Energy Management Systems in a hotel in Australia this month. The Honeywell Enterprise Building Integrator (EBI) and Building Management System (BMS) are integrated with Honeywell's INNCOM guest room energy management system (EMS) to optimize enterprise building controls, improve energy efficiency and coordinate access controls, lighting and drapes.2
Companies in the market are adopting organic and inorganic strategies to stay ahead in the market. One of the market players, EnerNOC, Inc., announced in a press release on 24th August 2017, that as a result of its merger with and into Pine Merger Sub, Inc., EnerNOC has commenced an offer to repurchase (the "Offer") any and all of its outstanding 2.25% Convertible Senior Notes due 2019 in accordance with the indenture governing the Notes (the "Indenture").
Acknowledging the opportunities ahead for the BEMS market, BIS Research has compiled a report titled ‘Global Building Energy Management Systems Market, Analysis & Forecast: 2017 – 2023’. According to the analyst at BIS Research, “the global building energy management systems market is expected to reach $9.32 billion by 2023. North America dominated the global market in 2016. In the U.S. alone, organizations spend $100 billion on the energy of their buildings. In large urban areas such as New York and Chicago, energy consumption exceeds 70%.”
1 Hudson Valley 360