Rising global initiatives for energy efficiency and technological advancement in energy efficient building management solutions, are the key factors influencing the growth of building energy management solutions market globally. Building energy management system is an integrated computerized solution to enable cost-effective energy efficiency in buildings. These solutions include monitoring and controlling the operating devices and equipment of the building such as, ventilation & air conditioning systems, heating, lighting, monitoring, detecting and other connected power systems.
Building energy management system enables the real-time monitoring and control on entire system connected to the building. Energy performance of the building is achieved by the continuous optimization of the building automation and control systems. Building energy management solutions also includes energy demand management, which deals with optimization energy utilization by integrating, government regulations, financial incentives and behavioral 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.
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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: Segmentation
Global building energy management solutions market is segmented on the basis of component, end user, and region.
On the basis of component, the global building energy management solutions market can be segmented into hardware and software. The hardware segment is further sub-segmented into sensors, actuators, controls and others.
On the basis of end user, the global building energy management solutions market can be segmented into industrial, commercial, government and residential.
Software segment is expected to be the attractive segment due to growing trend towards integration of cloud service and predictive analytics solutions with the building energy management system.
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.
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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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