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Building Energy Management Market: By Product Type (Lighting Controls, Self-Monitoring Systems and Services, Programmable Communicating Thermostats, Advanced Central Controllers, Intelligent HVAC Controllers), By Offering (Hardware, Software, Services), By End User (Oil & Gas, Manufacturing, Building Automation, Energy & Utilities, Automotive, Pharmaceutical, and Others [IT and Telecom, Hospitality]), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[170+ Pages Research Report] Building Energy Management Market to surpass USD 18.8 billion by 2031 from USD 5.9 billion in 2021 at a CAGR of 12.6% throughout the forecast period 2021-31
Building energy management system is a computer-based system that monitors and manages electrical and mechanical equipment in a building, including lighting, power systems, heating, and ventilation. The BEMS is linked to the building's service plant and then to a central computer, allowing for temperature, lighting, and humidity management at specific periods. Cables connect the building's different hubs to a central supervisory computer, which allows building operators to regulate the building. Building energy management software allows operators to improve building performance by providing control features, monitoring, and warnings.
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Global Building Energy Management Market to surpass USD 18.8 billion by 2031 from USD 5.9 billion in 2021 at a CAGR of 12.3% in the coming years, i.e., 2021-2031. Building Energy Management Systems Market expansion is expected to be fueled by factors such as the rising global need for energy efficiency in the construction sector and the rising population, which drive demand for energy-efficient housing. Supportive rules for green construction methods, as well as an increase in the penetration of smart building structures, will also boost merchandise demand.
On the basis of Offering, the global Building Energy Management Market is fragmented into Hardware, Software, and Services. In 2020, the Hardware segment had the largest market share, and by 2026, it is expected to rise at a significant rate, exhibiting a significant CAGR during the analysis period. In 2020, the United States will be the largest regional market for the Hardware segment. China is on track to have the fastest compounded annual growth rate during the analysis period, and to make significant progress by the end.
Global Building Energy Management Market is classified on the basis of End User into Oil & Gas, Manufacturing, Building Automation, Energy & Utilities, Automotive, Pharmaceutical, and Others (IT and Telecom, Hospitality). Owing to the rising energy consumption, the oil and gas industry has a significant market share. Furthermore, governments all over the world are imposing tight rules on the oil and gas industry in order to promote efficient energy consumption and environmental sustainability. Implementing power management systems in industries can result in significant energy savings and lower carbon emissions while also being cost-effective.
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Building Energy Management Around the World Due to factors such as rising demand for energy-efficient solutions, increased urbanization in developing economies, and an increase in the number of connected devices through the Internet of Things, the market size is expected to grow significantly during the forecast period. With the construction of smart buildings, emerging countries in Asia Pacific and America are seeing fast urbanization. The increased awareness of housing development in these countries has led to an increase in demand for enhanced housing infrastructure. Building Energy Management would be implemented in newly constructed buildings as a result of this.
Smart grids' benefits, such as reduced electricity bills, increased reliability, lower costs, and fraud detection, are boosting their implementation. Smart grids and meters also have data collection and processing capabilities, allowing them to extract important information. As a result, technologically improved smart grids and smart energy meters are expected to aid market growth.
The high initial cost of adopting energy management systems is a major impediment to the growth of the global building energy management market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Building Energy Management Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America has the largest market share and is anticipated to continue to do so. Furthermore, political forces are causing major changes in energy restrictions in the United States. These shifting policies have a direct impact on BEMS uptake. Furthermore, the market initiatives like the North American Energy Management Pilot Program for natural resource energy conservation are positively driving the market.
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The global COVID-19 pandemic has significantly hampered industrial activities and society's ability to survive. As a result of the COVID-19 epidemic, key players in the market saw a considerable drop in revenue. The shutdown of large factories and industrial plants has resulted in a significant reduction in global energy and electricity demand.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 5.9 billion |
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Revenue forecast in 2031 |
USD 18.8 billion |
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Growth Rate |
CAGR of 12.3% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product Type, Offering, End User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
GENERAL ELECTRIC COMPANY, Honeywell International Inc., Alphabet, Inc. (Google, Inc.), Vivint Inc., Comcast Cable Communications, LLC (Xfinity), EcoFactor, Inc., Energyhub, Inc., Ecobee, Inc., Panasonic Corporation, SCHNEIDER ELECTRIC SE, and Other Prominent Players. |
Building Energy Management Market size was estimated at USD 5.9 billion in 2021 and is expected to reach USD 18.8 billion in 2031.
Building Energy Management Systems (BEMS) are computerized, integrated systems that monitor, scrutinize, and regulate all energy-related services in a building, including HVAC, power, and lighting.
The Hardware segment accounted for the largest Building Energy Management Market share.
Key players in the Building Energy Management Market include GENERAL ELECTRIC COMPANY, Honeywell International Inc., Alphabet, Inc. (Google, Inc.), Vivint Inc., Comcast Cable Communications, LLC (Xfinity), EcoFactor, Inc., Energyhub, Inc., Ecobee, Inc., Panasonic Corporation, SCHNEIDER ELECTRIC SE, and Other Prominent Players.
The rise in air-conditioning ownership and use, as well as harsh weather conditions, are the main drivers of increased power use in the construction industry, which contributes to rising carbon emissions.
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