London, 09 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global BEMS market 2015-2019, which is projected to grow at a CAGR of 16.5% during the forecast period of 2014-2019.
The market is expected to witness an increase in its growth rate owing to the growing need for enhanced energy management, comfort, and safety controls. Moreover, the decreasing costs of monitoring and control devices are aiding building energy management system (BEMS) to become a cost-effective solution for various buildings. Increased demand to reduce CO2 emissions from buildings has spurred the demand for BEMS.
“Most vendors are integrating software and services to form a platform that will fulfil all the energy requirements, starting from procurement to demand-side management,” says Faisal Ghaus, Vice President of Technavio.
“For instance, Philips’ Envision project involves the development of user-friendly Envision software, supported by an Envision app that provides solutions tailored to every customer’s requirements.”
Key Market Drivers
- Need to Minimize Energy Consumption
- Positive Brand Image
- Rise in Construction of Smart Grids
- Increased Electricity Cost
- Regulatory and Legal Requirements
Key Market Trends
- Development of User-friendly Programming Platforms
- Increased Need for Energy Management
- Smart Meter Deployment
- Development of Centralized Remote Control System
- Development of Industry-specific Building Energy Software
Key Market Vendors
- GE Digital Energy
- Honeywell International
- Johnson Controls Inc.
- Schneider Electric
- Siemens Building Technologies
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
