BEMS: Key market research findings
- Increase in green construction spending
- Growing dominance of the commercial building segment
- Leading players include Honeywell, Johnson Controls, Schneider Electric, and Siemens
Technavio’s market research analysts predict the global next-generation BEMS market to grow at a CAGR of close to 11% between 2016 and 2020. The growing requirement for energy efficiency and cost reduction in buildings has propelled the use of building energy management systems (BEMS) especially in commercial buildings, healthcare facilities, and manufacturing plants. Several factors including stringent policies and regulatory and labeling directives coupled with the incentive support in various countries worldwide are attributing to the rapid growth of the global next-generation BEMS market. The Americas is the fastest-growing region in this market, registering a CAGR of 11% during the forecast period. Much of this region’s growth can be attributed to the high adoption of BEMS among several end-users. Factors such as growing need to comply with government standards and the need for energy conservation is propelling the incorporation of BEMS in the Americas.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the construction industry is making huge investments in energy efficiency solutions to counter the rising energy costs in buildings. The commercial sector is increasingly adopting green systems that promote building healthy and productive environment, increase efficiency, and decrease the impact of production and manufacturing on surroundings. Various green building associations and councils are shifting towards the implementation of BEMS to minimize energy savings and reduce GHG emissions,” Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
The commercial building segment dominated the BEMS market and is expected to hold more than 44% of the overall market share. The majority of commercial buildings are using BEMS to reduce energy consumption and improve energy efficiency of buildings. It is estimated that nearly 30% of the energy employed in buildings is wasted. Thus, with government initiatives, developers are trying to implement BEMS to conserve the wasted energy and utilize it which will improve the overall efficiency of the building.
The global next-generation BEMS market is highly competitive due to the presence of well-established large vendors. To gain higher market shares, the companies are adopting acquisitions or partnership as key strategies along with effective product launches. A large number of companies are gaining momentum in the market on the basis new innovative offerings at lower prices. With the introduction of products with new features and technologies, the competition among the vendors is likely to intensify in the future.
A more detailed analysis is available in the Technavio report, Global Next-Generation BEMS Market 2016-2020
We can customize reports by other regions and specific segments upon request.
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