A crucial CAGR of 12.5% is anticipated for the building energy management solutions market between 2022 and 2032. Building energy management systems market share is anticipated to reach a total resource value of US$ 15.2 billion over the predetermined years, up from a continuous valuation of US$ 4.7 billion in 2022.
The main elements affecting the expansion of the building energy management solutions market globally are the rising general pushes for energy capability and mechanical movement in energy-capable building management solutions. An organized, modernized solution for implementing intelligent energy efficiency in buildings is the building energy management structure.
These solutions combine monitoring and managing the building’s operational devices and materials, such as heating, lighting, ventilation, and other relevant power systems.
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The framework for managing building energy enables ongoing monitoring and control of the entire building-related system. The continuous development of the building’s computerization and control systems allows for the efficient use of energy.
Energy request management is a component of building energy management solutions that control improvement energy consumption by coordinating unofficial legislation, 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 initiatives to reduce greenhouse emissions are the key factor driving the global demand for building energy management solutions.
Changing organizational structures, rising energy costs, growing awareness of energy governance, and the developing trend towards smart building are further expected to accelerate the demand for building energy management solutions globally.
Additionally, increasing customer understanding of the business benefits of energy management solutions, rising carbon taxes, and favorable government policies to implement energy management solutions are expected to fuel the growth of the building energy management solutions market globally.
However, high implementation costs, unstable economic conditions, and long-term return on investment are some of the factors restraining the growth of the global building energy management solutions market.
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.
North America and Europe market is in an advanced stage of energy management solutions and is expected to dominate the market. Asia Pacific is identified as the fastest-growing market due to its growing economy, technological advancement, expanding infrastructure, smart city initiatives, and industrialization.
Competitive Landscape
How is the Start-up Ecosystem in the Building Energy Management Solutions Market?
The global market for building energy management systems is somewhat dispersed, with a significant portion of sales coming from a substantial percentage of small- and medium-sized producers. Collaborating with other players and service providers in the building energy management market is the key strategy followed by major market vendors to gain a competitive edge.
Contrarily, several new players have come into existence over the past few years, sensing the growing opportunity in this sector in tandem with green initiatives. The Asia Pacific has turned out to be the primary hub for start-ups, given the renewed interest of governments in several countries of the region. For instance, the government-sponsored initiatives “Make in India” and “Made in China 2025” have contributed to the expansion of the manufacturing industry.
As an effective business strategy, new market players have successfully integrated advanced technologies with existing formats. For instance, Athena Security is a company established in 2017 that offers buildings an AI-driven security management system. The solution comes in the shape of an ML layer that uses computer vision and a graphics card to detect potentially harmful things and notifies the stakeholders through an app when a vulnerability is identified.
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 a competitive edge.
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Key Segments in the Building Energy Management Solutions Market
By Component:
- Hardware
- Software
- Sensors
- Actuators
- Controls
- Others
By End User:
- Industrial
- Commercial
- Government
- Residential
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- META
- Europe
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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