Cloud Technology and IoT Drive Building Energy Management System Market Amidst Challenges of Skilled Labor Shortage
Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Building Energy Management System Market (by Components, End-User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global building energy management system (BEMS) market is on the brink of significant expansion, with an estimated value set to soar to US$6.60 billion by 2023. This remarkable growth is forecasted to occur at a steady compound annual growth rate (CAGR) of 12.68% during the forecast period.
BEMS is a versatile system encompassing hardware, software, and services designed to optimize energy management through innovative strategies, including information and communication technology. Moreover, BEMS technology plays a pivotal role in monitoring, automating, and controlling various building systems such as heating, ventilation, air conditioning, and lighting to enhance energy efficiency and comfort.
Several key factors are driving the market's growth, including the surging urban population, increased consumer awareness of cutting-edge technology, and a surge in new construction projects for buildings, institutions, and complexes.
Segmentation Highlights
By Component: The global BEMS market is segmented into three components: Services, Software, and Hardware. Services currently hold the largest market share, while the software segment is poised for the highest CAGR growth in the upcoming years. This growth can be attributed to technological innovations, growing acceptance of data analytics and cloud technology, and the development of customer-centric models.
By End-User: In terms of end-users, the market is divided into three segments: Residential, Commercial & Institutional, and Industrial. The residential sector dominates the market, driven by the increased use of electricity-intensive products like pool heaters, water heaters, batteries, chargers, and attic fans.
Geographic Overview
The global BEMS market spans multiple regions, including Europe, North America, Asia Pacific, and the Rest of the World. Notable countries in these regions include the US, Canada, Mexico, Germany, the UK, France, Italy, Spain, China, Japan, South Korea, India, and more.
Europe leads the market due to stringent government regulations regarding greenhouse emissions and favorable policies for green BEMS adoption. In North America, Mexico is expected to witness the fastest growth, while China dominates the Asia Pacific region due to its energy policies emphasizing efficiency and digital technologies.
Driving Force: Escalating Energy Consumption
Rapid global population growth has led to increased energy consumption across various sources, including renewables, coal, and natural gas. Urban dwellers, in particular, rely heavily on energy-consuming products and equipment. This heightened energy consumption drives up electricity production and costs. To alleviate this burden, people are increasingly turning to energy-conservation technologies like BEMS to efficiently manage natural resources and reduce electricity expenses.
Challenge: Skilled Labor Shortage
The BEMS market's growth is hampered by a lack of skilled labor in the industry. Implementing and operating BEMS technology requires specialized teams to ensure equipment functions properly. Improper setup can lead to faulty outputs or safety hazards, making skilled labor essential for BEMS technology implementation.
Trend: Embracing Cloud Technology
Cloud technology has ushered in a new era for BEMS, extending its capabilities beyond energy visualization and analytics to demand response systems. Cloud integration allows for smart sensor management across multiple locations, access to a wealth of energy data through convenient terminals, and enhanced energy management across multiple buildings. The continued growth of cloud technology is expected to further propel the BEMS market.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on the BEMS market in 2020. Industrial and commercial building energy demand decreased, while residential energy demand surged due to lockdowns and social distancing measures. However, in 2021, as the global economy stabilized and industrial manufacturing resumed, the BEMS market witnessed substantial growth.
Key Players
The global BEMS market is moderately fragmented, with numerous small- and medium-sized manufacturers contributing significantly to the revenue. Key players in the market include Siemens AG, Johnson Controls International PLC, ABB Group, Honeywell International Inc., Enel S.p.A (Enel X), General Electric Company (GE), Schneider Electric SE, Emerson Electric Co., Robert Bosch GmbH, IBM Corporation, Azbil Corporation, and Landis+Gyr.
Top Impacting Factors
Growth Drivers
Rapid Urbanization
Surging Energy Consumption
Growth in Adoption of Smart Home Products
Rise in Carbon Dioxide Emission
Challenges
High Installation Cost
Lack of Trained Experts
Trends
Cloud Technology
Surge in Adoption of Internet of Things (IoT)
Decline in Fossil Fuel
Government Initiatives and Regulations
For more information about this report visit https://www.researchandmarkets.com/r/opj5hv
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