NEW YORK, April 24, 2019 /PRNewswire/ --
Global Building Energy Management System Market Anticipated to Reach to $12.72 Billion by 2025
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With the exponential growth of the world population, the subsequent rise in energy consumption, shrinking natural resources, and ozone layer depletion, the need to enhance energy conservation has become critical.Another looming concern over the energy management industry is low operating efficiency of the building systems which has led to the increase in overhead cost for end users.
As a result of the declining operating efficiency, adoption of building energy management practices has been triggered in order to reduce energy consumption and overhead cost.
The advent of building energy management system has resulted into reduced energy consumption and overall cost-effective operations without affecting the climate by providing heating, ventilation, air condition, refrigeration, security and lighting control techniques.Moreover, increasing energy consumption across the regions has led to the growth of energy conservation/efficient solutions.
As a result, the demand for building energy management system has significantly increased across the globe.Building energy management solutions has helped residential, commercial and industrial end users to operate flexibly maintaining demand side management and demand side response.
Companies, such as Johnson Controls, Emerson Electric, and Siemens AG, among others, are introducing cost-effective building energy management solutions in order to increase market penetration in key emerging economies.
The building energy management system market research study offers a wide perspective on where the industry is heading. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The report answers the following questions about the building energy management system market:
• What is the global building energy management system market size in terms of revenue from 2017-2025 and what is the expected growth rate during the forecast period 2018-2025?
• What is the revenue generated by the different end users such as commercial, residential, and industrial catering to building energy management system market?
• What are the key trends and opportunities in the market pertaining to global building energy management system?
• On the basis of the analysis of futuristic scenario of the global building energy management system industry, how attractive is the market for different stakeholders present in the industry?
• What are the major challenges inhibiting the growth of the global building energy management system market?
• What is the market size and opportunities of building energy management system across different regions?
• What is the market scenario for the key components of the building energy system?
• What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
• What are the major driving forces that are expected to increase the demand for global building energy management system market during the forecast period?
• On the basis of an analysis of their recent developments, product offerings, and regional presence, what is the competitive strength of the key players in the building energy management system market?
The report further includes a thorough analysis of the impact of the Porter's five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the global building energy management system market by the players, research organizations, and government bodies.
Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific and Rest-of-the-World.Each region details the individual push-and-pull forces in addition to the key players from that region.
Some of the prominent players in the Global building energy management system market are ENGIE, Johnson Controls, Ingersoll Rand, Schneider Electric, and Siemens AG, among others.
Developing countries, in the upcoming three decades are expected to account for the majority of the population growth. By 2050, 2.20 billion people are expected to be an addition to the global population. As per the U.N. projections, Africa is expected to register the highest population growth with an additional 1.30 billion people across the globe, by 2050. Majority of this growth is expected to result in the increase in urbanization. If greenhouse gas emission reductions are to be targeted, the new buildings need to be as energy efficient as possible.
Energy efficiency is an important driver in the development of systems that automatically monitor and control energy usage.The concept of using energy management systems across buildings has been around for many years now, however the recent developments in IT have made it a more practicable proposition.
Companies, manufacturers, and individuals are becoming more intelligent in incorporating greater automation.
Major end-user industries of building energy management technologies include residential, commercial and industrial.Residential sector represents the most significant end-user industry in the market for building energy management system.
Commercial building energy management system provides an opportunity to the building owners to manage and understand the energy consumption.Commercial energy management system market is coming up with launching of new products and various developmental activities in order to generate public awareness about their existing and new products and compete with the competitors' product portfolio.
The reason behind this growth is due to organizational restructuring and cost cutting. Many key players such as Schneider Electric and Siemens AG are mainly focusing on the launch of new initiatives to improve technology and are emphasizing their strategies to make a greater use of building energy management system for efficient energy consumption.
The building energy management system market is projected to grow from $xx billion in the year 2018 to $12.72 billion by 2025, growing at a CAGR of xx% from 2018 to 2025. Deployment of automation and control systems to steer the application of energy management systems is expected to augment the growth of the market.
The trends of the building energy management system market vary across different geographical regions.The building energy management system market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
North America is at the forefront of the global building energy management system market, with high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
North America, followed by the Europe region, generated the highest revenue in the building energy management system market in 2018.The Europe market for building energy management system technologies is quite developed with major growth opportunities arising from countries in the Eastern Europe region.
The fastest growth rate is expected from the Asia-Pacific and Rest-of-the-world regions. Among all the countries, the U.S. generated the highest revenue of $650.0 million in 2018. Strong growth in the U.S. market was largely due to the high rate of adoption of technologies in the U.S. However, during the forecast period, countries such as China, India, Australia, Singapore, the U.K., Norway and Mexico are projected to display the fastest market growth. These countries present immense scope for market development, owing to the increasing urban population size, growing market penetration of advance technologies and favourable government investments.
The building energy management system market comprises major companies providing hardware, software solutions, and services.This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry.
This segment details the latest strategies and developments adopted by the key market players in the building energy management system market. In order to lead the market as well as to engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.
The result of the emerging strategies and developments are already surging the market in the form of mergers and acquisition.Moreover, the growing market of building energy management system is further expected to increase the involvement of companies across different segments of the value chain.
The key players actively taking part in the building energy management system market are: ENGIE, Johnson Controls, Ingersoll Rand, Schneider Electric, and Siemens AG, among others.
Majority of the companies preferred entering into merger and acquisition to enhance their presence while the relatively less adoptive strategies comprised of partnership, collaboration, and joint venture.Merger and acquisition across the value chain of the building technology industry presented a major strategic move made by a large number of companies since 2016.
For instance, in March 2018, Ingersoll Rand acquired Agilis Energy to create energy efficient manufacturing powerhouse for its industrial consumers.
• North America
• The U.S.
• Rest-of-North America
• Rest-of-the-World (RoW)
• Saudi Arabia
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