A new report from Global Market Insights projects that the global building energy management systems market size will grow to more than $6 billion in the next six years.
Using historic market data from 2012 to 2015, industry growth through 2024 and looks at how leading market products, applications, and regions are likely to perform in the future.
Building energy management systems (BEMS) integrate software, hardware, ICT technologies and services to help monitor, control, and automate building functions, resulting in effective energy efficiency management, Global Market Insights points out.
The report predicts that rising awareness of energy efficiency at corporate and government levels will increase building energy management systems market demand globally in commercial, residential, and industrial sectors. Significant growth for the systems is expected in Asia Pacific and Latin America.
“US BEMS market size is predicted to be the largest regional segment and is likely to maintain its dominance owing to rising interest in highly developed energy technologies as well as implementation of demand response programs over the coming years,” according to Global Market Insights.
The report calls rapid urban infrastructure development, particularly in smart buildings, one of the major factors driving the BEMS market share over the next several years.
Global Market Insights says that participants constituting the global building energy management systems share include Azbil, ABB Group, BuildingIQ, Carma Industries, C3 Energy, Cylon Active Energy, Daintree Networks, Daikin Industries, Echelon, Elster EnergyICT, Ecova, EnerNOC, and FirstFuel Software.
Notable BEMS players, according to the report, include GridPoint, eSight Energy, Honeywell, Ingersoll-Rand, IBM, Johnson Controls, Jones Lang LaSalle, Schneider Electric, Optimum Energy, Siemens, Toshiba, Verisae, and SkyFoundry.