Building Management System Market Growing at a CAGR of 16.71% During 2017 to 2023 - ReportsnReports
PUNE, India, July 4, 2017 /PRNewswire/ --
The building management system (BMS) market was valued at $6.65 billion in 2016 and is expected to reach $19.25 billion by 2023, at a CAGR of 16.71% between 2017 and 2023. Professional services continue to hold the largest share while Europe to hold the largest share during the forecast period.
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"The building management system market estimated to grow at a CAGR of 16.71% between 2017 and 2023"
The building management system (BMS) market was valued at $6.65 billion in 2016 and is expected to reach USD 19.25 billion by 2023, at a CAGR of 16.71% between 2017 and 2023. Significant cost benefits to industrial, commercial, and residential users boost the demand for BMSs. Traditionally; operating cost was one of the major concerns for building owners as they had to incur a big expense in the maintenance of the building because of lack of advanced technology.
A simple business consideration for using BMSs is being more energy efficient. As reducing the energy consumption directly transcends into reduced spending on energy, saving power provides a good financial opportunity for businesses and helps improve their profitability. Ensuring that the BMSs in the buildings are operating in peak conditions will enable users to not only improve system efficiency but also reduce operating costs. However, lack of technically skilled workers and high initial implementation costs pose a restraining block in the building management system market.
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Maintenance and servicing require trained and skilled personnel to ensure that the BASs run smoothly and have a longer lifespan. In the absence of these conditions, the implementation of building management solutions and services become difficult. For the BMS project, an upfront investment is required at the initial stage of conceptualization, which deters the building managers and operators in installing the systems in the buildings.
Key Target Audience for this Report:
- Original device manufacturers (ODMs)
- Building automation service providers
- Networking technologies vendors
- Real estate builders
- Building automation software solutions providers
- Building automation service providers
- Component suppliers
- Research organizations and consulting companies
- Application providers
- Subcomponent manufacturers
- Technology providers
- BAS-related associations, organizations, forums, and alliances
"Professional services continue to hold the largest share of the building management system market during the forecast period"
Professional Services are expected to hold the largest share of the building management system market in 2016. As the adoption of building management solutions increases worldwide driven by regulatory push, amended policy framework, operational efficiencies, cost containment, sustainability benefits, and changing business dynamics, the demand for professional services increases eventually.
The security and access control systems are expected to hold the largest size of the BAS market during the forecast period. Security and access control systems have become an integral part of the safety and security of the buildings and their occupants. This has revolutionized the building security and has eliminated the human interventions. These are installed in buildings to increase the security level, monitor the activities, and keep a record of people entering and exiting the buildings. These systems are used in several businesses to protect the assets, staff, and information, monitor the activities, as well as control the access to the building.
"Europe to hold the largest share of the building management system market during the forecast period"
Europe is expected to hold the largest share of the building management system market in 2016. The region has been an early adopter of building management systems. The Energy Performance of Buildings Directive (EPBD) has been instrumental in boosting the building management system market in the region.
The building management system ecosystem comprises major players such as Honeywell International Inc. (US), Siemens AG (Germany), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (US), IBM Corporation (US), Ingersoll-Rand Plc (Ireland), and Delta Controls (Canada)
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The breakup of primaries conducted during the study is depicted in below: By Company Type: Tier1 -30%, Tier 2- 40%, and Tier 3- 30%, By Designation: C-Level Executives-30%, Directors - 35%, and Managers-35%, By Region: North America -29%, Europe -33%, APAC -29%, and RoW -9%
Research Coverage of Building Management System Market:
- This report includes the market statistics pertaining to software, service, application, and geography, along with their respective market sizes.
- Major drivers, restraints, opportunities, and challenges for the building management system market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the markets based on software, service type, application, and geography have been conducted to give an overall view of the building management system market.
- A detailed competitive landscape includes key players, in-depth analysis, and market share of the key players.
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