Global Building Energy Management Systems (BEMS) Market to Reach $7.3 Billion by 2026

SAN FRANCISCO, March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Building Energy Management Systems (BEMS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 19; Released: February 2022
Executive Engagements: 24206
Companies: 101 - Players covered include ABB Ltd.; Accruent Inc.; Azbil Corporation; BuildingIQ Pty Ltd.; C3.ai, Inc.; Carma Industries Inc.; Daikin Applied; Enel X; eSight Energy Ltd.; General Electric Company; GridPoint; Honeywell International, Inc.; IBM Corporation; Johnson Controls; Optimum Energy LLC; Schneider Electric SE; Siemens AG; Toshiba Energy Systems & Solutions Corporation and Others.
Coverage: All major geographies and key segments
Segments: Component (Services, Software, Hardware); Application (Commercial, Residential, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Building Energy Management Systems (BEMS) Market to Reach $7.3 Billion by 2026
Building Energy Management System (BEMS) are sophisticated systems integrating hardware, software, and services with information and communication technologies for monitoring, automating, managing, and controlling the energy requirements of buildings. BEMS are microcomputer systems that automatically monitor and control energy-consuming electrical and mechanical equipment such as thermostats, HVAC, and lighting within a single building or a group of buildings in order to enhance energy-efficiency and comfort. Components such as air conditioners, lighting, boilers, water heaters, elevating machines, outlet machines, plumbing, and sanitation equipment are controlled through BEMS. BEMS function by connecting building engineering services to a central computer that enables control over on/off times, humidity, temperature and other factors. The concept of BEMS plays a vital role in managing energy demand, especially in multi-building sites and large-sized complex buildings.

The ability of BEMS to monitor, manage and control energy consumption across buildings and plants maintains a perfect balance to reduce operating costs. The technology allows building operators to considerably reduce energy usage for economical and environmental benefits. The energy saving also reduces carbon emissions and helps building operators in conforming to associated regulations and sustainability goals. BEMS control various systems such as HVAC to improve occupant comfort and productivity. In addition, the technology plays a vital role in reducing repair and maintenance costs. BEMS receive and transfer data related to alarms for prompt action and remediation of an issue. These advantages make BEMS a lucrative market that is anticipated to witness huge growth opportunities in the coming years. These systems are expected to find extensive adoption to maintain efficient operations and ensure optimized controls for energy and cost savings.

Amid the COVID-19 crisis, the global market for Building Energy Management Systems (BEMS) estimated at US$4.3 Billion in the year 2022, is projected to reach a revised size of US$7.3 Billion by 2026, growing at a CAGR of 12.4% over the analysis period. Services, one of the segments analyzed in the report, is projected to record a 13.4% CAGR and reach US$4.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 11.5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.4 Billion in 2022, While China is Forecast to Reach $758.2 Million by 2026
The Building Energy Management Systems (BEMS) market in the U.S. is estimated at US$1.4 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$758.2 Million by the year 2026 trailing a CAGR of 16.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.9% and 9.5% respectively over the analysis period. North America and Europe are the dominant markets primarily due to the high proportion of energy consumed by non-residential buildings, and the regulatory push to enhance energy efficiency and reduce energy consumption and costs. Despite the economic recession and prolonged sovereign debt crisis, the ambitious environmental targets undertaken to meet the strict regulations and legislations at the EU and national level to drive the uptake of energy efficiency technologies in Europe. Volatile gas prices, coupled with the uncertainty of gas supply due to political and economic turmoil in the Persian Gulf region and Russia in recent years are contributing significantly to the adoption of BEMS in Western European countries. Driven by increasing popularity of smart cities & green technologies and high growth prospects, various US-based firms are making substantial investments for developing innovative technologies. Fueled by increasing requirement of complying with energy conservation standards, market for BEMS systems in the US is expected to witness upward momentum over the next few years. Penetration of BEMS in the Asia-Pacific region is low due to the lack of awareness among builders and consumers about the importance of energy-efficiency in building engineering services, as well as the high fragmentation of the energy efficiency market and polices. Nonetheless, the Asia-Pacific represents the fastest-growing market, driven by major government initiatives to set up smart buildings, smart grids, and smart cities.

Hardware Segment to Reach $714 Million by 2026
Global market for Hardware segment is estimated at US$447.1 Million in 2022, and is projected to reach US$714 Million by 2026 reflecting a compounded annual growth rate of 10.5% over the analysis period. United States constitutes the largest regional market for Hardware segment, accounting for 36.0% of the global sales. China is poised to register the fastest compounded annual growth rate of 13.8% over the analysis period, to reach US$67.3 Million by the close of the analysis period. More

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