The Market Size of the Global Building Energy Management Systems (BEMS) Market is estimated to be USD 3.61 Billion in 2019 and is expected to grow at a healthy CAGR of 19.5% to reach a Market size of USD 8.8 Billion in 2024.
- Definition / Scope
- Market Overview
- Key Metrics
- Market Risks
- Market Trends
- Industry Challenges
- Technology Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
The global market for Building Energy Management Systems (BEMS) is expected to reach a market size of USD 8.8 Billion in 2024 mainly driven by the rising regulatory measures from regional government to prevent energy wastages; evolution of smart building technologies and their role in pushing up property values; legislation of new green building codes and the evolution of IoT and Cloud as potential game-changers in the BEMS segment.
The push towards smartification of cities from regional governments is augmenting well for the adoption of BEMS as energy management in smart homes and buildings is the first step towards achieving energy efficient smart cities.
Key benefits of BEMS fueling its adoption include reduce costs by helping save energy; helps building obtain green certification; provides facility managers insights on energy consumption trends; easy identification of electrical anomalies; and reduced risk of power spikes, shutdowns and electrical equipment failures.
USA represents the largest market globally fueled by growing interest in advanced energy technologies and implementation of demand response programs thereby enabling consumers to optimally utilize energy in response to a rising electricity costs and utility need for optimizing peak loads.
Asia-Pacific is the fastest growing region growing at a CAGR of 19.9%, mainly driven by factors such as rapid urbanization, robust industrialization, the acute shortage of energy and spiraling prices of energy.
BEMS Market, By Products
On the basis of products the BEMS Market is classified into HVAC systems, solar power, and LED lights. HVAC system is expected to dominate the BEMS market demand due to reducing operational costs and increasing trend of green technology. LED lights are highly preferred over fluorescent bulbs & lights due to minimum electricity consumption, high quality, and longer durability.
BEMS Market, By Component
By Component BEMS Market is segmented into Hardware, Software and Services. Among them Hardware holds the majority of the market share in the segment.
BEMS Market, By End User
BEMS Market on the basis of end-user is divided into Commercial, Industrial and Residential. Of this the Commercial segment holds the largest market share in the sector.
BEMS Market, By Software
Based on the Software the BEMS Market is segmented into data management, HVAC system, lighting system, application platform, and asset performance optimization. Among them HVAC system holds the largest share in the segment.
BEMS Market, By Communication Technology
On the basis of Communication Technology the BEMS Market is sectioned into Wired and Wireless. Of this the Wireless segment is the fastest growing in the sector.
BEMS Market, By Services
Based on the Services offered, the BEMS Market can be sectioned into training & consulting, Monitoring & Control, Implementation & Integration and support & maintenance. Of this Monitoring & Control is expected to witness high growth.
BEMS Market, By Region Of the Regions, North America holds the dominant position in market share and is fueled by the offering of more efficient, convenient and economic BEMS products and solutions as well as widening their distribution.
High Capital Investments
There is a need for High Capital Investments due to the requirement of complex systems for the design and development of Building Energy Management System (BEMS). High capital investments and the bureaucratic licensing procedure have proven to be barriers to market entry in the Building Energy Management System (BEMS) industry.
The main costs to the new entrants involve high Set-up costs, and high Research & Development Costs. The Set-up cost requirements are typically high due to the high costs involved in the setting up of a BEMS plant.
Also the R&D costs also are higher due to the need for new entrants to offer highly advanced products and to differ in their offering and hence the costs are spent on quality R&D.
The Building Energy Management System (BEMS) market is highly fragmented. There exist a large number of local players in the market and they offer products to the local markets at a much lower price when compared to the organized international players.
The factors leading to the fragmentation of the BEMS Market are no economies of scale and strong competition in the market. This market will offer businesses with lower margins and expensive logistics. They also have no advantage of scale when dealing with suppliers or buyers.
Top Market Opportunities
Rapid growth in Smart Home industry
The latest trend gaining momentum in the BEMS Market is the growing demand for Smart Buildings. The Smart Building technology is gaining popularity due to consumers’ focusing on improving domestic convenience through electronic devices.
This is an evolutionary development in the Residential real-estate sector with the major aim to make living more comfortable, convenient, secure, entertaining, and sustainable.
Also the fact that using Smart Building technology with many sensors is affordable also offers an advantage for the growth of the segment.
Surge in adoption of Renewable Energy Production technologies
Implementation of Solar panels and integration of Renewable Energy systems with Conventional sources of Energy has reflected well on the adoption of Building Energy Management System.
The adoption of photovoltaics and Wind generators in electricity network is a boon in disguise for building owners.
The Sweet spot in the Renewable Energy segment is being experienced in the Building Energy Management System Market as it opens door for more energy savings as the energy is being harvested from the sun in the form of solar energy by the Photovoltaics and from Wind via Wind Generators.
The emergence of new age technologies such as BEMS is offering opportunities for building owners to make use of the renewable energy.
Rising investments in Smart Grid technologies
A smart Grid technology is expected to offer lucrative opportunities for the Building Energy Management System Market in the forecast period 2019 to 2024. The BEMS market is driven by the significant investments made in the Smart Grid technology.
Since, Smart Grid technology introduces a different set of protocols and increased emphasis on Renewable Energy in the energy mix of countries around the world.
Smart America Organization states that the U.S. Government is set to invest approximately USD 41 trillion over the next 20 years with the aim to improve their Smart-Grid infrastructure. Through this investment the U.S. Government aims to promote a sustainable environment and to improve the quality of life of its citizens.
Similarly the reports from China Electricity Council states that by 2020, Chinese Government plans to construct three transmission lines, each expected to reach 20 GW of transmission capacity, thereby promoting adoption of smart grid technology in the country.
Some Major investments in the Smart Grid technology:
- In 2015, the Government of China invested USD 101 Billion and these funds were dedicated for the development and installation of Smart Grid technology.
Government policies and incentives associated with it
Government is participating actively in taking initiatives and maintaining mandatory rules and regulations for the conservation of energy and energy resources.
Incentives, rebates and tax credits from governments is encouraging Infrastructure and Real-estate companies is enabling them to implement Building Energy Management Systems.
Governments have passed several laws and regulations on energy efficiency, controlling carbon emission, maximizing utility, reducing cost and improve reliability across organizations, which would indirectly lead to energy conservation.
Some governments have also implemented separate committees such as the Green Building codes and agencies to handle energy management issues.
Some Major Legislation on Energy Conservation:
- In 2015, The U.S Government under the Resident Energy Efficiency Valuation Act (REEVA) implemented pilot program to ensure residential sector achieve energy efficiency and reduce the energy expenditure.
- In 2016, The European Union announced update on the Energy Conservation directive with a target of 30 percent Energy Savings by 2030.
Surge in adoption of technologies for reducing Building Energy Consumption
The Global market for the Building Energy Management System is driven by the factor that consumers are looking for solutions that enables smart energy consumption in their buildings.
The need is furthered by the rising concerns of Global Warming. The ever rising demand for electricity is a key trend fueling the growth of the Global Building Energy Management System.
These systems take into consideration such as environmental conditions, individual load profiles, and energy costs to optimize the energy consumption schedule for buildings.
The need for automating energy usage in household through Building Energy Management System runs through the demand for optimizing energy consumption and production.
Growth in Consumer Awareness
Catalyzed by rising awareness among consumers regarding sustainable use of energy resources, a strong growth has been witnessed in the Building Energy Management System Market.
There is an increased uptake of energy efficient appliances and Building Energy Management Systems (BEMS). Consumers are realizing the fact that these sources not only help control energy expenses but are also providing with options for availability of energy sources that are sustainable.
Increasing Internet Penetration
Demand for Building Energy Management System is expected to witness growth in the near future due to increasing penetration of Internet. The Internet penetration is increasing due to higher internet connectivity and techsavy consumers.
Higher Internet connectivity and real-time services needed for energy conservation coupled with technologically efficient products and services will further accelerate the adoption of BEMS.
Growth in adoption of Smart Home Products
The availability of a varied range of Smart Home products is expected to drive the growth of the growth of the global BEMS market.
Some of the major factors responsible for growing adoption of BEMS devices such as smart thermostats and smart lighting devices among consumers is the convenience and the comfort offered by these devices.
Moreover, the demand for these devices are increasing due to the advancements in energy management system and energy conservation
Further, it has been observed that vendors are offering compatible devices since Apple has announced their Smart Home Platform, which consequently will drive the adoption of BEMS in the near future.
Rapid advancement in technology
The rapid advancement in technology will drive the growth of the Global BEMS Market in the near future. As there are an increasing number of connected devices through Internet of Thins (IoT) there is a prime level of energy efficiency being achieved.
These technological advancements result in the increased uptake of distributed generation which in turn, drives the adoption of BEMS.
As a result, the consumer can seamlessly switch between the power from the grid or their own power source and participate in demand response programs.
The technologies that take the Building technology industry to the next phase of evolution such as artificial intelligence and the explosion of the Internet of Things (IoT)-enabled devices, data analytics, edge analytics, cloud solutions, and business model innovation have had a positive impact on the BEMS Market as well.
Increasing efforts by manufacturers to develop multi-featured Building Energy Management Systems capable of connecting with multiple control devices and being managed from a remote location is auguring well for the growth of the BEMS market.
In order to manage, monitor and control energy usage of a user a Building area network is required to facilitate two-way communication between devices and BEMS. The appliances, devices and sensors used in a Building network is a product of different manufacturers.
When products of different manufacturers are coupled together there can be interoperability issues i.e. some devices may not be compatible with the communication protocol, software platform from which it receives control signals.
This occurs due to presence of many manufacturers and vendors in the BEMS market who offer different solutions and if there exists an issue of interoperability then the sensors and the appliances would not be able to communicate with the BEMS.
High installation cost
The higher installation cost of Building Energy Management System discourages Building owners from adopting the BEMS. These systems are relatively expensive when it comes to the cost of installation and the cost of certain smart devices.
The average cost of deploying basic BEMS is at least USD 2.50 per square foot and can cost as high as USD 7.00 per square foot, equivalent to at least USD 250,000 for a 100,000 square foot building.
The very high cost of traditional BEMS means ROI is a challenge for all but the larger buildings, often it takes around four years to recover the invested amount. Low ROI limits the willingness of Building owners to invest into Building Energy Management System (BEMS).
Privacy and Security issues
The Security of Building Energy Management System is also a concern to the building owners as these systems are usually connected to the internet and to the Cloud. This creates concerns over trust and privacy and also opens up door for various forms of Cybercrimes.
The connected nature of the Building Energy Management System makes it vulnerable to cyberattacks. The system itself can be hacked and the introduction of smart thermostat further makes it tough or raises more cybersecurity issues due to the possibility of it being hacked by those who want to monitor and steal information for malicious purposes.
Any controlled device such as Building Automation Systems, makes it possible for hackers to access units through the internet. Some are used to control, surveillance items such as cameras, door locks, alarms and other sensitive systems, thereby leaving the building owners vulnerable to malicious intruders.
Additional costs incurred with installation of Software and Services tools
To get a real-time feedback on the amount of energy usage at Building, BEMS demands for installation of Software and Services tools. There is a need for consumers to invest on additional tools such as Building energy displays, software, sensors and analytical solutions.
The cost of these tools specifically software and sensor runs down to a few thousand dollars depending on the magnitude of implementation.
The additional cost incurred has a great influence on reducing the importance of energy efficiency solutions. This acts as a restraint in the Building Energy Management Solution (BEMS), resulting in lower adoption of BEMSs.
Lack of technical know-how
Building Energy Management Systems are relatively complicated for usage and also require regular attention of users. This means that many people find it difficult to use with some even putting the system away and forgetting about it.
People are apprehensive to adopt BEMS as they have misconception that these systems could only be used in new houses or that they assume that it would be complex and difficult to implement and use.
Misconceptions like these make it difficult for a person to look for more information about them and decrease their interest in buying and installing one.
Lack of BEMS Standards and Infrastructure
With every vendor vying for adopting their favored communication protocols it becomes increasingly complacent to interconnect devices that use products from different companies.
This means that the customer has little say on their Building system using different products or adding products that doesn’t use the same protocol as that of the already installed products.
The difference in the communicational protocol also affects the utility company as they need to support all the protocols that they need to conserve energy consumption.
This is also an issue for appliances and Building devices manufacturers as they need to design and develop products that must support the different communication protocols.
Internet of Things (IoT) helps improve operational efficiency
The Internet of Things (IoT) creates a dynamic and intelligent cloud-based interoperable network by connecting electrical, mechanical and electro-mechanical systems and platforms
By communicating with each other these systems can monitor themselves and act when necessary (e.g. turning down air-conditioning or heating needs in a little used area) to provide data and analytics for facility managers to diligently optimize performance and create smarter buildings.
With the best of IoT devices there is an improved energy management witnessed in buildings by easily integrating technologies. An open, scalable and secure device can provide deep and actionable insights can help improve operational efficiency within buildings. In addition correlation and analysis of historically disconnected systems can result in value-added insights.
In short, IoT is offering lucrative opportunities for information gathering and sharing that information will have great impact in terms of optimizing energy efficiency and improving operational efficiency. By using smart collaborative IoT platform, devices are connected with software and services to realize these opportunities.
The cloud-enabled BEMS provides advanced energy management mechanisms and features for energy savings in smart buildings. This system is connected to the cloud to have access to several advanced cloud-based services to achieve energy efficiency in smart buildings.
The cloud-enabled BEMS provides several benefits such as virtual sensing in place of costly physical sensors and hence enable achieve energy efficiency at lower cost.
Fault diagnostic services for smart buildings by providing a mechanism to collect, store and process data from multiple smart buildings which can enhance fault detection and diagnostic processes using the collected data; supporting better integration with other systems to achieve more energy cost savings; and Managing similar buildings with the help of information collected from the cloud network, there can be further enhancement in better energy consumption prediction, better diagnostics and improved data collection quality control which leads to higher energy efficiency.
Other Key Market Trends
The cost of Deployment and installation is a factor hindering the adoption of Building Energy Management System (BEMS), with costs up to USD 2.50 per square foot building owners are shying away as the payback period can exceed 4 years.
In addition the connected nature of the devices to the Internet is making the devices vulnerable to cyber-attacks. The complexity of the devices to which the users must acquaint for regular use makes the BEMS a complex device to install and maintain affecting the uptake of these devices.
Market Size and Forecast
North America dominates the market owing to a well-established infrastructure network and widespread adoption of BEMS across verticals such as manufacturing, retail, power, and other industries.
USA BEMS Market Size
- USD 722 Million – The estimated market size of the US BEMS Market in 2019
- 18.4% – The CAGR growth rate of the US BEMS market in the forecast period 2019 to 2024
- USD 1.68 Billion- The expected market size of the US BEMS Market in 2024
Canada BEMS Market Size
- USD 288.8 Million – The estimated market size of the Canadian BEMS Market in 2019
- 18.6% – The CAGR growth rate of the Canadian BEMS market in the forecast period 2019 to 2024
- USD 675.8 Million- The expected market size of the Canadian BEMS Market in 2024
Mexico BEMS Market Size
- USD 120.6 Million – The estimated market size of the Mexican BEMS Market in 2019
- 18.8% – The CAGR growth rate of the Mexican BEMS market size in the forecast period 2019 to 2024
- USD 285.38 Million- The expected market size of the Mexican BEMS Market in 2024
South America are being targeted as new revenue pockets by market players as there is a sharp rise in power consumption in these countries.
Brazil BEMS Market Size
- USD 126 Million – The estimated market size of the Brazilian BEMS Market in 2019
- 18.5% – The CAGR growth rate of the Brazilian BEMS market in the forecast period 2019 to 2024
- USD 294.42 Million- The expected market size of the Brazilian BEMS Market in 2024
Argentina BEMS Market Size
- USD 106.48 Million – The estimated market size of the Argentinian BEMS Market in 2019
- 18.8% – The CAGR growth rate of the Argentinian BEMS market in the forecast period 2019 to 2024
- USD 251.97 Million- The expected market size of the Argentinian BEMS Market in 2024
Asia Pacific building energy management systems market size is forecast to experience significant growth. The surging demand for these systems can be attributed to increasing popularity of green building technologies across the region.
Rising awareness regarding efficient use of energy at corporate and government levels is anticipated to propel building energy management systems market demand in commercial, residential as well as industrial sectors.
The building sector is primarily responsible for global greenhouse gas emission as well as energy consumption.
China BEMS Market Size
- USD 361 Million – The estimated market size of the Chinese BEMS Market in 2019
- 19.4% – The CAGR growth rate of the Chinese BEMS market in the forecast period 2019 to 2024
- USD 876.05 Million- The expected market size of the Chinese BEMS Market in 2024
India BEMS Market Size
- USD 216.6 Million – The estimated market size of the Indian BEMS Market in 2019
- 19.6% – The CAGR growth rate of the Indian BEMS market size in the forecast period 2019 to 2024
- USD 530.05 Million- The expected market size of the Indian BEMS Market in 2024
Japan BEMS Market Size
- USD 181.44 Million – The estimated market size of the Japanese BEMS Market in 2019
- 19.7% – The CAGR growth rate of the Japanese BEMS market in the forecast period 2019 to 2024
- USD 445.87 Million- The expected market size of the Japanese BEMS Market in 2024
Europe energy efficient building market is anticipated to observe a significant growth due increasing usage of smart grid systems. The countries expected to boost the European market growth are France, the UK, and Germany.
Increasing government regulation and favourable policies for adopting BEMS is anticipated to drive regional market growth.
UK BEMS Market Size
- USD 270 Million – The estimated market size of the UK BEMS Market in 2019
- 18.6% – The CAGR growth rate of the UK BEMS market size in the forecast period 2019 to 2024
- USD 633.56 Million- The expected market size of the UK BEMS Market in 2024
Germany BEMS Market Size
- USD 189 Million – The estimated market size of the German BEMS Market in 2019
- 18.7% – The CAGR growth rate of the German BEMS market in the forecast period 2019 to 2024
- USD 409.09 Million- The expected market size of the German BEMS Market in 2024
France BEMS Market Size
- USD 141.75 Million – The estimated market size of the French BEMS Market in 2019
- 18.8% – The CAGR growth rate of the French BEMS market in the forecast period 2019 to 2024
- USD 335.43 Million- The expected market size of the French BEMS Market in 2024
Middle East and Africa
Growing local infrastructure expenses in Turkey, Qatar, and Saudi Arabia are projected positively to influence the Middle East & African energy efficient construction market growth.
Low capital countries such as Zimbabwe and Nigeria may observe sluggish growth due to high plant setup cost.
Saudi Arabia BEMS Market Size
- USD 87 Million – The estimated market size of the Saudi Arabian BEMS Market in 2019
- 18.8% – The CAGR growth rate of the Saudi Arabian BEMS market in the forecast period 2019 to 2024
- USD 205.87 Million- The expected market size of the Saudi Arabian BEMS Market in 2024
UAE BEMS Market Size
- USD 74.6 Million – The estimated market size of the UAE BEMS Market in 2019
- 18.5% – The CAGR growth rate of the UAE BEMS market in the forecast period 2019 to 2024
- USD 174.31 Million- The expected market size of the UAE BEMS Market in 2024
South Africa BEMS Market Size
- USD 84.7 Million – The estimated market size of the South African BEMS Market in 2019
- 18.6% – The CAGR growth rate of the South African BEMS market in the forecast period 2019 to 2024
- USD 198.75 Million- The expected market size of the South African BEMS Market in 2024
The Market size of the Global Building Energy Management System is estimated to be USD 3.61 Billion and is expected to grow at a CAGR of 19.5% to reach a market size of USD 8.8 Billion in 2024
The Market for Hardware dominates the segment of Component type and holds a market share of 50% garnering a market size of USD 1.8 Billion in 2019
On the basis of products, the HVAC system holds the majority of the market share and is holding a market share of 36% to reach a market size of USD 1.3 Billion in 2019
Commercial segment dominated the BEMS Market by end-user and holds the largest market share of 60% in the segment bolstering market size in 2019 totaling USD 2.17 Billion
HVAC System holds the largest market share in the BEMS Market based on Software holding a market share of 34% to reach a market size of USD 1.22 Billion in 2019.
On the basis of communication technology, wireless segment holds the dominant position in the BEMS market seizing a market share of 72% to reach a market size of USD 2.6 Billion in 2019.
North America held the dominant market share among all regions holding a market share of 35% and totaled a market size of USD 1.26 Billion in 2019.
Innovation and Technological Advancements
The increased demand for smartphone-based apps for smart Building automation, technological advancements are the trends driving the growth of the Building Energy Management System (BEMS) Market.
From leading technological companies such as Google and Apple to Startups, businesses are focusing on BEMS as the next big opportunity after laptops, tablets and smartphones. Android Things also known as brillo, is an android-based embedded operating system launched by Google in 2015.
This system is intended for use with memory-constrained and low-power IoT devices that are built with different microcontroller unit platforms.
Voice control is expected to be the next promising feature to be integrated with BEMS. Owing to the huge opportunity offered, some of the leading technology companies are significantly involved in the development of voice assistant features and integrating them into their systems.
Apple has added its voice assistant, Siri, to smartphones and smart systems; Google Assistant powers Google Building; and Amazon has also added Alexa to its Echo lineup which is a hands-free and voice-controlled smart device.
Distribution Chain Analysis
The Building Energy Management System ecosystem includes the following key players:
Chip Manufacturers: It mainly refers to the manufacturers of Integrated circuit chips made of semiconductor material such as silicon. The type of Sensors manufactured by Chip makers for Building Energy Management System includes Zigbee, Wi-Fi and Z-Wave among others.
Device manufacturers: It represents the manufacturers of Hardware devices such as Smart Thermostats, Smart Appliance, Smart Lighting, Smart Plug and Smart Hub.
Technology providers: This section represents the technologists who offer Monitoring and Control solutions such as Energy Portal, Load Monitor and In Building Display.
Software/ Service providers: These providers include technologists who offer the software platforms such as Smart Building Platform, Data Analytics Platform and Web Services Platform
System integrators: The role of System Integrators is to combine the sub-systems of BEMS such as the Hardware components including Smart Thermostats, Smart Appliances, Smart Lighting, Smart Plug and Smart Hub with that of the User Interface and Software Portals.
Distributors: The Distributors are the players who buy products from the Manufacturers and sell to the end-users.
End users: The end-users are typically the consumers such as building owners who install Building Energy Management Solutions at their Building.
The Global Building Energy Management System (BEMS) is concentrated and technology driven. The top 4 Enterprises constitute 45 per cent of the total Global Building Energy Management System market revenue.
The competitive landscape of the Global BEMS market is characterized by the presence of core solution suppliers and application sub-system providers. Their approach has been to offer Energy Management solutions as a part of Building automation products and services.
The New Entrants in the Building Energy Management Systems need high capital investments. Furthermore, to keep pace with the technological advancements they need to invest heavily on Research & Development activities.
However Favorable Government Regulations promoting optimal energy consumption is expected to reflect positive impact for the new players entering into the market. As such market poses moderate threat to new entrants.
Some of the major market developments include:
- In 2017, Enel Group acquired EnerNOC in a transaction valued at USD 250 Million
- In 2017, Gridpoint in partnership with Bell introduced Smart Energy Management IoT Platform
- In 2018, Johnson Controls introduced Metasys Enterprise Management Platform for ensuring improved performance and Operational Savings.
Constant product innovation with easy-to-operate features is one of the major ways to expand the market share and sustain competition in the market.
Most top industry players are continuously investing large capital in research & development activities, forging partnerships, and acquiring other companies to gain a foothold in emerging economies.
Key Market Players
C3 IoT is a provider of software for developing, deploying, and operating AI, predictive analytics, and IoT applications at enterprise scale. Its solutions leverage big data, telemetry, elastic cloud computing, analytics, machine learning, and social human-computer interaction models.
The company offers a set of cross-industry enterprise AI and IoT applications for predictive maintenance, fraud detection, sensor network health, supply chain optimization, investment planning, and customer engagement.
ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation, and robotics.
Azbil Corporation develops, manufactures, and markets total automation equipment used in industrial and commercial buildings. The Company’s products include sensors, switches, recording meters, security systems, air conditioners, pressure transmitters, and flow meters.
BuildingIQ, Inc. designs and develops software solutions. The Company offers software products to optimize energy use in commercial buildings by reducing HVAC (heating, ventilation, and air conditioning) costs. BuildingIQ serves commercial real estate, utilities, governmental, hospitality, educational, retail, and healthcare sectors worldwide.
Cylon Controls Ltd. provides energy efficiency solutions. The Company offers energy management, communication controllers, unitary controllers, displays, sensors, HVAC controls, and accessories.
Daintree Networks Inc. manufactures wireless controls systems. The Company designs and develops wireless lighting control systems to improve energy management within industrial and commercial buildings. Daintree offers its products to commercial building automation, smart lighting, health care, and telecommunication industries in the United States and Australia.
Daikin Applied Americas, Inc. manufactures commercial heating and air conditioning equipment. The Company offers chillers, air handlers, water source heat pumps, heating and cooling coils, unit ventilator, and condensing units. Daikin Applied Americas serves customers in the United States.
The Building Energy Management System Market is driven by factors such as rising internet penetration, and increasing number of connected devices such as IoT devices and growing awareness among consumers regarding energy consumption.
As BEMS provides a way for monitoring and controlling energy consumption, consumers are enthralled to adopt it but there arises some repercussions due to the high cost of deployment and installation in addition to the vulnerability to cyber-attacks.
As the BEMS Market is in the growth stage a CAGR of 19.5% is set to be witnessed which is a sweet spot for the growth of the market and the growth is set to propel in the forecast period (2019 to 2024) with minor issues such as security and privacy issues to be mitigated by the manufacturers and vendors for flourishing in the BEMS Market.
- GW – Giga Watts
- R&D – Research & Development
- IoT – Internet of Things
- BEMS – Building Energy Management Systems
- HVAC – Heating, Ventilation and Air Conditioning
- APAC – Asia Pacific Countries