Building Energy Management System Revenue to Reach $10.8 Billion by 2024
The energy cloud is redefining buildings as energy assets, report finds
BOULDER, Colo. — Buildings are becoming data-rich environments as owners and key decision makers continue to invest in a variety of solutions that embody the technology foundation of the Internet of Things (IoT) and cloud computing, says Navigant Research. As building energy management systems (BEMS) gain greater market penetration, building control algorithms are beginning to provide data beyond energy efficiency, including details on space utilization and operational efficiency. According to a new report from the research firm, the global BEMS market is expected to grow from $2.8 billion in 2016 to $10.8 billion in 2024.
“Intelligent building solutions represent a new generation of tools that leverage today’s data-rich commercial building environment to help stakeholders across the value chain,” said Casey Talon, senior research analyst with Navigant Research. “This report highlights how intelligent buildings, in 2016 and beyond, will generate more revenue, meet changing occupant demands, and respond to evolving policy pressures impacting the facilities industry.”
According to the report, just as the intelligent buildings industry is evolving, the power sector is also undergoing a shift from a linear framework of power generation and consumption to an interactive network, also known as the energy cloud. In the energy cloud, intelligent buildings join renewable energy, storage, and electric vehicles to become the energy nodes that replace the traditional, massive fossil fuel generation resources, while the IoT and cloud computing provide the platform of intelligence for the communication and analysis of energy data.
The report, Intelligent Buildings: 10 Trends to Watch in 2016 and Beyond, presents the top 10 trends for the intelligent buildings market in the coming decade. The report examines the major market issues driving investment in intelligent building solutions, as well as the business case and opportunities associated with various intelligent building solution areas, such as building energy management systems (BEMS), intelligent lighting controls, and HVAC optimization. An executive summary of the report is available here.
Publication date: 1/4/2016