Nov. 27, 2013: Building Energy Management Software to Nearly Triple in Revenue by 2020
Both Voluntary and Regulatory Measures Are Fueling Rapid Growth
BOULDER, Colo. — A combination of factors, including increased knowledge of the building stock, the higher priority of energy efficiency among corporations and governments, and the advent of cloud-based data management and big data, has led a number of new and existing companies to develop software-based building energy management systems (BEMS) that can help customers realize new opportunities to gain maximum energy efficiency and operational benefits out of their building portfolios, notes Navigant Research. According to a report from the firm, annual revenue from BEMS software is forecast to grow from $1.1 billion in 2013 to more than $2.8 billion by 2020.
“Both voluntary and regulatory measures are fueling rapid growth in the global market for BEMS software,” said Eric Bloom, senior research analyst with Navigant Research. “In Europe, for example, the requirement that large energy consumers develop energy management plans in accordance with the European Union’s Energy Efficiency Directive will drive many companies in the region to look for sophisticated tools that will help them manage and reduce their energy consumption.”