Jan. 20, 2014: Market for Building Energy Management to Grow by 19 Percent to 2018
Report Provides BEMS Market Forecast
NEW YORK — According to a new report, “Global Building Energy Management Solutions Market Forecast & Opportunities, 2018,” from Reportlinker.com, global market revenues for building energy management systems (BEMS) are forecast to grow at a compound annual growth rate (CAGR) of around 19 percent from 2013-2018.
In the global BEMS market, North America accounts for the majority of the demand. However, the BEMS market in the Asia-Pacific and South America regions is expected to grow faster compared to other regions in the coming years. In the commercial segment, the energy management market is largely being driven by the growing demand for these solutions in offices and retail applications due to rapid urbanization, construction of new buildings, increasing IT spending, and increasing adoption of energy efficient solutions. Further, growth in hospitality and educational buildings is also contributing to the overall market for building energy management solutions.
The demand for energy management solutions in buildings is being driven in North America and Europe due to government policies and regulations. This is further supported by various incentives. It is expected that increasing adoption of renewable energy technologies like solar rooftop systems will help drive the market over the next five years. The companies involved in providing energy management solutions are predominantly focusing on new buildings versus retrofit solutions, as the former offers comparatively higher energy saving potential. In addition, installation of energy management solutions in new buildings is relatively simpler.
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Publication date: 1/20/2014