BOULDER, Colo. — Several market trends, including growing awareness of the Internet of Things (IoT) and rising demand for data-driven decision support tools, are accelerating adoption of building energy management systems (BEMS), notes Navigant Research. As the cost of monitoring and control technology falls, BEMS is becoming a more cost-effective option for a wider range of customers. According to a new report from the research firm, worldwide revenue from BEMS is forecast to grow from $2.4 billion in 2015 to nearly $10.8 billion in 2024.

“Building energy management systems represent an important evolutionary step in the approach to facilities and operations management,” said Casey Talon, senior research analyst with Navigant Research. “As the market matures, more integrated and sophisticated BEMS solutions are delivering energy efficiency improvements while also enabling comprehensive business intelligence and strategic management.”

According to the report, BEMS includes offerings in four categories: visualization and reporting; fault detection and diagnostics; predictive maintenance and continuous improvement; and optimization. Solutions may span these categories or provide tools within one specific category, and they vary in technology maturity based on functionality and integration. This variability in solution design and functionality reflects the newness of the market and diverse customer needs, states the report.

An executive summary of the report is available here.

Publication date: 3/2/2015

Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!