NEW YORK — The global building energy software market is forecast to grow at a compound annual growth rate (CAGR) of 16.24 percent over the period 2014-2019, according to a report by Technavio.
Building energy management systems (BEMS) are deployed in buildings for efficient energy performance, notes the report. These systems control and manage building functions including HVAC, lighting, fire prevention, safety, and security. They are installed in commercial buildings, IT facilities, hotels, restaurants, manufacturing plants, retail outlets, and residential buildings for effective facility management.
BEMS includes hardware, software, and services. Building energy software helps in the prediction of energy usage of buildings. The software uses tools for monitoring, controlling, and optimizing electrical loads. Also, it allows the user to monitor and reduce the energy consumption of electrical and electronic devices and conserve energy. It also helps in power management by tracking the real-time energy consumption of equipment and comparing it with historical data. End-users obtain a holistic view of their energy performance, which is compiled through a wide array of sensing and control devices, data feeds, and analytics software.
A key market driver is increased energy and cost savings. A key market challenge is the high cost of implementation.
A key market trend is the increased adoption of building energy software in the retail industry.
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Publication date: 9/30/2015