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.”