Building Energy Management Market to Grow at 12% CAGR to 2021
Building energy management solutions are being widely employed in the commercial sector
BURNABY, British Columbia — The global market for building energy management solutions is projected to grow at a compound annual growth rate (CAGR) of over 12 percent from 2016 to 2021, according to a report by TechSci Research, due to an increasing focus on reducing emissions of greenhouse gases (GHGs), implementation of stringent government regulations, and a growing number of smart city projects in developing as well as developed countries.
Building energy management solutions are being widely employed in the commercial sector in enterprises/offices, the retail sector, government agencies, IT and telecom, schools and universities, and hospitals and health care. However, adoption of building energy management is relatively slow in the residential sector, due to high initial costs and a lack of consumer awareness.
Demand for building energy management from the Asia-Pacific region is forecast to grow at the fastest pace over the next five years, because of the increasing number of smart city projects in the region; the booming construction sector in China, Japan, and India; implementation of government plans and policies; widespread adoption of green building; and increasing clean energy investments. In 2015, the hardware segment dominated the global building energy management solutions market on the back of increasing demand for energy efficient HVAC systems and advanced CO2 sensors and control technologies.
“Rising concerns over energy security, aggressive environmental targets, growing interests towards clean and renewable resources, and implementation of stringent government policies are projected to drive the global building energy management solutions market in the coming years. Various end user segments are focusing on integration of cloud computing with these advanced building energy management solutions, and this trend is expected to gain more traction over the course of the next five years,” said Karan Chechi, research director with TechSci Research.
More information is available here.
Publication date: 3/14/2016