OCEAN VIEW, Del. — The global building energy management systems (BEMS) market is forecast to surpass $6 billion by 2023, according to a report from Global Market Insights Inc. Increasing regulatory pressure due to increasing energy waste in buildings is predicted to drive the industry over the coming years.
Rising awareness regarding the importance of efficient energy use at the corporate and government levels is anticipated to propel the building energy management systems market. The buildings sector is primarily responsible for energy consumption, says the report.
The need to manage energy costs for commercial as well as residential buildings is expected to boost building energy management systems market over the next few years. These sectors have been adopting various technologies for controlling, conserving, and monitoring energy. High energy consuming areas in buildings include HVAC systems, office equipment, pumps, etc.
The introduction of new technologies accompanied by the maturing of existing technologies is predicted to drive applicability across various industry sectors. Urban infrastructure development, particularly the growth of smart buildings, is anticipated to be one of the major factors driving market share.
The U.S. building energy management systems market is the largest regional segment and is likely to maintain its dominance owing to rising interest in highly developed energy technologies as well as implementation of demand response programs over the coming years. These programs are likely to promote limited energy usage and enable customers to tackle changing prices and handle utility needs for reducing peak loads.
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Publication date: 10/18/2016