PUBLISHER: Allied Market Research | PRODUCT CODE: 1139851
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139851
The global building energy management solution was valued at $8,810.2 million in 2021, and is projected to reach $44,246.7 million by 2031, growing at a CAGR of 17.2% from 2022 to 2031.
Building energy management system is a computer-based system that monitors and controls a building's electrical and mechanical equipment such as lighting, power systems, heating, and ventilation. The HVAC systems, office equipment, pumps, catering, and fans are some of the areas in the building that use energy management systems.
A building energy management solution is a system of computer aided tools used by operators of electric utility grids to control, monitor, and optimize the performance of the transmission systems. Energy management solutions have gained popularity since they help gain competitive advantage, increase productivity, and reduce energy costs. Every building small or big is running with the help of energy, so it is need to install energy management systems.
A rise in digitization and increase in data generated by IoT devices, which boost the growth of the global building energy management solution market. In addition, rise in inclination towards energy efficiencies, and rise in gated communities in urban spaces in emerging economies over the past couple of decades is a key trends, which drives the growth of the building energy management solutions market. Smart doorbell system is internet connected doorbell device that sends notification to home owner about who arrives at the door. It is compatible with smartphones, IoS Devices, and android devices as well.
Benefits associated with energy management solutions improves energy efficiency, utilization by reconstructing the operation of equipment, controls, and monitor HVAC systems, which in turn, adoption of energy management solutions, in buildings, drives the growth of the market. However, high initial cost related to deploying energy management systems and price volatility in energy management are major restraints for the growth of the building energy management solution market. Furthermore, government initiatives towards the construction of new smart homes are expected to provide lucrative opportunities for the growth of the building energy management solution market.
The global building energy management solution market is segmented into component, application, type and region. On the basis of component, the market is segregated into services, software, and hardware. Services segment dominate the market in 2021. Based on type, the market is segmented into wired , and wireless segment. Wired segment dominate the market in 2021. Based on application, the market is divided into HVAC and non-HVAC. HVAC segment dominate the market in 2021.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region dominate the market in 2021. The key market players profiled in the report of building energy management solution market report include ABB Ltd, Accruent Inc., Mcloud Technologies Inc, General Electric Company, Honeywell International Inc, Hitachi Ltd, Siemens AG, Schneider Electric, Emerson Electric Co, and Rockwell Automation Inc. The major players operating in the global building energy management solution market have adopted key strategies such as business expansion and acquisition to strengthen their market outreach and sustain the stiff competition in the market.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Component
By Application
By Region