As the energy industry becomes smarter, consumers are getting smarter, too.
Building energy management systems (BEMS) give owners greater control over efficiency and consumption in their buildings.
Published in September of last year, Research and Markets' report “Building Energy Management Systems (BEMS) - Global Market Trajectory & Analytics,” projects the global BEMS market to reach $8.4 billion by 2027, with a compound annual growth rate of 12.4% over the same time frame.
A number of factors are setting the stage for this rapid growth. The study asserts that the COVID-19 pandemic has made sustainability, safety and resiliency top priorities, and this will cause a rush to turn residential and commercial structures into smart buildings.
This trend will reveal itself through various changes, such as regulatory pressure to curb energy waste in buildings, evolving smart building technologies and their growing connection to property values, new green building code legislation and the emergence of the internet of things. Growth in the BEMS market will also be aided by the concurrent growth of smart cities, which is often the first step for energy savings in smart homes and buildings.
The study describes BEMS as "sophisticated systems" that integrate hardware, software and services with information and communication technologies. Designed to monitor, automate, manage and control the energy requirements of buildings, they automatically monitor and control energy-consuming electrical and mechanical equipment, such as thermostats, HVAC, boilers, water heaters, elevators, plumbing and lighting within a single building or group of buildings. The ultimate goal of BEMS is to enhance energy efficiency and comfort in buildings. They are primarily used in commercial buildings including hospitals, hotels, educational institutions, club houses, IT parks, malls and industries.
According to the study, the United States represents the largest BEMS market worldwide.