It has become an axiom of the sustainable energy movement that various trends feed the market for new and innovative technology. For example, the push for greater energy efficiency has fueled the market for building energy management systems (BEMS).
A new report from Navigant Research analyzes the growth patterns in this market and foresees its continuing transformation. The Navigant Research Leaderboard Report, released in the third quarter of this year, examines the strategy and execution of 15 intelligent building solutions providers that are active in this global market. The report rates the vendors based on 12 criteria related to strategy, technology, production and pricing.
Navigant defines BEMS technology in technical terms, as an “IT-based solution that extends the capabilities of sensing, control, and automation hardware to direct automated and/or manual improvements to system operations utilizing the data from multiple data streams.”
The firm notes that the market has changed dramatically since the technology was introduced more than 10 years ago. This change has occurred at the same time as other related technologies have also emerged and evolved, such as building energy control systems and wireless technologies.
This evolution has encouraged the solutions that fall under the BEMS category to increasingly have applications outside of traditional energy efficiency and management. These other uses include operational efficiency, space utilization, productivity, occupant engagement and sustainability.
Principal research analyst for Navigant Research, Casey Talon remarks, “What makes the BEMS market interesting is the unique competition between nontraditional rivals, the emergence of innovative solutions to business challenges, and the opportunity to bring sustainability forward with sound economic investments,”
While conducive to a healthy market that feeds the development of new technology, these changes pose a challenge to consumers. They may have difficulty differentiating between the various software offerings from vastly different vendors, as well as solutions that range across a spectrum of capabilities. Navigant envisions the Leaderboard report as a tool to aide in the differentiation of these vendors and the products they offer.
Navigant projects revenue from the BEMS to total nearly $55 billion from 2015 to 2024.