Building Energy Management Systems Market Size - By Component (Metering & Field Equipment, Hardware, Software, Networking Device, Control Systems), By Application (Power & Energy, IT, Manufacturing, Enterprise, Healthcare), & Forecast, 2024 - 2032

Building Energy Management Systems Market Size

Building Energy Management Systems Market Size in 2023 was valued at USD 13.3 billion and is anticipated to grow at a CAGR of 8.1% by 2032 on account of increasing awareness of environmental sustainability and the need to reduce energy consumption. Additionally, stringent government regulations and incentives for energy efficiency are prompting organizations to adopt BEMS to monitor and optimize energy usage. Technological advancements, such as IoT integration and data analytics, are enhancing the capabilities of BEMS, making them more efficient and cost-effective.
 

Moreover, the rising adoption of smart buildings and the Internet of Things (IoT) is further propelling market growth. Many establishing significant partnerships and collaboration, as part of business strategy, to increase the demand of building energy management systems. For instance, in September 2020, Walmart Inc partnered with Schneider Electric, a company specializing in energy management solutions and building automation products. This collaboration aimed to enhance both companies' product portfolios in the realm of building energy management solutions. Such strategic alliances contribute significantly to market expansion by leveraging the strengths and expertise of each party involved.
 

Building Energy Management Systems Market Trends

Growing credibility of for IoT devices and cloud-based platforms are allowing consumers to go for real-time monitoring, analysis, and control of energy usage across multiple buildings remotely. Predictive analytics and artificial intelligence are increasingly being employed to optimize energy efficiency, anticipate maintenance needs, and forecast energy demand more accurately. Additionally, there's a rising focus on occupant comfort and health, with BEMS incorporating features like indoor air quality monitoring and adaptive temperature control. Moreover, modular, and scalable BEMS solutions are gaining popularity, enabling easier installation, scalability, and customization to meet specific building requirements. Furthermore, there's a noticeable popularity of decentralized energy systems and renewable energy integration within BEMS, aligning with broader sustainability goals and reducing reliance on centralized grids.
 

Building Energy Management Systems Market Analysis

Based on component, the market is categorized into metering & field equipment, hardware, software, networking device, control systems. The software segment is poised to cross USD 6.4 billion by 2032 owing to its pivotal role in enabling comprehensive energy monitoring, analysis, and optimization. Advancements in software technologies, such as data analytics, machine learning, and cloud computing, empower building operators to gain actionable insights into energy consumption patterns and implement targeted efficiency measures. Additionally, the scalability and flexibility offered by software solutions facilitate seamless integration with existing building infrastructure and IoT devices, driving their widespread adoption across various industry verticals.
 

Based on application, the building energy management systems market is categorized into power & energy, it, manufacturing, enterprise, healthcare, and others. Power & energy segment is anticipated to grow with CAGR of more than 8.8% by 2032 due to the escalating demand for efficient energy management solutions in utilities, power plants, and renewable energy facilities. This growth will enhance operational efficiency and comply with stringent environmental regulations within the power generation and distribution sector. Additionally, increasing investments in smart grid infrastructure and renewable energy integration will further propel the adoption of building energy management systems across the power and energy industry.
 

North America region is anticipated to surpass USD 7.5 billion by 2032 due to its strong focus on sustainability and energy efficiency that drives widespread adoption of BEMS solutions across various sectors. Robust investments in smart building technologies, coupled with government initiatives promoting energy conservation will fuel market growth in U.S. Its importance stems from its robust economy, significant investments in infrastructure, and stringent regulations promoting energy efficiency. Similarly, Canada's diverse climate conditions, ranging from extreme cold in the north to more temperate regions in the south, necessitate tailored BEMS solutions for effective heating, cooling, and energy management. Its focus on green building initiatives and growing construction industry will further contribute to the region's prominence in driving BEMS market growth.
 

Building Energy Management Systems Market Share

Companies like ABB, General Electric, Siemens, and Honeywell command significant shares in the building energy management systems industry due to their extensive experience, diversified product portfolios, and established global presence. These industry giants offer comprehensive solutions encompassing hardware, software, and services, catering to diverse customer needs across various sectors. Their strong R&D capabilities enable continuous innovation, delivering cutting-edge technologies and advanced functionalities that enhance energy efficiency, operational performance, and cost savings for their clients.
 

Building Energy Management Systems Market Companies

• ABB Limited
• C3.ai, Inc
• Emerson Electric Co.
• Eaton Corporation
• ENGIE Impact
• eSight Energy
• General Electric
• Honeywell International Inc.
• Ingersoll Rand
• Johnson Controls Inc
• Mitsubishi Heavy Industries
• NX Technologies
• Optimum Energy LLC.
• Rockwell Automation, Inc.
• Siemens
• Schneider Electric
• Toshiba Corporation
   

Building Energy Management Systems Industry News

• In November 2022, ABB introduced OPTIMAX to the hydrogen market, aiming to reduce operational costs by enhancing visibility of power consumption across various domains. This system provides improved support throughout the entire lifecycle of a hydrogen plant.
   
• In May 2022, Siemens unveiled building grid software aimed at bolstering economic efficiency and grid stability. The company claims that its software accelerates grid simulations by up to sixfold and improves efficiency by 85% in grid management operations.
   

The building energy management systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Component

• Metering & Field Equipment
• Hardware
• Software
• Networking Device
• Control Systems

Market, By Application

• Power & Energy
• IT
• Manufacturing
• Enterprise
• Healthcare
• Others

The above information has been provided for the following countries across the regions:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Qatar
  • UAE
    South Africa
  • Iran
• Latin America
  • Brazil
  • Argentina