Building Energy Management Systems Market Size

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.

To get key market trends

  Download Free Sample

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.