A recent publication titled ‘Global Building Energy Management Solutions Market Forecast & Opportunities, 2018′ reveals that in the global building energy management solutions (BEMS) market, North America accounts for the majority of the demand due to various policy initiatives taken by the governments coupled with growing number of smart buildings in the region.
However, the BEMS market in APAC and South America regions is expected to grow faster compared to other regions in coming years. In commercial segment, the energy management solutions market is largely being driven by the growing demand for these solutions in enterprises/offices and retail applications on account of rapid urbanisation, construction of new buildings, increasing IT spending, increasing adoption of energy efficient solutions, etc. Further, growth in the hospitality and educational buildings is also contributing to the overall market of building energy management solutions.
According to the report, market revenues of global building energy management solutions are forecast to grow at a CAGR of around 19% during 2013-18. The demand for energy management solutions in the buildings is majorly driven by North America and Europe regions, due to aggressive government policies and regulatory support. This is further supported by various incentives and labeling programs.
It is expected that increasing adoption of renewable energy technologies like roof-top solar photovoltaic power plants, wind farms and energy efficient hardware, for instance, window glasses, etc., would drive the market over the next five years. The companies involved in providing energy management solutions are predominantly focusing on new buildings against retrofit solutions, as the former offers comparatively higher energy saving potential. In addition, installation of energy management solutions in new buildings is relatively simpler.
