Building Energy Management Solution Market

Building Energy Management Solution Market Research, 2031

The global building energy management solution market size was valued at $8.8 billion in 2021, and is projected to reach $44.2 billion by 2031, growing at a CAGR of 17.2% from 2022 to 2031.  A building energy management system is a sophisticated method to monitor and control the buildings energy needs. This system can control and monitor a large variety of other aspects of the building regardless of whether it is HVAC, Non-HVAC, and industrial. This system is used to control energy equipment such as HVAC systems, power systems, lighting, and others. A building energy management system manages the energy consumption and sends alerts pertaining to faults in any equipment to the building owner's mobile or monitoring system.

The COVID 19 outbreak has affected the growth of the building energy management solution industry owing to the lockdown measure in the countries and delay in manufacturing and production of building energy management products and solutions which are utilized in HVAC and non HVAC applications..

Increase in activities in the construction sector, which includes activities of construction buildings & infrastructure propels demand for HVAC control, and energy management systems, fuels the growth of the market. A rise in use of wired energy management system in HVAC and Non-HVAC spaces, owing to user level security control, faster data scan, energy saving ability, and LCD screen display for meters, which boost the adoption of energy management solutions, drive the growth of the building energy management solution market. Furthermore, surge in demand for HVAC housing, owing to rapid population growth globally is the major factor that propels growth of the building energy management solution industry.

Major players such as Johnson Controls, Walmart Inc, Schneider Electric, and others are engaged in providing building energy management solution products to the market. For instance, in September 2020, Walmart Inc collaborated with Schneider Electric, deals in energy management solutions, and automation in building products. The collaboration aimed to improve the product portfolio of companies for building energy management solutions. Such strategies boost the growth of the market.

Wired segment dominate the market in 2021. Wireless segment is anticipated to grow at a significant CAGR of 18.3% during the forecast period. Increase in activities in the construction sector, which includes activities of construction buildings & infrastructure propel.However, high initial cost related to deploying energy management systems, and price volatility in energy management are major restraints for the growth of the building energy management solution market. Furthermore, government initiatives toward the construction of new smart homes are expected to provide lucrative opportunities for the building energy management solution market growth.

The HVAC segment dominated the building energy management solution market, in terms of revenue, in 2021. However, the non-HVAC segment is anticipated to exhibit the highest CAGR during the forecast period.

The building energy management solution market is segmented into component, application, type and region. On the basis of component, the market is segregated into services, software, and hardware. Services segment dominated the market in 2021. By type, the market is segmented into wired, and wireless segment. Wired segment dominate the market in 2021. By application, the market is divided into HVAC and non-HVAC. HVAC segment dominated the market in 2021.

Region wise, the building energy management solution market share analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region dominated the market in 2021. Various government initiatives have led to growth of the manufacturing sector in the region. For instance, ‘Make in India’ launched by the Government of India and ‘Made in China 2025’ launched by the Government of China have led to rise in growth of the manufacturing sector. Rapid growth of the manufacturing sector in the region is expected to boost use of building energy management systems in industries in the coming years.

The key market players profiled in the report of building energy management solution market report include ABB Ltd, Accrent Inc, Mcloud Technologies Inc, General Electric Company, Honeywell International Inc, Hitachi Ltd, Siemens AG, Schneider Electric, Emerson Electric Co, and Rockwell Automation Inc. The major players operating in the global market have adopted key strategies such as business expansion and acquisition to strengthen their market outreach and sustain the stiff competition in the market.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging global building energy management solution market trends and dynamics. 
• In-depth market analysis is conducted by global building energy management solution market estimations for the key market segments between 2021 and 2031.
• The global building energy management solution market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The global building energy management solution market forecast analysis from 2021 to 2031 is included in the report.
• The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global building energy management solution market opportunity. 

 Building Energy Management Solution Market Report Highlights