Building Management System Market Outlook - 2030
A building management system (BMS) is a computer-based automated control system equipped in a building that monitors and controls various electrical and mechanical systems such as power systems, ventilation, firefighting systems, security systems, and many others. The building management system is popularly known as Building Automation System (BAS) or Building Automation and Control System (BACS). The building management systems architecture includes management, field devices, and automation. The management level consists of a human interface.
The field devices include output activators, input sensors, connected to equipment and plant for controlling and monitoring the environment. The field devices are installed through all the parts of the building. BMS offers tactics to improve building energy performance and automated fault detection systems. Some of the applications of the building management systems include CCTV monitoring, supervision on water consumption, electrical distribution panel, lighting controls, providing parking access, elevators, and intrusion detections. Schneider Electric SE and Siemens AG are the major players in the building management system market.
The global building management system market is segmented on the basis of service type, software, application, and region. Based on service type, the market is divided into professional services and managed services. In terms of software, the market is categorized into facility management, security management, energy management, infrastructure management, and emergency management. On the basis of application, the market is divided into residential, commercial, and industrial. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global building management system industry include Azbil Corp., Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll-Rand Plc, Johnson Controls International Plc, Schneider Electric SE, Hubbell Inc., Emerson Electric Co., Robert Bosch GmbH, Siemens AG, and United Technologies Corp. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global building management system market.
COVID-19 Impact Analysis
The COVID-19 pandemic is a public health emergency that has emerged as a global health crisis. The COVID-19 pandemic has adversely affected almost all industries across the world. The COVID-19 pandemic has negatively affected the growth rate of the market which has impacted the building management system market.
The COVID-19 pandemic has forced governments across the world to impose lockdowns and strict social distancing norms that have negatively affected many industries across the world. Many employees across the globe have faced the issue of job loss as the industries were experiencing massive losses due to lockdowns and supply chain disruptions. Thus, financial uncertainty prevailed in the market. Ultimately, this has led to a decrease in demand for the installation of building management systems in the market.
Top Impacting Factors
The expansion of the building management systems is driven by various factors such as operational efficiency, sustainability, increasing demand for energy, and government regulations to promote the building management system to enhance efficiency. The BMS system can efficiently handle BMS operations, such as a lighting system, water distribution, and many others, with the help of automated software, which, in turn, help in improving reliability, reduce carbon emission, extend equipment life, conserve water, increase productivity, and ultimately enhance resident comfort. Eventually, this will contribute to increase the demand for building management systems in the market.
However, there are some restraining factors that will negatively impact the market growth of building management systems that include high implementation costs and lack of technically skilled laborers.
The Rise in Adoption of Building Management Systems Over Security Concerns
In recent years, there has been a tremendous rise in demand for security systems in the building. With the help of building management systems, we can install the security surveillance devices such as CCTV cameras and biometric systems. These automated systems will eradicate any security breaches that may happen due to some human error. Additionally, to promote the use of building management systems, governments have made regulations to ensure the safety of the residents. All these factors will lead the way for surge in demand and will create building management systems market opportunities.
Demand For Automated and Efficient Operating System
The building management system operates with the help of software. This software when integrated with various applications, such a lighting system, parking systems, and many more, will make the process automated. For example, in the evening, there is a need for switching the lights in the building; this work will be integrated with the building management system so that it can monitor the time and switch on the lights automatically when required on time without any delay, which is expected to grow the market demand in the Building Management System Market period. Therefore, the efficiency with which the building management system operates will be the driving factor for the increase in demand for building management systems in the market.
Key Benefits of the Report
- This study presents the analytical depiction of the building management system market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the building management system market share.
- The current market is quantitatively analyzed to highlight the building management system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed building management system market analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Building Management System Market Research Report
- Which are the leading players active in the building management system market size?
- What are the detailed impacts of COVID-19 on the building management system market?
- What current trends will influence the building management system market in the next few years?
- What are the driving factors, restraints, and opportunities in the building management system market?
- What future projections would help in taking further strategic steps?
Building Management System Market Report Highlights
By Service Type
Key Market Players
Honeywell International Inc., Schneider Electric, Siemens, Johnson Controls, Robert Bosch GmbH, Hubbell Inc., Azbil Corporation, Cisco Systems, Inc., Ingersoll Rand, Delta Electronics, Inc., Emerson Electric Co.