The global energy demand is currently rising at an astronomical pace. As per International Energy Agency (IEA), the global energy demand is expected to grow by 27% during 2017-40. This exponential rise in demand would exert immense pressure on natural resources. The key contributors to this upsurge in this demand are emerging economies including China, India, Russia, Brazil, Indonesia, etc., along with certain developed countries such as the United States. In 2019, thermal energy segment had an upper hand in the power generation mix of these countries, thus negatively impacting the environment by releasing a considerable amount of carbon. These ongoing events are expected to continue to propel the overall energy needs, also polluting the environment.
The rapid rise of the population in these emerging countries is boosting the demand for energy and inviting additional cost to the governments in these geographies. The rise in residential construction, expansion of commercial offices, etc., are putting extra pressure on the governments to reduce their energy bill. Therefore, the demand for building energy management is rising not only from these major geographies but also from the remaining parts of the globe.
According to MarkNtel Advisors’ research report titled “Global Building Energy Management System Market Analysis, 2020”, the widening gap in the demand and supply of energy and heavy reliance on fossil fuels for energy needs is stimulating the Building Energy Management market across the globe. The growing prominence of IoT and connected devices has been emerging as a key trend in efforts toward optimizing the building’s energy use.
In 2019, the usage of wired-based building energy management systems had the majority market share. However, with the growing penetration of high-speed internet, the prominence of wireless-based systems is set to grow during the forecast period. Robust government impetus in Europe and the United States toward energy management and conservation is set to intensify the deployment of building energy management systems in both regions. Europe is moving toward Zero Energy Buildings i.e. drastically lower the energy consumption of buildings using energy management systems.
The leading players operating in the Global Building Energy Management market are Siemens, Honeywell, Schneider Electric, Johnson Control, Azbil, Daikin, etc. The market is witnessing a wave of mergers and acquisitions, where the companies are increasingly acquiring the start-ups offering niche solutions in the Building Energy Management market or acquiring companies in its vertical or horizontal market to complete their product portfolio.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of Global Building Energy Management Market during 2020-25?
A. The market size of Global Building Energy Management Market during 2020-25 is forecast to be around XX%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Europe will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Building Energy Management Market?
A. Siemens, Honeywell, Schneider Electric, Johnson Control, Azbil, Daikin are few of the leading players in the Global Building Energy Management Market.
Q. Does the report scope cover Global Building Energy Management type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Building Energy Management type and region wise statistics such as market size, market segmentation based on various subcategories.
Q. Which communication based technology would emerge as an opportunity area for players in Building Energy Management Market?
A. Wired based communication technology to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Building Energy Management Market.
