Building Energy Management System (BEMS) Market Share, Trends & Size (2018–2025)
Developing countries, in the coming three decades are expected to account for the majority of the population growth. By 2050, XX billion people are expected to add to the global population. As per the U.N. projections, Africa, is expected to register the highest population growth with an additional 1.30 billion people across the globe, by 2050. Majority of this growth is expected to result in the cities being big and full of new buildings. If greenhouse gas emission reductions are on target, then those new buildings will need to be as energy efficient as possible.
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Digitalization and urbanization are the two important pillars which can help in achieving energy efficiency, especially in the buildings industry. The only challenge which needs to be addressed is the qualified staff requirement to decode the data, to study trends, and to act accordingly. Managing the energy and other demand in buildings can efficiently and effectively have considerable benefits. A building energy management system (BEMS) is a method used to monitor and control the building’s energy demand. Under the broad head of energy management, building energy management systems can control and monitor a huge aspect of the building, irrespective of it being residential or commercial. Some of the functions being taken care of with the help of BEMS are heating, ventilation and air conditioning (HVAC), lighting and security measures. BEMS technology can be applied in both residential and commercial buildings.
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Energy efficiency is an important driver in the development of systems that automatically monitor and control energy usage. The concept of using energy management systems across buildings has been around for many years now, however the recent developments in IT have made it a more practicable proposition. Companies, manufacturers, and individuals are becoming more intelligent in incorporating greater automation.
The building energy management system market is majorly driven by certain factors such as:
reduction of environmental constraints
favorable government initiatives and certifications
increasing demand for energy conservation/efficiency
However, there are certain challenges that are inhibiting the overall growth of building energy management system market:
high initial investment
longer payback period
privacy and security risk
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