Annual BEMS revenue to reach $5.6B by 2020
August 15, 2013 - The market for building energy management systems (BEMSs) continues to grow, driven by technology advances as well as a growing familiarity among customers with the benefits that BEMs provide, says Navigant Research, which predicts worldwide revenue for BEMSs will reach $5.6 billion annually by 2020.
By Alyssa Dalton
“Building energy management systems represent one of the fastest-growing and most promising waves of innovation ever to occur in the building industry,” says Eric Bloom, senior research analyst with Navigant Research. “Among end users, awareness is growing that BEMSs can help companies not only reduce their energy consumption, but also improve the operational performance of facilities and gain insight into occupancy trends in their buildings worldwide.”
While many BEMS vendors have developed platforms with commercial and government customers in mind, the utility sector is playing an increasingly important role in the BEMS market, notes the report. Utilities face a growing number of regulations that require them to play a proactive role in reducing the energy consumption of their customer base. A BEMS deployed by a utility to its customers provides energy efficiency gains that utilities can claim in compliance with such regulations, it states.
The report, Building Energy Management Systems, examines the global market for BEMSs, including hardware, software, and service components. The report details the current state of the market, and provides insight into the future direction of the technology based on emerging capabilities, technical feasibility, and consumer demand.