Building Energy Management Solution Market to Reach USD 44.2 billion by 2031

According to a new report published by Allied Market Research, titled, "Building Energy Management Solution Market," The building energy management solution market size was valued at $8.8 billion in 2021, and is estimated to reach $44.2 billion by 2031, growing at a CAGR of 17.2% from 2022 to 2031.

𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚: - https://www.alliedmarketresearch.com/request-sample/2997

Building energy management solution are hardware/software systems that are installed in HVAC, and Non-HVAC spaces to observe and regulate the energy requirements of building, and to ensure the efficiency and optimum utilization of the energy. A rise in disposable income of population, and improved lifestyle, and increase in awareness about using HVAC control, monitor and control energy management applications, have boosted the adoption of energy management systems in HVAC, and Non-HVAC spaces, drives the growth of the building energy management solution market. In addition, a rise in number of smart cities, improved consumer awareness about energy management solutions and growing adoption of IoT based technologies which boost the building energy management solution industry growth.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

Major players such as C3.ai, ABB Ltd, and others are engaged in adopting product launch, acquisition, and product development as a key developmental strategy to improve the product portfolio of energy management solutions, boost the growth of the building energy management solution market. For instance, in October 2019, C3.ai, an AI software solutions provider company signed a collaboration with ENGIE, an electric utility company. The collaboration aimed to provide AI-powered energy management solutions for the municipalities, universities, corporate campuses, and hospitals. All such products drive the growth of the market. A rise in adoption of Internet of Things (IoT) technology in the building energy management, which boost the growth of the market.

Moreover, the rise in government spending on smart city projects, which is anticipated to provide lucrative opportunities for the growth of the building energy management solutions, fuels the growth of the building energy management solution market. For instance, the spending on smart city initiatives globally is expected to rise by $189.5 billion in 2023 from $124.0 billion in 2020.

𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: - https://www.alliedmarketresearch.com/purchase-enquiry/2997

𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

The building energy management solutions market is highly competitive. The key players in the industry are Johnson Controls, Siemens AG, Schneider Electric, Honeywell International Inc., Buildingiq, ABB Group, Ingersoll Rand, Trane Technologies, Daikin Industries, and Echelon Corporation. These companies employ a range of strategies to gain a competitive advantage in the market, such as product innovation, mergers and acquisitions, and strategic partnerships.

The global 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 dominate the market in 2021. Based on type, the market is segmented into wired , and wireless segment. Wired segment dominate the market in 2021. Based on application, the market is divided into HVAC and non-HVAC. HVAC segment dominate the market in 2021.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗢𝘂𝘁𝗹𝗼𝗼𝗸

Region wise, the building energy management solution market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region dominate the market in 2021. The key market players profiled in the report of market report include ABB Ltd, Accruent Inc., Mcloud Technologies Corp, General Electric Company, Honeywell International Inc, Johnson Controls, 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.

However, numerous manufacturers in the worldwide building energy management solutions market had to halt their business production, due to lockdown imposed in countries such as China, U.S., India, and others due to the coronavirus issue. This disruption has a direct impact on the sales of building energy management solutions. However, reopening of production facilities and introduction of coronavirus vaccines are projected to lead to the reopening of market at full pace. The lack of awareness about energy management solutions in small companies and in developing countries, and high capital required to install energy management systems, boost the building energy management solution market growth. Furthermore, government initiatives to install energy management solutions are anticipated to provide lucrative opportunities for the growth of the market.


𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩:- https://www.alliedmarketresearch.com/checkout-final/70303be8bdb97c1bdf1ecd8866596ed4

𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄

The energy management solution involves implementing a systematic approach to energy efficiency and is superior to ad hoc traditional project-based approaches to improving energy performance. Typically, energy management systems combine best practices in project management, energy awareness, and energy monitoring, with an energy policy that governs an organization's approach towards energy use and performance.

A rise in trend about reduce greenhouse emissions in HVAC, Non-HVAC and industrial spaces, which in turn, rise in demand for energy management solutions, boost the growth of the building energy management solution market. A rise in use of energy management solutions for monitor building's energy consumption by mechanical and electrical equipment such as ventilators, heaters, air conditioner, and lighting to increase energy efficiency and reduce energy costs.

An energy management systems creates awareness and a commitment about energy consumption, and renewable sources within the organization. In addition, rise in industrialization, fluctuation in energy costs, adoption of modern technologies, and rising need to control and reduce the energy consumption across industries are some of the factors which boost the growth of the building energy management solution market. However, high initial cost related to deploying energy management systems, and price volatility in energy management are a major restraint for the growth of the building energy management solution market. Furthermore, government initiatives towards the construction of new smart homes are expected to provide lucrative opportunities for the growth of the building energy management solution market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.