Building Energy Management Solution Market growing at a CAGR of 17.2% & projected to reach $44.2 billion by 2031

The building energy management solution (BEMS) market was valued at $8.8 billion in 2021 and is projected to reach $44.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 17.2% from 2022 to 2031. A BEMS is an advanced system designed to monitor and control a building's energy needs. These systems can manage various aspects of a building's operations, including HVAC, non-HVAC, and industrial components. BEMS is crucial for controlling energy equipment such as HVAC systems, power systems, lighting, and more. It manages energy consumption and sends alerts regarding equipment faults to the building owner's mobile device or monitoring system.

Download PDF Sample Copy: https://www.alliedmarketresearch.com/request-sample/2997

The increasing activities in the construction sector, which include building and infrastructure development, are driving the demand for HVAC control and energy management systems, thereby fueling market growth. The adoption of wired energy management systems in HVAC and non-HVAC spaces is rising due to their user-level security control, faster data scanning capabilities, energy-saving features, and LCD screen displays for meters. This trend significantly boosts the adoption of energy management solutions. Furthermore, the growing demand for HVAC housing, driven by rapid global population growth, is a major factor propelling the growth of the BEMS industry.

Major players such as Johnson Controls, Walmart Inc., and Schneider Electric are actively providing BEMS products to the market. For instance, in September 2020, Walmart Inc. collaborated with Schneider Electric to enhance their product portfolio for building energy management solutions. Such strategic partnerships are contributing to market growth.

Buy This Report@ https://www.alliedmarketresearch.com/checkout-final/bc02380ba1a4789606a1ea2da359d4df

The BEMS market is segmented by type, application, component, and region. In 2021, the wired segment dominated the market. However, the wireless segment is anticipated to grow at a significant CAGR of 18.3% during the forecast period. Despite the high initial costs and price volatility associated with deploying energy management systems, government initiatives toward constructing new smart homes are expected to provide lucrative opportunities for market growth.

In terms of application, the HVAC segment dominated the BEMS market in revenue in 2021. However, the non-HVAC segment is expected to exhibit the highest CAGR during the forecast period. The market is also segmented into services, software, and hardware based on components, with the services segment dominating in 2021.

Regionally, the BEMS market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2021, with various government initiatives boosting the manufacturing sector's growth. Programs such as 'Make in India' and 'Made in China 2025' have stimulated the manufacturing sector, which is expected to increase the use of BEMS in industries in the coming years.

Key market players profiled in the BEMS market report include ABB Ltd, Accrent Inc, Mcloud Technologies Inc, General Electric Company, Honeywell International Inc, Hitachi Ltd, Siemens AG, Schneider Electric, Emerson Electric Co, and Rockwell Automation Inc. These major players have adopted strategies such as business expansion and acquisition to strengthen their market outreach and sustain the competitive environment.

Full Report With TOC@ https://www.alliedmarketresearch.com/building-energy-management-solution-market

Key benefits for stakeholders include extensive analysis of current and emerging global BEMS market trends and dynamics, in-depth market estimations for key segments from 2021 to 2031, and comprehensive regional analyses to determine prevailing opportunities. The report also provides a thorough competitive outlook, profiling key market players and analyzing their strategies to help understand the global BEMS market's future opportunities and dynamics.

1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Allied Market Research:

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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.