Building Energy Management Solution Market Growing at a CAGR of 17.2% from 2022 to 2031| Type Wired Wireless

building energy management solution market driven by increasing demand for energy-efficient solutions, technological advancements

WILMINGTON, DE, UNITED STATES, January 8, 2025 /EINPresswire.com/ -- The global building energy management solution market was valued at $8.8 billion in 2021 and is projected to grow to $44.2 billion by 2031, registering a compound annual growth rate (CAGR) of 17.2% from 2022 to 2031.

A building energy management system (BEMS) is an advanced solution designed to monitor and control a building's energy requirements. This system is capable of managing and regulating various components such as HVAC, non-HVAC, and industrial systems. Key functions include monitoring energy consumption, controlling equipment like HVAC systems, power systems, and lighting, and sending fault alerts to building owners through mobile or monitoring systems.

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Building Energy Management Solution Market Insights

Market Dynamics
The increasing activities in the construction sector, which involve building and infrastructure development, have fueled the demand for HVAC control and energy management systems, thereby propelling market growth. Additionally, the adoption of wired energy management systems in HVAC and non-HVAC applications has grown due to benefits such as user-level security control, faster data scanning, energy-saving capabilities, and LCD screen displays for meters. These factors have significantly boosted the demand for energy management solutions.

Moreover, the growing global population has led to a surge in demand for HVAC systems in residential and commercial buildings, which further drives the growth of the BEMS market. Key industry players like Johnson Controls, Walmart Inc., and Schneider Electric have played a pivotal role in advancing the market by introducing innovative energy management solutions. For instance, in September 2020, Walmart Inc. collaborated with Schneider Electric to enhance its product portfolio in energy management solutions. Such strategic collaborations have positively impacted market expansion.

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Building Energy Management Solution Market by Type
In 2021, the wired segment dominated the market. However, the wireless segment is expected to grow at a notable CAGR of 18.3% during the forecast period. The increased adoption of wireless solutions can be attributed to their ease of installation and flexibility, which makes them highly suitable for modern smart buildings. Despite the high initial cost of deploying energy management systems and the volatility in energy prices posing challenges, government initiatives toward the construction of smart homes are anticipated to create lucrative growth opportunities.

Building Energy Management Solution Market by Application
The HVAC segment led the market in terms of revenue in 2021. However, the non-HVAC segment is projected to exhibit the highest CAGR during the forecast period. The growing adoption of energy management solutions across various building systems beyond HVAC, including lighting and industrial equipment, is expected to drive further market growth.

Segmental Overview
The building energy management solution market is segmented based on component, application, type, and region. By component, the market is categorized into services, software, and hardware, with the services segment dominating in 2021.

By type, the market is divided into wired and wireless solutions, with the wired segment leading in 2021. In terms of application, the market is segmented into HVAC and non-HVAC, with HVAC maintaining a dominant position in 2021.

Building Energy Management Solution Market by Region
Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). North America held the largest market share in 2021, driven by various government initiatives promoting energy efficiency.

Meanwhile, Asia-Pacific is expected to experience the highest growth rate during the forecast period, owing to rapid urbanization and industrialization in countries such as India and China. Initiatives such as “Make in India” and “Made in China 2025” have led to significant growth in the manufacturing sector, which is expected to boost the adoption of energy management systems in the region.

Key Market Players
The key players profiled in the building energy management solution 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 acquisitions to strengthen their market presence and gain a competitive edge.

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Key Benefits for Stakeholders

The report provides a comprehensive analysis of current and emerging global building energy management solution market trends and dynamics.

In-depth market analysis is conducted for key segments from 2021 to 2031.

The study offers a detailed competitive analysis, including key product positioning and strategies of top market players.

A thorough regional analysis highlights prevailing opportunities across different geographies.

The market forecast from 2021 to 2031 is included, offering insights into future growth prospects.

Profiles of key market players, along with an analysis of their strategies, help stakeholders understand the competitive landscape and market opportunities.

Overall, the building energy management solution market is poised for substantial growth, driven by increasing demand for energy-efficient solutions, technological advancements, and supportive government initiatives aimed at promoting sustainable construction practices.

David Correa
Allied Market Research
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