Building energy management system (BEMS) is an advanced method to monitor and control the energy requirement of a building. BEMS is a computer-based system which provides monitoring and controlling features for a building’s mechanical and electrical equipment, providing ventilation, power, and lightning systems. BEMS has evolved with an increasing focus on usage of data in commercial buildings powered by technology trends such as Internet of Things (IoT) and cloud networking.
Building energy management system is a vital component to manage the demand for energy in a large complex or multi- building site. There is a significant difference between BEMS and other control systems as the former provides distinctive features such as communication, information of processes, and other remotely-operated roles which can be controlled through a central point or a single operating unit. Technological developments in the BEMS hardware for sensors and communication highways and computer processing power have rendered BEMS a preferred management system. BEMS not only created rapid developments but has also significantly reduced the cost of management systems. Advancement in technology has also amplified the possibilities of usage of BEMS. In addition, it is now possible to monitor multiple buildings at the same time and integrate their tasks. The heating and the cooling requirements among buildings can be combined, resulting in energy saving and management of an individual building to the optimum. BEMS also improves energy efficiency and utilization by restructuring the operation of the equipment which it controls and monitors. Improved energy efficiency leads to increased protection of the environment by reducing the use of resources.
The growth rate for BEMS installation varies considerably across regions with the dominant contributions coming from the developed nations. At the national, state, and local levels, government policies play an important role in promoting the usage of BEMS; however, the uncertainty in demand has created challenges for the BEMS market. The future of the BEMS market depends on the cost of technology, enactment of supportive measures and economic incentives, investor interest, consumer awareness, certification, and quality assurance.
The BEMS market is majorly driven by the advancement of technology and innovations in the global and regional market. Price of BEMS varies based on numerous factors such as installation cost, space availability.
Based on application, the BEMS market can be divided into industrial, commercial, and residential. The commercial and industrial segments are expected to remain attractive during the forecast period.
In terms of type, the BEMS market can be classified into software, hardware, and services designed to address specific needs of customers.
Based on region, the BEMS market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to lead the BEMS market during the forecast period, followed by Europe. The dominance of Asia Pacific is primarily due to large number of installations of BEMS in China, Japan, India, and South Asian nations. The BEMS market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the increase in demand for residential and industrial buildings.
Key companies operating in the BEMS market include Honey well international, GE digital Energy, Johnson, Schneider Electric, ABB Ltd., BuildingIQ Inc., Cylon Controls, EnerNoc Inc., eSight Energy, and Siemens.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.