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Jan 04, 2022, 10:30 ET
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DUBLIN, Jan. 4, 2022 /PRNewswire/ — The "Building Energy Management: Applications and Global Markets 2021-2026" report has been added to ResearchAndMarkets.com’s offering.
The global market for building energy management should grow from $7.2 billion in 2021 to $14.9 billion by 2026, at a compound annual growth rate (CAGR) of 15.5% for the period of 2021-2026.
The Americas market for building energy management should grow from $2.9 billion in 2021 to $5.6 billion by 2026, at a CAGR of 41.2% for the period of 2021-2026.
The Asia-Pacific market for building energy management should grow from $1.4 billion in 2021 to $3.3 billion by 2026, at a CAGR of 18.6% for the period of 2021-2026.
This report also covers the impact of COVID-19 across the market segments. COVID-19 represents the impact of the coronavirus pandemic on the building energy management system market.
Crucial information for market leaders and followers in the company profile chapter, as well as key developments and the competition landscape, are covered to make the report compatible with the current market situation.
All market values are in U.S. dollars ($) and are calculated as nominal value; 2020 is considered the base year, and 2021 is the projected year, Values are forecast from 2022 to 2026. The compound annual growth rate (CAGR) in percentage represents the cumulative five-year growth.
The Report Includes
A building energy management system is connected to a building equipment (e.g., HVAC, lighting, water heater, elevator) to manage energy consumption. A building energy management system manages the energy consumption and sends alerts pertaining to faults in any equipment to the building owner’s mobile or monitoring system. Building energy management systems are becoming the identity of healthy buildings, as they display the certifications related to building health. Smart equipment attracts investors. The commercial building sector is the most opportunistic sector in the global market, as these energy management systems help building, facility and asset managers to track the energy consumption in their buildings, as well as to maintain comfort levels.
COVID-19 has created new business opportunities in building energy management systems because the post-pandemic density of workers present in the corporate companies has been reduced die to the work from home option. Building managers must ensure comfort levels from low employee number strength to high employee number strength. Building energy management plays crucial role, as it can automatically manage the output of power according to the demand. During the peak hours, it will automatically take energy stored in the battery so that the business can run efficiently throughout the day.
Based on solution the market is divided into three segments: hardware, software and services. Hardware is the basic necessity to activate any building energy management system, but technology is shifting toward wireless due to the integration of the internet of things (IoT) and artificial intelligence (AI) in the conventional technology. Consumers are therefore shifting toward wireless-type systems that can be operated with mobile phones due to the cloud platform. Software is used for converting machine language to the readable language and for active building automation systems. The software segment is expected to grow in the coming five years due to the rising awareness of smart buildings, as well as government policies and regulations for energy conservation. The last part of system solution segment is service. The service segment includes third-party service providers, as well as the entities that install building energy management systems.
"Old building" or "retrofitting" applications comprise the eye-catching segment for investors because there is a wide variety of customers in the global market. Some purchase products for 20 to 30 years, whereas others purchase products based on subscription. A subscription may be monthly, half yearly or years in length. The price of the product and service in this industry is determined per point or per connection, meaning the number of the connections with building equipment can increase the overall price of a building energy management system. A preplanning of a building is required for a new system. Government permission is also required. According to the construction planner, a building takes time 12 months to 18 months to construct. Therefore, the new building segment is expected to be a low revenue generator compared to the retrofitting segment.
The wired and wireless connectivity is combined for a building energy management system. The wired segment is projected to dominate the global market during the forecast period due to its reliability and strong connection abilities. Wired systems are used in hospitals and defense buildings due to the frequent connectivity between building equipment. Hotel and retail applications have shown positive adoption of wireless technology, mainly in guest rooms. A hotel’s key building equipment is connected with a wired system, whereas the room equipment is connected with wireless technology.
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Background and Technology Developments
Chapter 4 Global Market Analysis by Segment
Chapter 5 Key Developments and Patent Analysis
Chapter 6 Ranking of Players in the Global Market for Building Energy Management
Chapter 7 Company Profiles
Chapter 8 Associations, Agencies and Regulatory Bodies
Chapter 9 Appendix: Abbreviations and Acronyms
For more information about this report visit https://www.researchandmarkets.com/r/juai8x
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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