Building Energy Management Systems Will Reach $5.6 Billion in Annual Revenue by 2020, Forecasts Navigant Research
BOULDER, Colo.--(BUSINESS WIRE)-- The market for building energy management systems (BEMSs) continues to grow, driven by technology advances as well as a growing familiarity among customers with the benefits that BEMs provide. A number of new and existing companies are developing software-based platforms to help customers squeeze cost-reducing energy efficiency and operational benefits out of their building portfolios. According to a new report from Navigant Research, worldwide revenue for BEMSs will reach $5.6 billion annually by 2020, more than doubling from the 2013 level.
"Building energy management systems represent one of the fastest-growing and most promising waves of innovation ever to occur in the building industry," says Eric Bloom, senior research analyst with Navigant Research. "Among end users, awareness is growing that BEMSs can help companies not only reduce their energy consumption, but also improve the operational performance of facilities and gain insight into occupancy trends in their buildings worldwide."
While many BEMS vendors have developed platforms with commercial and government customers in mind, the utility sector is playing an increasingly important role in the BEMS market, according to the report. Utilities face a growing number of regulations, such as energy efficiency resource standards in the United States, that require them to play a proactive role in reducing the energy consumption of their customer base. A BEMS deployed by a utility to its customers provides energy efficiency gains that utilities can claim in compliance with such regulations.
The report, "Building Energy Management Systems", examines the global market for BEMSs, including hardware, software, and service components. The report details the current state of the market, and provides insight into the future direction of the technology based on emerging capabilities, technical feasibility, and consumer demand. Forecasts for the global BEMS market, broken down by customer segment, product area, and region, extend through 2020, and key industry players are profiled in depth. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Building Energy Management Systems," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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