Worldwide revenue from building energy management systems is expected to grow from $2.4 billion in 2015 to nearly $10.8 billion in 2024, according to Navigant Research.
Several market trends, including growing corporate awareness of the Internet of Things and rising demand for data-driven decision support tools, are accelerating the adoption of building energy management systems. As the cost of monitoring and control technology falls, building energy management systems are becoming more cost-effective options for a broader set of customers.
“Building energy management systems represent an important evolutionary step in the approach to facilities and operations management,” says Casey Talon, senior research analyst with Navigant Research. “As the market matures, more integrated and sophisticated building energy management solutions are delivering energy efficiency improvements while also enabling comprehensive business intelligence and strategic management.”
Building energy management systems include offerings in four categories, according to the report: visualization and reporting, fault detection and diagnostics, predictive maintenance and continuous improvement, and optimization.
Solutions may span these categories or provide tools within one specific category, and they vary in technology maturity based on functionality and integration. This variability in solution design and functionality reflects the newness of the market and diverse customer needs, the report finds.