According to a new report recently released from Research and Markets, the global Building Energy Management Systems (BEMS) is expected to reach $8.4 billion by 2027, trailing a post COVID-19 CAGR of 12.4% over the analysis period 2020 through 2027.
BEMS are sophisticated systems integrating hardware, software, and services with information and communication technologies for monitoring, automating, managing, and controlling the energy requirements of buildings. Although immediate financial challenges may hinder energy efficiency investments in the year 2020, COVID-19 has nevertheless set the alarm bells ringing.
The rush to turn residential and commercial buildings into smart buildings will be greater post Covid-19 and beyond, notes the report, as sustainability & safety become top priority for a pandemic scarred world focused on resilience. The increased post pandemic focus shed on energy consumed by the buildings sector is expected to bring fresh opportunities for growth of BEMS. The growth in the market will be driven by the growing regulatory pressure to curb energy wastage in buildings; evolution of smart building technologies and their role in pushing up the property value of buildings; legislation of new green building codes; and emergence of IoT and cloud as a potential game changer for the BEMS market.
For more information and to see the full report, visit the research group’s website.
