Building Energy Management Solution Market Size, Share, Competitive Landscape and Trend Analysis Report

WILMINGTON, DE, UNITED STATES, September 5, 2024 /EINPresswire.com/ -- Analyzing the Lucrative Opportunities and the Latest Developments in the Building Energy Management Solution Market During 2021-2031

Allied Market Research published a report on the building energy management solution market which highlights that the industry is expected to gather a revenue of $44.2 billion by 2031 at a CAGR of 17.2% from 2022 to 2031. The landscape accounted for $8.8 billion in 2021. The study provides comprehensive coverage of the industry’s competitive scenario with analytical tools like Porter’s five forces.

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A Brief Overview of the Market Dynamics

The AMR report focuses primarily on the major growth drivers, restraints, and investment opportunities in the building energy management solution market to aid businesses in understanding the industry completely. The overall increase in construction activities and infrastructure development projects in emerging economies such as India, China, Australia, Brazil, Indonesia, etc., has led to a surge in demand for HVAC and other energy management systems. The building energy management solutions industry has witnessed huge growth owing to the rise in the deployment of such technologies.

The growing shift toward energy efficiency and the use of innovative mechanisms to reduce the carbon footprint of residential and commercial buildings has played a major role in the industry's growth. The rising pace of industrialization and an exponential increase in the global population have indirectly impacted the building energy management solution landscape positively. Several governments across the globe are undertaking initiatives to promote the construction of smart homes, thus expanding the scope of the market.

Industry Updates and Upcoming Trends

In the past few years, several modern technologies and innovations have been integrated into building energy management systems (BEMS) to improve their efficiency and quality. Some of these key advancements and trends are discussed below:

Distributed energy resources (DERs): Over the years, the preference for decentralized energy systems like onsite solar panels, battery storage systems, wind turbines, and others, has increased. Hence, to support these energy infrastructure technologies, BEMS are now integrated into these power resources to optimize energy use and reduce the cost of generation and distribution. Furthermore, the rising usage of such decentralized methodologies also helps bring down the chances of the collapse of power grids due to outages.

Emerging Technologies: The advent of innovations such as AI, ML, IoT, and data analytics has modified the way BEMS technologies operate. These techniques help in identifying patterns and forecasting energy demands, thereby managing power systems in a better way. ML algorithms also adjust temperature controls based on environmental conditions, thereby helping in the efficient use of energy.

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Key Companies Profiled in the Report

Mcloud Technologies Inc.

Rockwell Automation Inc.

Honeywell International Inc.

General Electric Company

ABB Ltd.

Schneider Electric

Emerson Electric Co.

Hitachi Ltd.

Siemens AG

In summary, the AMR report on the building energy management solution industry explores the different aspects of the market and provides an in-depth analysis of the leading factors influencing the landscape. The study on the latest advancements and upcoming trends in the sector helps companies align their operations with the evolving dynamics of the industry proactively. Furthermore, the competitive scenario presented in the report aids companies in developing foolproof strategies to gain a competitive advantage in the landscape.

David Correa
Allied Market Research
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