The global energy management industry has witnessed a massive transformation over the past five years, owing to the increasing demand for building energy management systems. Earlier, the industry had been driven by resources, however it is now driven majorly by technology and innovation. Rising population and energy demand, along with the increase in greenhouse gas emission, has resulted in the growing concerns to enhance energy efficiency and energy conservation.
With rapid implementation of building energy management systems, the commercial, industrial, and residential end users are able to conserve energy with the help of functions of building energy management system such as heating, ventilation, and air conditioning (HVAC) and lighting systems.
The advent of innovative software and services has resulted in reduced energy consumption and overall cost-effective operations, owing to more precise and resource-efficient approach. As a result, the building energy management system is anticipated to progress due to the ever-growing affinity for more convenient and effective energy conservation systems than the traditional methods.
Digitalization and urbanization are the two important pillars which can help in achieving energy efficiency, especially in the buildings industry. The only challenge which needs to be addressed is the qualified staff requirement to decode the data, to study trends, and to act accordingly. Managing the energy and other demand in buildings can efficiently and effectively have considerable benefits. A building energy management system (BEMS) is a method used to monitor and control the building’s energy demand. Under the broad head of energy management, building energy management systems can control and monitor a huge aspect of the building, irrespective of it being residential or commercial. Some of the functions being taken care of with the help of BEMS are heating, ventilation and air conditioning (HVAC), lighting and security measures. BEMS technology can be applied in both residential and commercial buildings.
The building energy management system market can be wired, wireless, or a combination of both. While installing building control systems or building energy management systems, many industries prefer the use of most efficient, economic, and environmental-friendly solutions to meet their growing demand for maintaining energy efficiency. Since building energy management systems can be wired or wireless, buildings are audited to figure out which system is appropriate, how well the signals are being received, and how much amount of disturbances are there. The major factor considered for the selection and installation of the systems, apart from the services, is usually the cost associated with installation.
The building energy management industry has been spending millions of dollars for the innovation of smart appliances and technologies for efficient energy consumption and also to track the real-time data of an entire residential site where the system has been installed. The use of building energy management systems has helped the residential consumers to analyze a set of data collected from sensors planted at the site. Building energy management systems have been adapted to not only improve the operational performance but also ensure a secure living environment for the end users.
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The building energy management system market ecosystem also consists of several research institutes, such as the Wageningen University, CSIRO, and Fraunhofer Institute. Additionally, the market also encompasses a significant number of venture capital investors, start-ups, and advanced solution providers. IT and big data platform providers are also significant stakeholders in this market. Various government research institutes, such as IEA and BSRIA, are making substantial efforts to identify the benefits of building energy management-based solutions using favorable trade policies.
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