Building Energy Management System Market is Projected to Reach $10.8 Billion by 2024

Date: 2015-12-20

The Energy Cloud is redefining buildings as energy assets.

A new report from Navigant Research examines the major trends and market issues expected to shape the future of intelligent buildings in 2016 and beyond.

Buildings are becoming data-rich environments as owners and key decision makers continue to invest in a variety of solutions that embody the technology foundation of the Internet of Things (IoT) and cloud computing. As building energy management systems (BEMSs) gain greater market penetration, building control algorithms are beginning to provide data beyond energy efficiency, including details on space utilization and operational efficiency. According to a new report from Navigant Research, global BEMSs is expected to grow from $2.8 billion in 2016 to in $10.8 billion in 2024.

“Intelligent building solutions represent a new generation of tools that leverage today’s data-rich commercial building environment to help stakeholders across the value chain,” says Casey Talon, senior research analyst with Navigant Research. “This report highlights how intelligent buildings, in 2016 and beyond, will the generate more revenue, meet  changing occupant demands, and respond to evolving policy pressures impacting the facilities industry.”

According to the report, just as the intelligent buildings industry is evolving, the power sector is also undergoing a shift from a linear framework of power generation and consumption to an interactive network, also known as the Energy Cloud. In the Energy Cloud, intelligent buildings join renewable energy, storage, and electric vehicles to become the energy nodes that replace the traditional, massive fossil fuel generation resources, while the IoT and cloud computing provide the platform of intelligence for the communication and analysis of energy data.

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