Growing Energy Demand and Rising Concern for Sustainable Development would be the Key Drivers for the Growth of Building Energy Management Systems in the United States – 6Wresearch
Building Energy Management Systems helps in tracking and monitoring the energy usage across several verticals such as commercial, upstream production and residential. The electricity tariffs in the United States for residential, commercial and industrial segments are expected to rise by 8%, 6% and 7%, respectively during 2016-19. Rising electricity bills is expected to drive the demand for building energy management systems in the United States over the coming years.
According to 6Wresearch, United States Building Energy Management Systems market revenues are projected to grow at a CAGR of 12.2% during 2018-24. The government of United States is supporting deployment of energy efficient devices and equipment through several incentives such as Federal Energy Management Program and Corporate Energy Management. According to Residential Energy Consumption Survey, American households consume more electricity during winters. Space heating and cooling are the biggest energy consuming segments in the residential application.
According to Ravi Bhandari, Research Manager, 6Wresearch, “Software segment captured majority of the revenue share in the U.S. building energy management system market followed by services. Several features such as budgets & variance reports, utility bill tracking, real-time metering and collection of energy data usage by various equipment have enhanced their adoption in the market. However, declining cost of hardware devices such as sensors and computer peripherals would impact the revenue share of the segment over the coming years.”
“Space heating followed by lighting application dominated the market of building energy management systems. According to EIA, energy consumption for space heating in commercial sector registered an increase of 100% in 2017 as compared to the energy requirement in 2016 and is expected to rise over the next six years,” Ravi further added.
According to Akash Jain, Research Analyst, 6Wresearch, “Hardware components such as sensors, actuators and controllers forms the framework of the building energy management system. These hardware components allow remote monitoring, data processing and integration of multi-protocol communication interface in the system. According to EIA, around 1,410 billion KWh electricity was consumed by the residents of the United States, which is expected to touch 1,600 billion KWh by 2040 on account of increasing market penetration of electricity devices that are not covered under efficiency standards and thus would boost the demand for building energy management system in the country.
“The infusion of Internet of Things in building energy management systems and combining it with multiple features in a building equipment such as lighting, security and heating would be a new trend over the coming years,” Akash concluded.
Some of the key players in the United States Building Energy Management Systems market include- Honeywell, Johnson Controls International, Siemens, Schneider Electric and Ecova.
“United States Building Energy Management Systems Market (2018-2024)” provides in-depth analysis with 73 figures and 7 tables covered in more than 125 pages. The report estimates and forecast the overall United States Building Energy Management Systems market by components & services, hardware, price end user, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.