Building Management System Market (Component - Hardware, Software, and Service Type; Application - Residential, Commercial, and Industrial) Global Industry Analysis, Trends, Market Size and Forecasts to 2024
Pune, India -- (SBWIRE) -- 05/28/2020 -- Infinium global research has recently published a global report on "Building Management System Market"(Component - Hardware, Software, and Service Type; Application - Residential, Commercial, and Industrial) Global Industry Analysis, Trends, Market Size and Forecasts to 2024" published by Infinium Global Research", the reported study estimated the market for building management system will reach up to 154.8 billion, with a compound annual growth rate of 14.1%, in the forecast period (2019-2025).
Buildings are becoming increasingly connected with the deployment of sensors, IoT networks, analytics and their integration with building management systems (BMS), building automation systems (BAS) and other systems like security, fire detection, and alarms, occupancy, environmental and parking. The building management system provides a unified view and control of all the building sub-system domains, sharing data and making use of analytics. This system enables smart buildings to be managed and enhanced holistically and provides situational awareness to help managers understand the impact to their customers and aid their decision-making across a wide range of situations.
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High Growth in Infrastructure Sector, Boosting the Building Management System Market
Building management system control and monitor the large energy-consuming systems within a building, such as HVAC, lighting, fire and security systems. The aim of this system is to maintain occupant comfort and ensure occupant safety, whilst delivering energy efficiency and lower operating costs. The precise operation of a BMS is vital for optimal building performance and offers the most cost-effective option to achieve energy savings in typical buildings. The major factor that drives the market of building management systems is the amount of cost and energy savings among commercial end-users. However, the dearth of technically skilled workers and high initial implementation costs pose a restraining block in the building management system market. The deployment of building management systems requires certain conditions and technical requirements to be met. The conditions could be internal, operational, or external such as understanding computer software, networking, and applications; designing; and testing the system. Maintenance and servicing require trained and skilled personnel to ensure that the building automation system is running smoothly and has a longer lifespan. In the absence of these conditions, the operation of building management solutions and services becomes challenging. Nevertheless, several governments have formulated regulations and policies to increase energy efficiency and reduce the building's footprint. This is a significant factor encouraging the installation of a building automation system which will propel the market growth.
Active Participation and Strict Rules Regarding Energy Conservation to Propel the Market
The rapidly increasing construction sector is the main driver of the building management system market. The buildings constructed nowadays are incorporating technology to improve the lifestyle of society. This rising adoption of technology in the buildings has increased the demand for building management systems. As new and advanced management solutions are being deployed in the buildings to manage technical applications. Building management system helps in increasing the efficiency of the whole building by reducing the errors and failures. Further, rules and regulations related to building safety have increased the demand for building management systems. All the buildings must comply with the safety standards set by the government.
With the advent of the Internet of Things (IoT), companies are focusing on integrating the technology into their products. This is one of the key building management systems market trends that will gain traction during the forecast period. IoT-enabled devices will support the usage of artificial intelligence (AI) and Big Data. Artificial intelligence can be used to derive insights and make real-time predictions on the performance of critical heating and ventilation systems in a building. Though such technological transformation involves significant investments for vendors, IoT-enabled building management systems are expected to provide greater connectivity, improved productivity, and significant comfort to building inhabitants that will increase their sales over the forecast period.
Key Players are Strengthen Their Market Positions by Heavy Investments and Developments
The building management systems market is highly fragmented. The key players in the market are focusing on developing new building management systems and services through various growth strategies, including mergers & acquisitions, collaborations, business expansions, and the launch of new solutions and services. For Instance, in March 2019, Mitsubishi Electric U.S. Inc. launched the BEAM AX energy management system, a cloud-based solution for analyzing energy usage and costs in commercial buildings. The energy management system offers the tools to analyze energy use, track performance, estimate peak demand, detect usage abnormalities, with lower costs and monitor solar production performance and benefits. Though the greater ease in monitoring and controlling building operations will offer immense growth opportunities, vulnerability issues and cybersecurity threats in building management system will challenge the growth of the market participants. To make the most of the opportunities, market players are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Rising Awareness About Energy-Saving Solutions Driving the Market in the Asia Pacific Region
Europe was the largest building management systems market in 2018, and the region will offer several growth opportunities to market vendors during the forecast period. The high adoption of smart building technologies, changing regulatory landscape, and rising focus on reducing carbon emissions will considerably influence building management systems market growth in this region.The building automation systems market in the Asia Pacific region has been witnessing significant growth, as residential, commercial and industrial consumers are adopting tremendous energy-saving solutions with the deployment of building automation controls. Numerous key federal policy directives, rising energy costs, severe regulations concerning greenhouse gas emissions, and rising awareness about the benefits of automation, are major factors driving the market in the region.
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Chapter - 1 Preface
=> Report Description
=> Research Methods
=> Research Approaches
Chapter - 2 Executive Summary
=> Building Management System Market Highlights
=> Building Management System Market Projection
=> Building Management System Market Regional Highlights
Chapter - 3 Global Building Management System Market Overview
=> Market Dynamics
=> Porter's Five Forces Analysis
=> IGR-Growth Matrix Analysis
=> Value chain building management system market
Chapter - 4 Building Management System Market Macro Indicator Analysis
Chapter - 5 Global Building Management System Market by Component
=> Service Type
Chapter - 6 Global Building Management System Market by Application
Chapter - 7 Global Building Management System Market by Region 2018-2024
=> North America
Chapter - 8 Company Profiles and Competitive Landscape
=> Honeywell International Inc.
=> Johnson Controls International PLC
=> Siemens AG
=> IBM Corporation
=> United Technologies Corp.
=> Delta Controls
=> Ingersoll-rand Plc
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