Building Energy Management Systems Market Size

Building Energy Management Systems Market size was valued at USD 13.24 billion in 2023 and is expected to reach USD 36.88 billion by 2036, registering around 8.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of building energy management systems is assessed at USD 14.11 billion.

Building Energy Management Systems (BEMS) are hardware-software systems that are installed in buildings to observe and regulate the energy requirements of a building and to ensure the efficiency and optimum utilization of the energy. They monitor a building's energy consumption by electrical and mechanical equipment such as heaters, ventilators, air conditioners, and lighting to increase energy efficiency, and reduce energy costs. These systems are advanced with increasing attention to the usage of data in commercial buildings driven by technological trends such as the Internet of Things (IoT) and cloud networking.

Presently, the world is facing two important trends: a rise in fossil fuel prices and distresses for the climate change. Both of these trends inspire energy conservation. According to the World Business Council for Sustainable Development, globally buildings consume more than one-third of total end-use energy and are a root cause of a fifth of total greenhouse gas emissions. Reducing energy use in buildings is vital for climate change, but at the same time, it is also a substantial business opportunity.