Globally, energy conservation in buildings is paramount, emphasizing pre-construction energy-passive design, low-energy materials, and sustainable automation systems. Green building construction integrates renewable energy tech and efficient low-operational energy equipment. Energy efficiency, achieved through insulation and advanced construction methods, drives demand for sustainable automation systems such as Building Management Systems (BMS). BMS applications span energy management, security, HVAC control, lighting, safety procedures, occupancy tracking, and fault detection. BMS optimizes operations, enhances security, ensures efficiency, and supports informed decision-making for diverse structures worldwide.
Data Bridge Market Research analyzes that the Global Building Management System Market is expected to reach USD 2,00,517,985.93 thousand by 2031 from USD 8,8,841,536.28 thousand in 2023, growing at a CAGR of 11.4% during the forecast period of 2024 to 2031.
"Upsurge in focus for designing energy-efficient buildings drive the market growth"
Globally, there is a notable increase in emphasis on designing energy-efficient buildings, given the paramount importance of energy conservation. Achieving energy efficiency in building design involves incorporating energy-passive architectural strategies before construction and utilizing low-energy building materials during the construction phase. This approach aims to minimize energy consumption, enhance sustainability, and mitigate environmental impact, aligning with the growing awareness and commitment to creating structures that prioritize efficiency and environmental responsibility on a global scale.
What restraints the growth of the global building management system market?
"Emergence of security issues in building management systems hamper the market growth"
The emergence of security issues in building management systems poses a significant challenge, adversely impacting the market. As BMS technology advances, vulnerabilities such as cyber threats, unauthorized access, and data breaches become more pronounced. These security concerns can compromise the integrity and functionality of building automation, leading to disruptions in operations and potential harm to occupants. The perceived risks associated with inadequate security measures hinder the widespread adoption of building management systems, impeding market growth and acceptance.
Segmentation: Global Building Management System Market
The global building management system market is segmented on the basis of system type, technology, and application.
- On the basis of system type, the global building management system market is segmented into facility management systems (FMS), fire protection systems, security and access control systems, energy management systems, building management software (BMS), and others
- On the basis of technology, the global building management system market is segmented into wireless technologies and wired technologies
- On the basis of application, the global building management system market is segmented into residential, commercial, and industrial
Regional Insights: North America is expected to dominate the Global Building Management System Market
North America is expected to dominate the global building management system market, with the U.S. taking the lead. The region's dominance is attributed to heightened consumer spending capacity, particularly in digitalizing building facilities. This trend fuels the demand for building management systems, reflecting a growing market inclination towards advanced technologies in the U.S., ultimately contributing to the region's prominence in the global market.
Asia-Pacific is expected to dominate the global building management system market, with China spearheading this dominance. The surge in demand for eco-friendly buildings propels the region's prominence. As sustainability gains traction, China's growing market dominance signifies the region's pivotal role in shaping the trajectory of building management systems. The heightened focus on environmentally conscious construction practices positions Asia-Pacific, particularly China, as a key player in fostering the global adoption of advanced building management technologies.
Europe is expected to dominate the global building management system market, with Germany taking the forefront. The region's dominance is attributed to a surge in security breaches and a growing demand for cutting-edge safety solutions. Germany, in particular, showcases heightened awareness, necessitating innovative security measures. As the Europe market embraces advanced building management systems, it reflects a collective effort to address escalating security concerns and foster the adoption of state-of-the-art safety technologies.
Recent Developments: Global Building Management System Market
- In May 2023, Acuity Brands, Inc. concluded its acquisition of KE2 Therm Solutions, integrating it into Distech Controls. This strategic move enhances system efficiency and lowers operational costs, expanding product offerings and market reach in the commercial sector
- In December 2021, Acuity Brands, Inc. launched Atrius Building Manager, a cloud solution focused on lighting control. This cost-effective platform enhances building efficiency, meeting consumer demand for economical lighting management solutions and reducing labor costs
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-building-management-system-market
The Prominent Key Players Operating in the Global Building Management System Market Include:
- Johnson Controls (U.S.)
- Snap One, LLC (U.S.)
- UNIPOWER (U.S.)
- Hangzhou Hikvision Digital Technology Co., Ltd. (China)
- Convergint Technologies LLC (U.S.)
- IBM (U.S.)
- GridPoint (U.S.)
- ACUITY BRANDS, INC. (U.S.)
- Beckhoff Automation GmbH & Co. KG (Germany)
- Virtusa Corp. (U.S.)
- Novius Services (U.S.)
- Veolia (France)
- Elipse Software (Brazil)
- Trane Technologies plc, (Ireland)
- Axonator Inc (U.S.)
- BuildingIQ (U.S.)
- Crestron Electronics, Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- Siemens (Germany)
- Schneider Electric (France)
- Bajaj Electricals Ltd (India)
Above are the key players covered in the report, to know about more and exhaustive list of global building management system market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Building Management System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
