Building Energy Management System Market Latest Innovations, Future Scope and Market Trends

The global energy management industry has witnessed a massive transformation over the past five years, owing to the increasing demand for building energy management systems. Earlier, the industry had been driven by resources, however it is now driven majorly by technology and innovation. Rising population and energy demand, along with the increase in greenhouse gas emission, has resulted in the growing concerns to enhance energy efficiency and energy conservation.

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With rapid implementation of building energy management systems, the commercial, industrial, and residential end users are able to conserve energy with the help of functions of building energy management system such as heating, ventilation, and air conditioning (HVAC) and lighting systems.

The advent of innovative software and services has resulted in reduced energy consumption and overall cost-effective operations, owing to more precise and resource-efficient approach. As a result, the building energy management system is anticipated to progress due to the ever-growing affinity for more convenient and effective energy conservation systems than the traditional methods.

Developing countries, in the coming three decades are expected to account for the majority of the population growth. By 2050, 2.20 billion people are expected to add to the global population. As per the U.N. projections, Africa, is expected to register the highest population growth with an additional 1.30 billion people across the globe, by 2050. Majority of this growth is expected to result in the cities being big and full of new buildings. If greenhouse gas emission reductions are on target, then those new buildings will need to be as energy efficient as possible.

Digitalization and urbanization are the two important pillars which can help in achieving energy efficiency, especially in the buildings industry. The only challenge which needs to be addressed is the qualified staff requirement to decode the data, to study trends, and to act accordingly. Managing the energy and other demand in buildings can efficiently and effectively have considerable benefits. A building energy management system (BEMS) is a method used to monitor and control the building’s energy demand. Under the broad head of energy management, building energy management systems can control and monitor a huge aspect of the building, irrespective of it being residential or commercial. Some of the functions being taken care of with the help of BEMS are heating, ventilation and air conditioning (HVAC), lighting and security measures. BEMS technology can be applied in both residential and commercial buildings.

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Energy efficiency is an important driver in the development of systems that automatically monitor and control energy usage. The concept of using energy management systems across buildings has been around for many years now, however the recent developments in IT have made it a more practicable proposition. Companies, manufacturers, and individuals are becoming more intelligent in incorporating greater automation.

The use of building energy management systems is expected to revolutionize the energy management industry. The reducing energy consumption to lower the overhead cost for its end users is done by the installation of intelligent applications. About 103 patents related to building energy management systems were filed or granted across the globe during the time period 2016-2018. These include patents related to any activity in the energy management industry, such as temperature sensors using HVAC control, energy consumption visualization using building automation, anomaly detection using sensors, and thermostat guidance systems, among other functions.

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