|By PR Newswire||
|January 28, 2014 07:31 AM EST||
BURNABY, British Columbia, January 28, 2014 /PRNewswire/ --
Increasing demand for technological advancements and automation in end user industries is driving building energy management solutions market, globally
Almost every country across the world is witnessing the issue of widening power demand and supply gap. This is primarily due to higher dependence on conventional and less efficient sources of energy for generation of power. Also, with the increasing prices of fossil fuels like oil and natural gas, the need for power conservation and saving is increasing. This is creating a notable demand for technologically advanced solutions that promote power efficiency, i.e., energy management solutions.
Globally, the energy management solutions market is rising at a rapid pace as a result of various stringent policies, regulatory and labeling directives, coupled with incentive support by the respective governments at national, state and local levels. Global building energy codes are also emerging as major policy instruments to boost the energy management solutions market.
According to the recently published TechSci Research report "Global Building Energy Management Solutions Market Forecast & Opportunities, 2018", the overall global revenues of building energy management solutions market are projected to grow at a CAGR of around 19% during 2013-18. North America and Europe are the leading contributors to the global building energy management solutions market. Countries like the United States, Canada, Germany, UK, France and Italy account for the major share of the overall market, as a result of aggressive energy efficiency targetsset by the respective governments for the building sector.
The report highlights that growth in Asia-Pacific market is expected to be the fastest among all the regions, which would be majorly driven by countries like China, Taiwan, Korea, and India. In these developing countries, rapid building construction, urbanization and acute power shortage are driving the demand for energy management solutions in buildings.
The global energy management solutions market is still in its initial stages. Hence, there are limited number of large players involved in providing complete energy management solutions for buildings. Presently, Honeywell International, Siemens, Schneider Electric, Johnson & Control and United Technologies are some of the largest global BEMS players. Further, these major players are opting to acquire small specialist firms in order to expand their capabilities. Such acquisitions are facilitating emergence of advanced integrated technological solutions that offer a combination of hardware components and software & services.
"The growing focus towards reduction of CO2 emissions, coupled with energy efficiency initiatives by majority of the countries and emerging advanced automation & IT solutions are anticipated to drive the global BEMS market over the next five years." said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"Global Building Energy Management Solutions Market Forecast & Opportunities, 2018" has analyzed the potential of the global building energy management solutions market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by buildings energy management solutions market, globally.