|By Business Wire||
|June 19, 2014 07:15 AM EDT||
Hotel operators are under pressure to deliver improved financial performance at the property level in spite of a stagnant economy. In response, they are turning to building energy management systems that operate on a property-wide, rather than room-by-room, scale in order to increase energy savings and maximize guest comfort. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from networked energy management systems for the hospitality industry will grow from $287.9 million annually in 2014 to $847.8 million in 2020.
“Guest room energy management is going through a dynamic period of transition from autonomous, room-centric HVAC control to property- and portfolio-wide integrated energy monitoring, control, and management,” says Eric Bloom, principal research analyst with Navigant Research. “By 2020 these networked systems will represent 88 percent of total energy management system revenue in the lodging and hotel sector.”
The similarity in core functionality among products and the number of vendors now in the industry are exposing solutions providers to increasingly intense competition throughout the sales cycle, according to the report. These forces are driving a broad shift in the sector as the focus of innovation and differentiation moves from hardware to software and services.
The report, “Energy Management in the Hospitality Industry”, analyzes the current state of the market for hotel guest room energy management systems, including the related hardware, software, and services components. It outlines the market and technology issues that are affecting the growth and adoption of guest room energy management systems (GR-EMSs) around the world. Global market forecasts for the GR-EMS market, with separate breakdowns by product and hotel segment, system type, and region, extend through 2020. The report also examines the competitive landscape, as well as the best practices and market trends that will shape energy management in the lodging industry for the rest of the decade. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Energy Management in the Hospitality Industry,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.