Building Energy Management System Revenue is Expected to Reach $10.8 Billion in 2024, According to Navigant Research
Buildings are becoming data-rich environments as owners and key decision makers continue to invest in a variety of solutions that embody the technology foundation of the Internet of Things (IoT) and cloud computing. As building energy management systems (BEMSs) gain greater market penetration, building control algorithms are beginning to provide data beyond energy efficiency, including details on space utilization and operational efficiency. Click to tweet: According to a new report from Navigant Research, global BEMSs is expected to grow from $2.8 billion in 2016 to in $10.8 billion in 2024.
“Intelligent building solutions represent a new generation of tools that leverage today’s data-rich commercial building environment to help stakeholders across the value chain,” says Casey Talon, senior research analyst with Navigant Research. “This report highlights how intelligent buildings, in 2016 and beyond, will the generate more revenue, meet changing occupant demands, and respond to evolving policy pressures impacting the facilities industry.”
According to the report, just as the intelligent buildings industry is evolving, the power sector is also undergoing a shift from a linear framework of power generation and consumption to an interactive network, also known as the Energy Cloud. In the Energy Cloud, intelligent buildings join renewable energy, storage, and electric vehicles to become the energy nodes that replace the traditional, massive fossil fuel generation resources, while the IoT and cloud computing provide the platform of intelligence for the communication and analysis of energy data.
The report, Intelligent Buildings: 10 Trends to Watch in 2016 and Beyond, presents the top 10 trends for the intelligent buildings market in the coming decade. The report examines the major market issues driving investment in intelligent building solutions, as well as the business case and opportunities associated with various intelligent building solution areas, such as building energy management systems (BEMSs), intelligent lighting controls, and HVAC optimization. Each of the topics in this white paper is examined more deeply in research reports from Navigant Research’s Building Innovations Research Service and ongoing research. 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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Intelligent Buildings: 10 Trends to Watch in 2016 and Beyond, 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.