Global Next-Generation Building Energy Management Systems Market is expected to register a CAGR of 15.3% during the review period, 2019–2025.
The report provides in-depth analysis of the major and minor Next-Generation Building Energy Management Systems market drivers, share, key segments, and regional analysis.
The market growth is predicted to be supported by numerous drivers such as rising urbanization, surging energy consumption, growth in adoption of smart home products, accelerating construction activities, rise in consumer spending, and growth in consumer awareness among others. Conversely, the market would be negatively impacted by various challenges such as installation costs and the lack of skilled expertise.
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The Global Next-Generation Building Energy Management Systems Market is dominated by a few major players, however, new players are expected to enter the market due to new revenue opportunities in regions such as Asia-Pacific, the Middle East and Africa, and South America. The entry of new players is expected to increase the competition in the market. The major players dominating the global next-generation building energy management systems market are Siemens AG, Honeywell, Johnson Controls International PLC, and Schneider Electric. The four companies have been profiled in the report providing a detailed analysis of their financial information and business strategies.
The Global Next-Generation Building Energy Management Systems Market is characterized by the presence of several regional and local providers. Some of the Key Players in the market are Honeywell, Johnson Controls, Schneider Electric, Siemens, ABB, CBRE Group, CISCO, Daikin, and Echelon, GridPoint among others.
The Global Next-Generation Building Energy Management Systems Market has been segmented based on Type, Communication Technology, Application, and Region.
By Type, the market has been segmented into Software, Service, And Hardware. The software segment has been further segmented into data management, asset performance optimization, application platform, HVAC system, and lighting system. The service segment covers services such as consulting training and support maintenance services.
Consulting training services held the largest share in the market. As the adoption of building management solutions across the globe increases due to the stringent regulatory environment, amended policy framework, operational efficiencies, cost containment, sustainability benefits, and changing business dynamics, the demand for consulting services increases. The market for the HVAC system software is expected to grow at the highest CAGR during the forecast period.
By Communication Technology, the market has been divided into wired and wireless.
By Application, the market has been divided into commercial buildings, manufacturing facilities, educational institutions and hospitals, and government establishments.
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Europe is expected to hold the largest share in the global next-generation building energy management systems market. Asia-Pacific is anticipated to expand at a significant pace during the forecast period due to the increase in demand for residential and industrial buildings.