New research has revealed that the Business Energy Management System is expected to grow 14.3% annually from now until 2015.
The report, from Credence Research, also notes that the global building energy management systems (BEMS) market is competitive and technology driven. The market is electric bills, green technology, Internet of Things, BEMS services
The market is characterised by the presence of both application sub-system suppliers and core solution providers. Being a technology driven market, it is requisite for new entrants in the market to dedicate substantial budget for research and development in order to keep pace with the technological advancements. The industry has been committed towards developing a universal platform capable of addressing issues concerned with the interface, interoperability, and installation.
Trends within the market include:
- Rising electricity bills
- Development of smart cities through government initiatives to drive market growth
- Emergence of Internet Of Things to also help market growth
- Further green technology investment
- Positive outlook for managed BEMS services