Overview and Scope
A building management system (BMS) is a computer-based control system that monitors and manages a building’s mechanical and electrical equipment. The primary purpose of a BMS is to automate and optimize the control and monitoring of various building systems and equipment, such as heating, ventilation, air conditioning (HVAC), lighting, security, and access control. It helps to improve energy efficiency, reduce costs, and enhance occupant comfort and safety.
Sizing and Forecast
The building management system market size has grown exponentially in recent years. It will grow from $14.77 billion in 2023 to $18.43 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to advances in data analytics, rising energy costs, energy efficiency regulations, rising energy costs, shift towards smart buildings.
The building management system market size is expected to see exponential growth in the next few years. It will grow to $44.9 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to increasing demand for energy efficiency, rising focus on occupant comfort, regulatory compliance requirements, demand for smart buildings, focus on predictive maintenance. Major trends in the forecast period include adoption of IoT and smart building technologies, focus on energy efficiency, rise of cloud-based solutions, demand for integrated systems, enhanced security and access control.
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Segmentation & Regional Insights
The building management system market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Technology: Wireless Technologies, Wired Technologies
3) By End-User: Commercial Buildings, Residential Buildings, Industrial Buildings, Government And Public Buildings
Europe was the largest region in the building management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the building management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rapid expansion of building and construction-related activities is expected to propel the growth of the building management system market going forward. Construction activities refer to any proposed or ongoing installation, repair, maintenance, or similar action on the land, including the movement of vehicles and cranes, the transport of building supplies, and the anchoring or shoring of rocks. BMS allows building managers to centrally control and manage multiple building systems from a single interface, including HVAC, lighting, security, and access control. This centralized control enables efficient operation and coordination of building functions, optimizing energy usage and occupant comfort. For instance, in June 2023, according to the United States Census Bureau, a US-based primary agency of the Federal Statistics System, construction spending reached $566.7 billion in the initial four months of 2023, an increase of 6.1 % compared to $533.9 billion in the same period of 2022. Therefore, the rapid expansion of building and construction-related activities drives the building management system market.
Key Industry Players
Major companies operating in the building management system market are Siemens AG, United Technologies Corporation (UTC), International Business Machines Corporation (IBM), Cisco Systems Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Group, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Emerson Electric Co., Legrand SA, Rockwell Automation Inc., Crestron Electronics Inc., Delta Controls Inc., Automated Logic Corporation, Trend Control Systems Ltd., KMC Controls Inc., Alerton, Reliable Controls Corporation, Distech Controls Inc. (Acuity Brands), Cylon Controls Ltd., Automated Building Controls (ABC) Ltd., Computrols Inc., Innotech Control Systems
The building management system market report table of contents includes:
1. Executive Summary
2. Building Management System Market Characteristics
3. Building Management System Market Trends And Strategies
4. Building Management System Market – Macro Economic Scenario
5. Global Building Management System Market Size and Growth
…..
32. Global Building Management System Market Competitive Benchmarking
33. Global Building Management System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Building Management System Market
35. Building Management System Market Future Outlook and Potential Analysis
36. Appendix
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