International. The global building energy software market is projected to increase at a compound annual growth rate (CAGR) of 16.24% over the period 2014-2019, according to a report by Technavio.
Building Energy Management Systems (BEMS) are deployed in buildings for efficient energy operation, the report notes. These systems for controlling and managing building functions include HVAC, lighting, fire prevention, and security. They are installed in commercial buildings, IT facilities, hotels, restaurants, factories, commercial establishments and residential buildings for the effective management of a facility.
BEMS includes hardware, software and services. Energy software helps in predicting the energy consumption of buildings. Use the tools for tracking, controlling and optimizing electrical loads. In addition, it allows the user to control and reduce the energy consumption of electrical and electronic devices and conserve energy. It also helps in energy management by tracking the real-time consumption of equipment and comparing it with historical data. End users gain a holistic view of their energy efficiency, which is compiled through a wide range of sensing and control devices, data sources, and analytics software.
A key market factor increases energy savings and costs. A key market challenge is the high cost of implementation. A key market trend is the increasing adoption of building energy software in the retail sector.
