At CAGR 16.71%, Global Building Management Systems Market Shows Positive Growth Forecast Till 2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 19, 2017 /PRNewswire/ --
Building Management Systems (BMS) is a computer based control system installed in buildings to control and monitor mechanical, electrochemical and electrical services. Heating, air conditioning, elevators, lights, ventilation, and pumping stations are amongst the services in focus via building management systems. BMS fundamentally comprise of software, server and sensors all connected via internet capable network. According to United Nation, all countries together will have to invest more than 3.81% of their GDP (an average $3.3 trillion per annum) from 2016 through 2030, in order to support economic infrastructure growth. More than 60% of the total infrastructure investment will be focused on emerging economies like India and China. Increasing number of infrastructure projects across the globe will drive demand for BMS during forecasted period. Global building management systems market is projected to rise at CAGR of 16.71% for the forecasted period 2016-2023. Simplified building operation & maintenance demand for energy efficient & eco-friendly buildings, integration of IoT into infrastructure projects, increasing investments in smart cities, and cost benefits on application of BMS on infrastructure projects are some of the factors driving building management systems market for the forecasted period. High implementation costs and lack of skilled workforce are the factors restraining global BMS market for the forecast period 2016-2023.
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Rising investment in smart cities: Growth driver
Smart cities are planned urban development program to integrate information technology, communication and internet of things making it more efficient and sustainable to conventional urban cities. Smart city boasts parameters like smart technologies in the areas of energy, healthcare, governance, education, building and mobility. According to Michigan State University, there will be more than 26 smart cities across the globe by 2025. Of these more than 50% will be in North America and Europe. By 2020, smart cities are anticipated to generate business worth over $1.5 trillion. Governance, education, security, energy and infrastructure are key areas of investment smart technology for the forecasted period. With respect to infrastructure, investment in smart cities is focused on areas like imaging sensors, biometric sensors, smart power meters, and building data management. From above facts, it is suffice to say that rising investments in smart cities will supplement building management systems market for the forecast period 2016-2023.
Integration of IoT with building automation systems: Growth driver
Internet of things (IoT) is leading to development of new technologies applicable within infrastructure industry. Integration of IoT allows emergence of sustainable & intelligent buildings. IoT enables monitoring of every component of a building through building automation system. Through IoT, building automation system can anticipate problems and take preventive measures with immediate effect. Adoption of IoT with intelligent building system helps to reduce maintenance cost, risk and improve occupant experience. According to OBRC analysis, Global IoT in smart cities market is anticipated to reach revenue of $274.5 billion by 2023, with year on year growth at 23%. Increasing adoption of IoT, rising investments in smart city development, demand for sustainable & energy efficient buildings are the factors driving IoTs in smart cities. Currently North America and Europe are leading integrators of IoT with building automation system.
Security and Access control systems: Largest segment
Security and Access Control Systems holds the largest share within software segment according to OBRC analysis for the forecasted period. High costs for manned security, easy to setup integrated wireless technology, falling hardware prices, government regulations with respect to security and demand for enhanced infrastructure security are the main drivers of security and access control systems within global building management systems market. Fundamentally, access controls are an integrated, standalone or online system that prevent & enable an individual from entering or leaving certain location. Access control system applies technologies like biometric, mobile apps, fingerprint recognition, face recognition, and others.
Europe: Dominant market
Europe dominates building automation systems market in terms of revenue and technology adoption, according to OBRC analysis. Demand for energy efficient buildings, rising smart city investments, EU parliament renewable energy targets and EU parliament's Energy Performance of Buildings Directive (EPBD) are the factors driving building management systems market for the forecasted period. According to European Innovation Partnership on Smart Cities and Communities (EIP-SCC) in 2016, more than 78% of Europeans today live in cities and make up roughly 85% of EU's GDP. Majority of the cities in Europe have successfully started implementation of circular economic ecosystem, wherein products are designed to minimise waste and reduce energy consumption. European Commission via European Innovation Partnership for Smart Cities and Communities (EIPSCC) are planning to invest more than $300 million to create smart cities by 2018. The Strategic Implementation Plan (SIP) under EIPSCC sets broad range of actions to integrate information technologies in the areas of building & planning, energy and transport.
About Occams Business Research & Consulting (OBRC):
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on LinkedIn:
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