Building Management System Market Analysis Research 2017 is a premium report explores Building Management System Market Size, Share, Growth, Potential, Opportunity and Company analysis to 2023. Building Management System Market particularly focusing on Building Management System Demand, Market Drivers, Challenges, Major trends, and value chain Analysis. Global Building Management System Market set to hit $19.25 billion by 2023 at a CAGR of 16.71% by 2023.
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Study expands Building Management System Market by Software (Facility, Security, Energy, Emergency, Infrastructure Management), Service (Professional, Managed), Application (Residential, Commercial, Industrial), and Geography - Global Forecast to 2023.
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Global Key Building Management System Market Companies Mentioned In Report: Honeywell International Inc. (US), Siemens AG (Germany), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (US), IBM Corporation (US), Ingersoll-Rand Plc (Ireland), and Delta Controls (Canada).
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Significant cost benefits to industrial, commercial, and residential users boost the demand for BMSs. Traditionally; operating cost was one of the major concerns for building owners as they had to incur a big expense in the maintenance of the building because of lack of advanced technology.
A simple business consideration for using BMSs is being more energy efficient. As reducing the energy consumption directly transcends into reduced spending on energy, saving power provides a good financial opportunity for businesses and helps improve their profitability.
Ensuring that the BMSs in the buildings are operating in peak conditions will enable users to not only improve system efficiency but also reduce operating costs.
However, lack of technically skilled workers and high initial implementation costs pose a restraining block in the building management system market. Maintenance and servicing require trained and skilled personnel to ensure that the BASs run smoothly and have a longer lifespan.
In the absence of these conditions, the implementation of building management solutions and services become difficult. For the BMS project, an upfront investment is required at the initial stage of conceptualization, which deters the building managers and operators in installing the systems in the buildings.
Professional Services are expected to hold the largest share of the building management system market in 2016. As the adoption of building management solutions increases worldwide driven by regulatory push, amended policy framework, operational efficiencies, cost containment, sustainability benefits, and changing business dynamics, the demand for professional services increases eventually.
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Europe is expected to hold the largest share of the building management system market in 2016. The region has been an early adopter of building management systems.
The Energy Performance of Buildings Directive (EPBD) has been instrumental in boosting the building management system market in the region.