Porters Five Forces model helps analyze the potential of buyers & suppliers, and the competitive sketch of the market, which is expected to guide the market players to develop strategies accordingly.
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Building energy management solutions are used in various residential and commercial buildings including businesses to save electric and natural gas costs. These solutions help provide real time information and monitor on the complete system connected to the area.
Moreover, building energy management systems help increase business productivity to a large extent. These solutions permit cost-effective energy efficiency in buildings and derive optimum energy utilization.
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Stringent government regulations regarding efficient energy saving, higher adoption of IoT technology, and government initiatives to reduce greenhouse emissions drive the market growth. Moreover, increase in energy costs and the concept of smart buildings also fuel the market.
However, high implementation cost hampers the growth of the market. Technological advancements and rise in awareness among various industrial processes and businesses regarding efficient energy management is expected to provide lucrative opportunities for the building energy management solutions market.
Moreover, increase in investments in HVAC equipment and green buildings are the major trends, which increase the market growth.
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The market is segmented on the basis of type, end user, and geography. On the basis of type, the market is classified into software, hardware, and services.
Based on end user, it is divided into residential, commercial, and others. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market includes ABB, United Technologies Corporation, Schneider Electric, Johnson Controls, Cisco, Emerson Climate Technologies, BEMS Ltd, Elster Group, Automated Logic, and General Electric Company.
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