Global Building Energy Management Solution Market Is Expected to Reach $44.2 Billion by 2031: Says AMR
Allied Market Research
4 min read
Allied Market Research
Increase in activities in the construction sector and rise in demand for HVAC control & energy management systems drive the growth of the building energy management solution market. Based on component, the services segment generated the highest share in 2021. By region, on the other hand, Asia-Pacific would garner the fastest CAGR by 2031.
Portland, OR, July 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global building energy management solution market was estimated at $8.8 billion in 2021 and is expected to hit $44.2 billion by 2031, registering a CAGR of 17.2% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in activities in the construction sector and rise in demand for HVAC control & energy management systems drive the growth of the building energy management solution market. At the same time, surge in demand for HVAC housing, owing to rapid population growth has supplemented the growth even more. Furthermore, increase in use of wired energy management systems in HVAC and Non-HVAC spaces has created lucrative opportunities in the industry.
Lockdown measures in several countries gave way to delayed manufacturing & production activities in the majority of industry verticals, which impacted the global building energy management solution market negatively.
However, the market has recovered pretty fast.
The global building energy management solution market is analyzed across type, component, application, and region. Based on type, the wired segment accounted for the major share in 2021, holding nearly 90% of the market. The wireless segment, however, would grow at the fastest CAGR of 18.3% throughout the forecast period.
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Based on component, the services segment generated the highest share in 2021, accounting for more than half of the global market. The hardware segment, on the other hand, is projected to manifest the fastest CAGR of 20.7% from 2022 to 2031.
Based on region, the market across Asia-Pacific held the lion’s share in 2021, garnering around one-third of the global market. The same region is also expected to cite the fastest CAGR of 18.7% by 2031. The other provinces studied in the report include Europe, North America, and LAMEA.
The key market players analyzed in the global building energy management solution market report include Accrent Inc, Mcloud Technologies Inc, Honeywell International Inc, Hitachi Ltd, Siemens AG, ABB Ltd, Schneider Electric, Emerson Electric Co, Rockwell Automation Inc., and General Electric Company. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
