According to energy market research firm Navigant Research, the building energy management systems market will continue to grow in western and eastern Europe.
The market will grow as a result of realisation of the value of data in optimising the operations of commercial buildings. Navigant Research says the growth of the building energy management systems market will be driven by increased development and adoption of IoT and cloud and edge computing technologies.
Moreover, consumer awareness on the benefits of employing energy management technologies has improved, resulting in increased investments in such technologies.
The market research firm forecasts revenue generation in the building energy management systems market to rise from over $4 billion in 2017 to $13.1 billion by 2026.
On the other hand, the competition between automation and human input, and security concerns over the use of energy management technologies, will hinder the market growth.
The study focuses on seven products including HVAC, lighting, building controls, water efficiency and water heating.
By using remote technologies, buildings owners and operators are able to collect and analyse operational data to make informed decisions on space utilisation, behavioural analytics and security and access control.
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