Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Building Management System Market by Component (Hardware, Service, Software), Operation Module (Electric Power Control, Elevators, Fire Alarm & Response), Deployment, Application - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Building Management System (BMS) Market is at the forefront of transforming the world of building operations and infrastructure. With an estimated value of USD 14.37 billion in 2023, this market is on a trajectory for significant expansion, potentially reaching USD 33.83 billion by 2030. This growth underlines the increasing demand for intelligent and interconnected building management solutions designed to enhance efficiency, reduce costs, and provide a comfortable environment for occupants.
This comprehensive report provides in-depth insights into the intricacies of the Global Building Management System Market, covering critical segments such as Hardware, Service, Software, and Operation Modules. It offers valuable information on emerging trends, forthcoming technologies, and imminent breakthroughs. Market penetration, development, diversification, competitive analysis, and product innovation are other vital areas of examination. By delivering an exhaustive review of market share, strategies, products, certification, and manufacturing capabilities, this report empowers stakeholders to make informed decisions that align with their unique business strategies and objectives.
The Building Management System Market is expected to achieve a CAGR of 12.98% during the forecast period, reaching USD 33.83 billion by 2030 from USD 12.73 billion in 2022.
Key Market Drivers
Surge in the Demand for Energy-Efficient and Eco-Friendly Buildings: The market is driven by an increased focus on energy efficiency and sustainability in building operations. BMS offers the means to optimize energy consumption and environmental impact, making it a valuable asset in modern construction.
Need for Automated Building Operation and Maintenance: The need for automated building systems that streamline operations and maintenance processes is a critical driver. BMS can monitor, control, and optimize various building functions, enhancing efficiency and reducing operational costs.
Integration of Cloud Computing, IoT, Analytics, and Artificial Intelligence: The incorporation of advanced technologies like IoT, cloud computing, analytics, and artificial intelligence into BMS is a major driver. These integrations enable real-time data analysis, predictive maintenance, and enhanced control over building operations.
Key Market Challenges
BMS Vulnerability to Cyber Attacks and High Implementation Costs: BMS, as a critical part of building infrastructure, is vulnerable to cyberattacks. Protecting it against security breaches is a significant challenge. Additionally, the high initial implementation costs can deter adoption in some cases.
Key Market Opportunities
New Developments in Building Management Systems: Ongoing developments in BMS technology provide opportunities for improvement and innovation. Incorporating these developments into new systems can enhance functionality and appeal to a broader market.
Rising Investment in Smart Cities Projects and Increasing Number of Airports Globally: The increasing investment in smart cities projects and the growth in the number of airports are creating opportunities for BMS. These large-scale projects often require advanced building management solutions.
Key Market Challenges
Lack of Expertise and Technical Knowledge in BMS: A shortage of expertise and technical knowledge in the field of BMS can hinder its adoption and implementation. Providing training and education in BMS technology is vital for overcoming this challenge.
The report segments the market based on various factors, including components, operation modules, deployment methods, applications, and regions, offering insights into what drives growth in each of these areas. Notably, Europe, Middle East & Africa commanded the largest market share of 49.12% in 2022.
Market Segmentation & Coverage:
- Based on Components, the market is studied across Hardware, Service, and Software. The Software commanded the largest market share of 41.23% in 2022, followed by Hardware.
- Based on Operation Module, the market is studied across Electric Power Control, Elevators, Fire Alarm & Response, HVAC, Lighting Control, Plumbing & Water Monitoring, and Security & Observation. Security & Observation commanded the largest market share of 22.12% in 2022, followed by Electric Power Control.
- Based on Deployment, the market is studied across On-Cloud and On-Premise. The On-Cloud commanded the largest market share of 87.88% in 2022, followed by On-Premise.
- Based on Application, the market is studied across Commercial, Industrial, and Residential. The Commercial commanded the largest market share of 65.54% in 2022, followed by Residential.
- Europe, Middle East & Africa commanded the largest market share of 49.12% in 2022, followed by the Americas.
Competitive Portfolio
- ABB Limited
- Acuity Brands, Inc.
- Airedale International Air Conditioning Ltd.
- Arloid Automation Ltd.
- Azbil Corporation
- BrainBox AI
- BuildingIQ, Inc.
- Cisco Systems Inc.
- Crestron Electronics, Inc.
- Delta Controls Inc.
- Delta Electronics, Inc.
- DEXMA Sensors, SL
- Elipse Software
- ELKO EP, s.r.o.
- Entelec Control Systems
- GridPoint, Inc.
- Honeywell International Inc.
- International Business Machines Corporation
- Johnson Controls International PLC
- Kellton Tech Solutions Limited
- Lutron Electronics Co., Inc.
- Mitsubishi Electric Corporation
- Myrspoven
- Optergy
- Schneider Electric SE
- Siemens AG
- Singapore Technologies Engineering Ltd.
- Symmons Inc.
- Technovator International Limited
Report Scope
This report provides a comprehensive analysis of the Global Building Management System Market, shedding light on market trends, drivers, challenges, and key players. It delves into the market's segmentation based on components, applications, end-users, and regions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 186 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $14.37 Billion |
| Forecasted Market Value (USD) by 2030 | $33.83 Billion |
| Compound Annual Growth Rate | 12.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/c7mg09
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