According to a new report from Navigant Research, building energy management systems (BEMSs) is expected to grow from $2.8 billion in 2016 to in $10.8 billion in 2024.
The growth of BEMS is primarily attributed to the growth of Internet of Things (IoT) and cloud computing applications in buildings. As a result buildings are becoming data-rich environments.
As building energy management systems (BEMSs) gain greater market penetration, building control algorithms are beginning to provide data beyond energy efficiency, including details on space utilization and operational efficiency.
“Intelligent building solutions represent a new generation of tools that leverage today’s data-rich commercial building environment to help stakeholders across the value chain,” says Casey Talon, senior research analyst with Navigant Research.
Just as the intelligent buildings industry is evolving, the power sector is also undergoing a shift from a linear framework of power generation and consumption to an interactive network, also known as the Energy Cloud, the report said.
In the Energy Cloud, intelligent buildings join renewable energy, storage, and electric vehicles to become the energy nodes that replace the traditional, massive fossil fuel generation resources, while the IoT and cloud computing provide the platform of intelligence for the communication and analysis of energy data.