U.S. Building Energy Management Systems Market: Rising Electricity Bills Driving Demand
According to the report, "United States Building Energy Management Systems Market (2018-2024): Market Forecast by Components & Services, by Hardware Components, by End Users, by Applications, and Competitive Landscape," recently released by ResearchandMarkets.com, the U.S. Building Energy Management Systems (BEMS) market is expected to grow at a CAGR of 12.2% during 2018-2024.
The electricity tariffs in the United States for residential, commercial, and industrial segments are expected to rise by 8%, 6%, and 7%, respectively, during 2016 to 2019. Rising electricity bills are expected to drive the demand for BEMS in the United States over the coming years.
Several advantages of integrated BEMS hardware and software system includes budgets & variance reports, utility bill tracking, real-time metering, and collection of energy data usage by various equipment such lighting and HVAC, making them popular among residential and commercial users.
Government initiatives such as Southern California Edison (SCE) and App Lab, coupled with promoting the use of LEDs and CFLs in all residential, commercial, and industrial sectors, will further fuel the demand for BEMS in the country during the forecast period.
According to EIA, industrial energy consumption is projected to rise in all three main sub-industrial areas: non-manufacturing, energy-intensive manufacturing, and nonenergy-intensive manufacturing. Rising electricity tariffs are also making industrial and manufacturing players lean toward BEMS and would make the industrial sector grow at the highest CAGR during the forecast period.
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