Building energy management systems to generate $6 billion by 2020
The challenging business environment that has existed over the past several years has led companies to consider a variety of ways in which they can save money. One of these mechanisms, building energy management systems, may accomplish this goal, while also helping the environment, according to a release by Pike Research.
The release outlined how a recent Pike Research report showed the tremendous potential that companies have to save money by using a building energy management system (BEMS).
The transition to using BEMS would help to eliminate some of the energy consumption that commercial buildings are responsible for in the U.S. A BEMS is defined as "the software, hardware, and services associated with the intelligent (i.e., information and communication technology-based) monitoring, management, and control of energy, specifically for reducing overall energy consumption and lowering energy costs."
According to the release, the recent advances in technology and the availability of more detailed data and information on how buildings can limit energy use through more efficient practices have sparked an interest in BEMS.
The new report highlights how worldwide revenue from building energy management systems will rise at a compound annual growth rate of roughly 14 percent to 2020, reaching a level of just under $6 billion by the end of the decade.
"Over the last year, the convergence of building equipment and IT has advanced at a rapid pace, enabling a higher degree of control over building energy and operations than ever before," research analyst Eric Bloom said of the report. "The BEMS market is evolving rapidly and is enjoying a burst of innovation, leading to an explosion in the amount of data that is available on the energy performance of commercial buildings."
A summary of the report by Pike Research noted how the commercial building market is reliant on the data provided by BEMS, as examining the efficiency of a structure can help to highlight key changes that need to be made by building owners.
This type of cost-cutting efficiency in buildings is what the Department of Energy had in mind when it designated an innovation HUB for energy efficient buildings and technology.
The Greater Philadelphia Innovation Cluster for Energy Efficient Buildings (GPIC) is an effort that is headquartered in the Philadelphia Navy Yard, and is establishing the region as a center for the green building sector.
Along with attracting bright minds that come out of the many schools in the area, the GPIC relies on the technical expertise that already exists in the region to develop and design energy efficient buildings and technology.