Building Management Systems, or BMS, are software-enabled building control systems that control and track the electrical and mechanical devices of the building. These devices comprise security system, fire system, power system, ventilation, and lighting. The inclination toward these systems is increasing as they are energy efficient and eco-friendly. Also, there is rise in need for automation in buildings’ security system that is further projected to surge the demand for building management systems market.
The key factors contributing to the expansion of the global building management system market mainly comprise the growing need for energy, sustainability, and operational efficiency, along with the manifestation of government norms to stimulate implementation of building management systems across organization to improve the energy efficacy. In addition, with the rise in prices of energy at the global level and bigger sanctions by government, building management systems are projected to be at the vanguard of the future facility projects, thus fueling the market growth.
The global building management system market can be segregated based on software, application, service type, and region. The market, on the basis of service type, is divided into managed services and professional services. The market, based on application, is classified into industrial, residential, and commercial. The market, based on software, is diversified into facility management, security management, energy management, emergency management, and infrastructure management.
Regionally, the global building management system market was dominated by Europe and is anticipated to maintain its supremacy during the forecast period with highest market share. The regional growth can be credited to several initiatives taken by the government agencies in the implementation of building management system as they provide lucrative solution. Also, the increasing alertness regarding eco-friendly and energy-efficient services is projected to drive the market growth in Europe. Likewise, Asia Pacific is expected to witness quickest growth owing to the speedily mounting need for building management system from the budding nations such as India and China.
Some of the leading players competing within the global building management system market consist of Johnson Controls, Honeywell International Inc, Siemens, Schneider Electric, ABB, United Technologies, Delta Controls, Azbil Corporation, Mitsubishi Electric Corporation, LARSEN & TOUBRO LIMITED, DEXMA SENSORS, S.L., Singapore Technologies Engineering Ltd, Legrand, Eagle Technology, Technovator International Limited, Lutron Electronics Co., Inc, BuildingIQ, Airedale Air Conditioning, GridPoint, and ACUITY BRANDS LIGHTING, INC, among others. To cite, in October 2020, a partnership was declared by Honeywell and Vertiv to build more efficient and sustainable data center operations. The collaboration anchors on the industry-leading building management systems, operational software, and security & safety products of Honeywell.