The market will grow as a result of realisation of the value of data in optimising the operations of commercial buildings. Navigant Research says the growth of the building energy management systems market will be driven by increased development and adoption of IoT and cloud and edge computing technologies.
Moreover, consumer awareness on the benefits of employing energy management technologies has improved, resulting in increased investments in such technologies.
The market research firm forecasts revenue generation in the building energy management systems market to rise from over $4 billion in 2017 to $13.1 billion by 2026.
On the other hand, the competition between automation and human input, and security concerns over the use of energy management technologies, will hinder the market growth.
The study focuses on seven products including HVAC, lighting, building controls, water efficiency and water heating.
By using remote technologies, buildings owners and operators are able to collect and analyse operational data to make informed decisions on space utilisation, behavioural analytics and security and access control.
Building energy management
Meanwhile, in the Seychelles, the Ministry of Environment, Energy and Climate Change launched a new energy efficiency programme to reduce energy costs in state buildings and streetlights.
The programme – Smart Energy in public spaces – will supplement the Seychelles Energy Efficiency and Renewable Energy Programme to help the country meet growing energy demands due to increases in population and economic activities.
The new energy management initiative will provide funding towards the installation of solar pvs and a wide range of energy efficient appliances in schools to reduce energy costs on the main grid. The Seychelles government has set a target to install 10,000 LED streetlights in Mahe, Praslin and La Dique islands by 2020.
Di Dier Dogley, the minister of Environment, Energy and Climate Change, said the launch of the programme will help the East African island chain to reduce its budget allocated to cover energy costs. 12% of the islands’ annual budget is directed towards importing fuels used to generate 90% of the total energy used by all consumers.
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