The building energy management software market is forecast to grow at an annual rate of up to 15 percent up to 2019.
According to independent analyst firm Verdantix, cost saving opportunities, building energy efficiency policies, and increasing energy prices are driving demand and growth in the market.
The report shows that firms in the United States, the United Kingdom, and Germany currently dominate building energy management spending. In the period to 2019, a combination of factors will drive different adoption rates across countries and industries. Firms will invest increasingly in software because:
• Firms will be able to identify significant cost savings.
• Building energy management software can reduce the cost of reporting and will help buildings meet new minimum mandatory consumption baselines.
• With energy prices rising globally, software can help offset growing electricity prices by ensuring customers are paying mistake-free utility bills and are on optimal electricity tariffs.
• The market has matured and customers now have access to an expanding selection of case studies that demonstrate value and inspire buyer confidence.
• Firms are continuing to increase investment in energy management projects.
“The growth will entail firms turning to specialist software suppliers such as Envizi, Elster EnergyICT, Panoramic Power, and Verisae or larger firms offering software alongside additional energy services such as EnerNOC, Schneider Electric, and Siemens,” said Alisdair McDougall, Verdantix industry analyst.
The study predicts that by 2019:
• Spend will hit $304 million in the U.S., $66 million in the UK, $48 million in Germany, $35 million in France, and $27 million in Australia.
• Brazilian and Indian firms will increase spending by 22 percent annually.
• Retail and consumer products firms will dominate spending on software.