Building Management System Global Market Report 2024

The building management system market size has grown exponentially in recent years. It will grow from $14.77 billion in 2023 to $18.43 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth observed in the historical period is linked to progress in data analytics, escalating energy expenses, regulations promoting energy efficiency, and the transition toward smart buildings.

The building management system market size is expected to see exponential growth in the next few years. It will grow to $44.9 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The anticipated growth in the forecast period is driven by heightened demand for energy efficiency, a growing emphasis on occupant comfort, regulatory mandates, the desire for smart buildings, and a focus on predictive maintenance. Key trends expected in the forecast period include the adoption of IoT and smart building technologies, an emphasis on energy efficiency, the ascent of cloud-based solutions, a surge in demand for integrated systems, and enhancements in security and access control.

The anticipated rapid growth in building and construction-related activities is poised to drive the expansion of the building management system (BMS) market in the foreseeable future. These activities encompass a wide range of actions such as installation, repair, maintenance, and transportation of building materials, along with the operation of vehicles and machinery on construction sites. BMS enables centralized control and management of various building systems including HVAC, lighting, security, and access control, facilitating efficient coordination and optimization of building functions to enhance energy efficiency and occupant comfort. For instance, data from the United States Census Bureau in June 2023 revealed a 6.1% increase in construction spending during the initial four months of 2023 compared to the same period in 2022, reaching $566.7 billion. Consequently, the significant expansion of building and construction activities acts as a key driver for the building management system market.

Leading companies in the building management system sector are focusing on the development of automated solutions to streamline building operations, improve energy efficiency, and elevate occupant comfort. Automated BMS integrates sensors, controllers, and software to automate and regulate various building systems. For example, in January 2024, Honeywell International Inc. introduced Advance Control for Buildings, a technology that combines automation, machine learning, and cybersecurity to optimize building operations and enhance the occupant experience. This advancement in building control technology utilizes existing infrastructure and strategic partnerships with semiconductor leaders such as NXP Semiconductors and Analog Devices Inc. to deliver faster network speeds, heightened security, and increased operational efficiency.

In March 2024, Learnd, a UK-based technology company, acquired BGES Group to bolster its presence in the building management system sector. This acquisition enhances Learnd's capabilities, market reach, and resources, fostering synergies between the two entities to provide cutting-edge solutions in energy management and sustainability. BGES Group specializes in reducing energy costs and carbon emissions in non-residential buildings, aligning with Learnd's strategic objectives in the BMS market.

Major companies operating in the building management system market are Siemens AG, United Technologies Corporation (UTC), International Business Machines Corporation (IBM), Cisco Systems Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Group, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Emerson Electric Co., Legrand SA, Rockwell Automation Inc., Crestron Electronics Inc., Delta Controls Inc., Automated Logic Corporation, Trend Control Systems Ltd., KMC Controls Inc., Alerton, Reliable Controls Corporation, Distech Controls Inc. (Acuity Brands), Cylon Controls Ltd., Automated Building Controls (ABC) Ltd., Computrols Inc., Innotech Control Systems.

Europe was the largest region in the building management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the building management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the building management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A building management system (BMS) is a computerized control system designed to oversee and regulate a building's mechanical and electrical equipment. Its primary objective is to automate and optimize the management and monitoring of diverse building systems and apparatus, including heating, ventilation, air conditioning (HVAC), lighting, security, and access control. By doing so, it aims to enhance energy efficiency, minimize expenses, and improve occupant comfort and safety.

The essential elements of a building management system include hardware, software, and services. In the BMS market, hardware denotes the tangible components utilized for controlling and monitoring building systems, such as sensors, actuators, controllers, and interfaces. Both wireless and wired technologies are employed by various end-users, including commercial, residential, industrial, governmental, and public buildings.

The building management system market research report is one of a series of new reports that provides building management system market statistics, including building management system industry global market size, regional shares, competitors with a building management system market share, detailed building management system market segments, market trends and opportunities, and any further data you may need to thrive in the building management system industry. This building management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The building management system market consists of revenues earned by entities by providing services such as energy management, fire detection and alarm systems, environmental monitoring, occupancy tracking, and lighting control. The market value includes the value of related goods sold by the service provider or included within the service offering. The building management system market also includes sales of security devices, sensors and actuators, user interfaces, and building automation controllers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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