Smart building energy market to almost quadruple in size, to be worth over US$1 billion by 2020
- 14 September 2012
NEW YORK: New findings by Pike Research reveal that the smart building energy management market will almost quadruple in size to be worth over US$1 billion by 2020.
The rapid growth—which equates to almost 18% each year—is down to increased global spending in nearly all areas of smart building management, including building maintenance, data acquisition and analytics.
Building owners use such services to outsource energy monitoring to experts, who then identify opportunities to improve operations. They are increasingly spending more on smart systems in a bid to slash energy use and cut costs.
According to the report, entitled Smart Building Managed Services, the biggest players in the market are Johnson Controls, Siemens and Schneider Electric, all companies that have worked with The Climate Group.
“This research reinforces what we know – smart buildings dramatically reduce cost, energy use and carbon emissions while boosting the building's marketability,” said Clay Nesler, vice president global sustainability and energy solutions, Johnson Controls Building Efficiency. “Building inefficiency is a tax on building owners – one they don’t need to pay if they move toward smart building management .”
Kirsten Jack, Acting Head of Smart Technologies, The Climate Group, commented: "As the recession continues, building owners are installing smart managed services to lower costs and counteract the inefficiencies of more traditional systems that were previously used - so demand is soaring. We are pleased to see one of our members, Johnson Controls, leading the competition for ownership of this expanding market."