BOULDER, Colo.--(BUSINESS WIRE)--Although energy management technology has been available for almost 20 years, the hospitality sector has been slow to adopt it. That is beginning to change, as hotel operators look to improve financial performance at the property level despite a slow-moving economy. Click to tweet: According to a new report from Navigant Research, the global market for energy management in the hospitality industry – including guest-room energy management systems (GR-EMSs) and enterprise-level energy management software – will grow from $473 million in 2013 to $968 million in 2020.
“Guest room energy management systems are finding their way into an increasing number of hotels being built today,” says Eric Bloom, principal research analyst with Navigant Research. “The market is quickly moving toward next-generation systems that not only make individual rooms more efficient, but also are networked, turning hotels into smarter buildings that can achieve new levels of efficiency and participate in demand response markets.”
Hotels require specialized energy management technology, because today’s general building energy management systems are rarely designed to meet the technological needs of individual hotel guest rooms, such as distributed control systems, sensors, and software algorithms. Guest room energy management is going through a dynamic period of transition from autonomous, room-centric HVAC control, according to the report, to property- and portfolio-wide integrated energy monitoring, control, and management.
The report, “Energy Management in the Hospitality Industry”, analyzes the current state of the market for hotel guest room energy management systems, including the related hardware, software, and services components. The report outlines the market and technology issues that are affecting the growth and adoption of GR-EMSs around the world. Global market forecasts for the GR-EMS market, with separate breakdowns by product and hotel segment, system type, and region, extend through 2020. The report also examines the competitive landscape, as well as the best practices and market trends that will shape energy management in the lodging industry for the rest of the decade. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Energy Management in the Hospitality Industry,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
