Building Energy Simulation Software Market Size
The Business Research Company recently released a comprehensive report on the Global Building Energy Simulation Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The building energy simulation software market size has grown rapidly in recent years. It will grow from $5.16 billion in 2023 to $5.85 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to growing smart city projects, need for sustainable construction practices, demand for sustainable and energy-efficient solutions, increase in adoption of IoT and Smart Building technologies, retrofitting of existing buildings.
The building energy simulation software market size is expected to see rapid growth in the next few years. It will grow to $9.80 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to government regulations and policies for energy efficiency, advancements in building information modeling (BIM) and simulation technologies, emergence of net zero energy buildings, increasing awareness of environmental impact, government regulations to reduce carbon emissions. Major trends in the forecast period include Integration of artificial intelligence (AI) and machine learning (ML), integration with Building Information Modeling tools, integration with AR and VR, integration with Internet of Things (IoT), integrated with Building Information Modeling (BIM) and Internet of Things (IoT).
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Market Drivers and Trends:
An increase in energy demand is expected to propel the growth of the building energy simulation software market going forward. The energy demand is greater as cities become hubs for electricity-dependent activities such as transportation, heating, cooling, and the use of electronic devices. Building energy simulation software aids in optimizing energy usage and improving grid efficiency by providing valuable insights into consumption patterns and facilitating informed decision-making processes. For instance, in July 2021, according to the International Energy Agency, a France-based intergovernmental organization, global electricity demand is projected to increase by nearly 5% in 2021 and 4% in 2022. Moreover, the generation of electricity from renewable sources, encompassing hydropower, wind, and solar photovoltaics (PV), is expected to experience robust growth worldwide over the next two years, expanding by 8% in 2021 and over 6% in 2022. Therefore, an increase in energy demand is driving the growth of the building energy simulation software market.
Major companies operating in the building management system are developing automated building management systems to streamline building operations, improve energy efficiency, and enhance occupant comfort. An automated building management system (BMS) is a centralized system that uses sensors, controllers, and software to automate and control various building systems. For instance, in January 2024, Honeywell International Inc., a manufacturer of building controls, launched advance control for buildings. This distinctive technology combines automation, machine learning, and cybersecurity to optimize building operations, increase energy efficiency, and enhance the overall occupant experience. Honeywell’s Advance Control for Buildings represents a significant advancement in building control technology by leveraging existing wiring and strategic partnerships with semiconductor leaders such as NXP Semiconductors and Analog Devices Inc., offering faster network speeds, enhanced security, and increased operational efficiency.
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Major Key Players of the Market:
Siemens AG, Dassault Systèmes, Honeywell International Inc., GE Vernova Inc., Schneider Electric, Johnson Controls International plc, Carrier Corporation, Trane Technologies plc, Harbinger Group Inc., Autodesk Inc., Trimble Inc., UL Solutions, Integrated Environmental Solutions (IES) Ltd., ANSYS Inc., Bentley Systems Incorporated, Aurora Solar Technologies Inc., WeaveGrid Inc., EnergyCAP LLC., GARD Analytics, DesignBuilder Software Ltd., EnergyPlus, EnergySoft LLC, Batia Construction Company, Carmel Software Corporation., Equest Software Inc.
Building Energy Simulation Software Market 2024 Key Insights:
• The building energy simulation software market size is expected to see rapid growth in the next few years. It will grow to $9.80 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.
• Increasing Energy Demand Driving Growth Of Smart Meter Data Management Market
• Cloud-Based Digital Twin Platforms Is Driving Innovation In Building Energy Simulation
• North America was the largest region in the Building Energy Simulation Software market in 2023
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