PUBLISHER: The Business Research Company | PRODUCT CODE: 1500005
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500005
Building energy simulation software entails specialized computer programs crafted to model and simulate the energy performance of buildings. These sophisticated solutions leverage algorithms and input data to analyze factors including building design, materials, heating, Ventilation, Air Conditioning (HVAC) systems, and environmental conditions. The aim is to optimize energy efficiency and provide valuable insights for decision-making in both construction and retrofit projects.
The primary components of building energy simulation software encompass software and services. Software comprises computer programs tailored for modeling and analyzing the energy usage of buildings. These solutions can be deployed either on-premise or via cloud-based platforms, catering to organizations of varying sizes including small and medium enterprises (SMEs) and large enterprises. Additionally, these software solutions find utility across diverse end-user industries such as architecture and construction, government and defense, automotive and transportation, manufacturing and engineering, among others.
The building energy simulation software market research report is one of a series of new reports from The Business Research Company that provides Building energy simulation software market statistics, including Building energy simulation software industry global market size, regional shares, competitors with a Building energy simulation software market share, detailed Building energy simulation software market segments, market trends, and opportunities, and any further data you may need to thrive in the Building energy simulation software industry. This Building energy simulation software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry
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 observed in the historical period can be attributed to several factors, including the proliferation of smart city projects, the increasing necessity for sustainable construction practices, the growing demand for sustainable and energy-efficient solutions, the rising adoption of IoT and Smart Building technologies, and the retrofitting of existing buildings to align with modern standards.
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 anticipated growth in the forecast period can be attributed to several factors, including government regulations and policies aimed at improving energy efficiency, advancements in building information modeling (BIM) and simulation technologies, the emergence of net zero energy buildings, a growing awareness of environmental impact, and government initiatives to reduce carbon emissions. Major trends expected in the forecast period encompass the integration of artificial intelligence (AI) and machine learning (ml) technologies, deeper integration with building information modeling (BIM) tools, integration with augmented reality (AR) and virtual reality (VR) technologies, increased integration with the internet of things (IOT), and the continued integration of building information modeling (BIM) and internet of things (IOT) systems.
The building energy simulation software market is poised for growth, driven by an anticipated surge in energy demand. This uptick is spurred by the escalating reliance on electricity in urban centers for transportation, climate control, and electronic device usage. Building energy simulation software plays a pivotal role in optimizing energy consumption and enhancing grid efficiency. By offering insights into consumption trends and supporting informed decision-making, such software enables stakeholders to manage energy resources more effectively. For instance, as per the International Energy Agency's July 2021 report, global electricity demand is forecasted to rise by nearly 5% in 2021 and 4% in 2022. Additionally, renewable energy sources such as hydropower, wind, and solar photovoltaics (PV) are expected to witness significant growth, expanding by 8% in 2021 and over 6% in 2022. Consequently, the surge in energy demand is propelling the expansion of the building energy simulation software market.
Key players in the building energy simulation software sector are leveraging innovation to gain a competitive edge. These companies are developing cutting-edge products infused with advanced technologies, such as cloud-based digital twin platforms. A cloud-based digital twin platform functions as a virtual replica of physical assets or systems hosted on cloud infrastructure, facilitating real-time data integration, analysis, and simulation. For example, in July 2021, Autodesk Inc. introduced Autodesk Tandem, a cloud-based digital twin platform designed to democratize digital twin technology. By simplifying the creation of data-rich digital replicas of buildings, Autodesk Tandem enables enhanced facility management, operations, and sustainability efforts. It seamlessly integrates data from diverse sources, including building management systems, to furnish valuable insights and support decision-making for building owners and operators.
In October 2023, Glodon Company Limited, in collaboration with EQUA Simulation AB, unveiled innovative solutions aimed at promoting sustainable MEP (mechanical, electrical, and plumbing) design. This strategic partnership endeavors to mitigate the carbon footprint of MEP systems and optimize energy consumption. By championing science-driven design and refurbishment decisions, the initiative targets building owners, governmental bodies, and end users. EQUA Simulation AB, a Sweden-based firm specializing in simulation tools, contributes its expertise to bolster the development of sustainable MEP design solutions.
Major companies operating in the building energy simulation software market are Siemens AG, Dassault Systemes, 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.
North America was the largest region in the Building Energy Simulation Software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the building energy simulation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the building energy simulation software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The building energy simulation software market consists of revenues earned by entities by providing services such as software licensing, consulting, training, and technical support. The market value includes the value of related goods sold by the service provider or included within the service offering. The building energy simulation software market also includes sales of data acquisition devices, sensors, and monitoring equipment used for collecting real-time data on building performance parameters. 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.
Building Energy Simulation Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on building energy simulation software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for building energy simulation software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The building energy simulation software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.