The building energy simulation software global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Building Energy Simulation Software Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – 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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Scope Of Building Energy Simulation Software Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Building Energy Simulation Software Market Overview
Market Drivers -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.
Market Trends – Major companies operating in the building energy simulation software market are developing innovative products with advanced technologies, such as cloud-based digital twin platforms, to advance their offering and gain a competitive edge. A cloud-based digital twin platform is a virtual replica of a physical asset or system hosted on cloud infrastructure, enabling real-time data integration, analysis, and simulation. For instance, in July 2021, Autodesk Inc., a US-based multinational software corporation that provides software products and services for architecture, engineering, construction, and manufacturing, launched the cloud-based digital twin platform Autodesk Tandem. The platform aims to make digital twins more accessible and repeatable, moving away from the expensive and hard-to-maintain bespoke solutions. Autodesk Tandem provides features and workflows to simplify the creation of data-rich digital replicas of buildings, enabling better facility management, operations, and sustainability. The platform connects data from various sources, including building management systems, to provide valuable insights and support decision-making for building owners and operators.
The building energy simulation software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Model: On-Premise, Cloud-Based
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By End-User Industry: Architecture And Construction, Government And Defense, Automotive And Transportation, Manufacturing And Engineering, Other End Users
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Regional Insights – 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.
Key Companies – Major companies operating in the building energy simulation software market are 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.
Table of Contents
- Executive Summary
- Building Energy Simulation Software Market Characteristics
- Building Energy Simulation Software Market Trends And Strategies
- Building Energy Simulation Software Market – Macro Economic Scenario
- Global Building Energy Simulation Software Market Size and Growth
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- Key Mergers And Acquisitions In The Building Energy Simulation Software Market
- Building Energy Simulation Software Market Future Outlook and Potential Analysis
- Appendix
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