What is Building Energy Modeling Market?
Building Energy Modeling is also called building performance simulation. Energy-modeling is the virtual or computerized simulation of a building or complex that focuses on energy consumption, utility bills, and life cycle costs of various energy-related items such as air conditioning, lights, and hot water. It is also used to evaluate the payback of green energy solutions like solar panels and photovoltaics, wind turbines, and high-efficiency appliances. Energy modeling is used to predict the monthly energy consumption and bills, predict the annual energy cost, annual CO2 emissions, compare and contrast different efficiency options, and determine life cycle payback on various options. The objective of building energy modeling is the quantification of aspects of building energy simulation which is relevant to the design, construction, operation, and control of buildings. The United States building energy modeling was estimated to be around USD 1,712 million in 2019 which is expected to reach an estimated value of 2,203 in 2025 with a moderate CAGR of 4.53% during the forecast period.
The market study is being classified by Type (Software and Services), by Application (Architectural Design, HVAC Design and Operation, Building Performance Rating, Building Stock Analysis and Others) and major geographies with country level break-up.
IBM (United States), Johnson Controls (Ireland), Cisco Systems, Inc. (United States), Emerson Electric (United States), ABB (Switzerland), Accenture (Ireland), Hitachi Ltd. (Japan), Honeywell International Inc (United States), Schneider Electric (France) and Autodesk, Inc (United States) are some of the key players profiled in the study.
The vendors are majorly focusing on developing innovative & new solutions to cater to the market's demand in order to remain competitive in the market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Building Energy Modeling market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Building Energy Modeling market by Type, Application and Region.
On the basis of geography, the market of Building Energy Modeling has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- The Increasing Adoption due to Various Benefits of the Building Energy Modeling
- Growing Construction Business Across the World
- Implementation of New technologies Such as AR/VR in Building Energy Modeling Operations
- High Cost of Platform or Services
- Growing Demand of Energy Building Modelling from Commercial Sectors
- Increasing Number of Smart City Projects in The United States
- The Growing Concern Associated with the Cost and Low Awareness of the Process
Market Leaders and some development strategies
In August 2020, Autodesk Inc. announced that it has acquired Pype and its portfolio of cloud-based software solutions for the construction industry. which will provide additional value for Autodesk Construction Cloud users, allowing general contractors, subcontractors, and owners to automate workflows.
In June 2020, Johnson Controls announced that it has launched a new Open Blue platform which is a suite of connected solutions & supports safety, security, and sustainability which enables the connection of every part of a building to create new possibilities for smarter, more efficient and sustainable spaces.
Government agencies are focusing on implementing regulatory standards to reduce the effect of carbon emissions which has led to an increasing focus on the construction of green buildings for sustainable growth worldwide
Governments can prioritize policies to promote highly efficient building construction methods and in-depth retrofitting, as these operations are particularly labour-intensive, provide long-term value, and steer activity in many types of equipment and material manufacturing domains. Moreover, the economic crisis is also led due to the COVID-19 pandemic across the globe. Due to the economic crisis, companies are also doing fewer investments in the production of the Building Energy Modelling market. Thereby, less revenue is expected to generate from the sales of robotic parking systems in the 2020 fiscal year. Therefore, the pandemic is expected to decline the demand for the United States Building Energy Modelling market in the 2020 fiscal year.
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