Building analytics market is expected to grow at a CAGR of 14.1% during the forecast period 2019 – 2027, to account to US$ 19,655.7 by 2027

Rising energy prices coupled with growing emphasis towards achieving operational efficiencies are bolstering the demand for building analytics market

 

Building analytics market on a global market was valued at US$ 5,625.1 Mn in 2017 and is expected to grow at a CAGR of 14.1% during the forecast period 2019 – 2027, to account to US$ 19,655.7 by 2027. Factors such as growing energy prices, increasingly stringent building energy guidelines, and achieving maximum operational efficiency for building and facility management is expected to be the major market driving forces in the coming years. Moreover, growing demand for interoperable and robust building analytics solution facilitating effective monitoring and managing of various facility assets is also expected to gain major traction in the coming years.

The global building analytics market is heavily influenced by the country’s energy efficiency practices and stringent building energy guidelines. As a result, various end-user such as commercial complexes, malls, offices, universities, manufacturing & production plants and residential buildings among others have adopted numerous building analytics based solution & services for effective as well as efficient facility management. Moreover, factors such as minimizing the energy consumption of HVAC systems, building equipment & machineries, and optimizing energy utilization for achieving improved operational efficiency has attributed in growing penetration of building analytics across different facility managers. Thus, countries such as US, Germany, Netherlands, Russia, China, Japan, Italy, and Taiwan among others owing to their early adoption have witnessed a surge in demand for improved services for superior performance of their building performance. In addition, the growing awareness towards sustainable development and improving building energy efficiency is anticipated to continue to drive the market growth in the coming years.

Currently, the European region owing to stringent EU commission guidelines for efficient building energy ratings and strong economic background of countries in the European region has led to the substantial penetration of building analytics in this region. Whereas, the strong manufacturing base in Asia-Pacific region especially in countries such as China, Japan, Thailand, and India have resulted in the region’s almost one fourth market share in 2018. From a growth perspective, the Asia-Pacific region is expected to witness a surge in demand for building analytics solutions owing to strong end-user industry growth and emerging economies in the region. The North America region accounted for second leading position in terms of market share after Europe and is also expected provide lucrative business opportunities owing to IEA building energy guidelines.

The building analytics market owing to witness threat from new entrants owing to low bargaining power from buyer and threat from substation product. However, the presence of some leading players with proven expertise in the market such as Schneider, IBM, and SkyFoundry, among few others continue to account for significant market share collectively. Some of the leading players operating in this market are (in alphabetic order) namely: Acorn Engineering Group Limited, Arup Group, AT Kearney, Buildingiq, Buildinglogix, Buildpulse, Coppertree Analytics, Crestron Electronics, Delta Electronics, Ecovox, Energy Advantage, Enernoc, Engie Insight, Environmental Systems Inc., General Electric, Gooee, Gridpoint, Honeywell, IBM Corporation, Iconics, Schneider Electric, Senseware, Siemens, SkyFoundry, Waibel Energy Systems, Xchanging PLC (CSC Computer Sciences International Operations Limited) among others.

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