The global building analytics market is predicted to increase at a CAGR of 13.3% from 2018 to 2023, from USD 4.76 billion in 2017 to USD 11.10 billion in 2023. Buildings are the largest energy consumers, accounting for over 40% of global energy consumption.
Buildings are the largest energy consumers, accounting for over 40% of global energy consumption. Buildings that are energy efficient have become a necessity all around the world to help minimise greenhouse gas emissions. Facility analytics software is used to generate crucial insights about energy consumption throughout the full infrastructure of a building. They aid in the effective monitoring and control of HVAC, air conditioning, and other systems. As a result, the entire market is growing due to rising demand for energy-efficient systems and lower operational costs. Energy management, fraud detection and monitoring, security management, emergency management, parking management, operations management, elevators and escalators management, network management, and other applications all employ building analytics software. The study’s base year was 2017, and the projection was made for the years 2018 through 2023.
Ecosystem Sustainment Requires Building Management Systems
Building analytics is generally used to acquire useful data that may be utilised to improve a facility’s energy efficiency and eliminate ineptitude. The optimization of energy performance can assist reduce energy costs while also extending the life of equipment and improving tenant comfort. It also aids in making more accurate and timely building management decisions for a more dynamic and long-term future. The market for building analytics is anticipated to be driven by this. Data from smart building technologies such as building management systems (BMSs), networked sensors, Internet of Things edge devices, and integrated workplace management systems is collected through building analytics (IWMSs).
Systems allow for remote monitoring of building health and energy use.
Building analytics can be crucial to control from several kilometres away in cases when the job requires remote monitoring, such as COVID-19 limits. Traditional systems can only communicate with proprietary systems, making them ineffective in certain scenarios. Building analytics automation solutions, on the other hand, are specifically built to interact with open systems and provide warnings and notifications even from legacy systems. Furthermore, problem detection and diagnostics are important characteristics of building analytics systems since they may help estimate energy consumption and cost savings. The performances can be monitored at predetermined and customizable intervals, assisting in the maintenance of building health and energy efficiency.
During the projected period, the global building analytics market will be propelled by rising demand for energy-efficient systems and cost-effective strategies. Due to their high energy consumption, which includes HVAC and lighting systems, commercial buildings are likely to be the top end consumers. Various organisations and businesses are relying on IoT devices and sensors to identify and take steps to enhance efficiency and minimise carbon emissions. The sensors aid in the understanding of energy consumption and loads, as well as receiving real-time reports on the status of building equipment and detecting flaws in the infrastructure. During the forecast period, all of these factors are expected to contribute to rising demand for building analytics.
The global building analytics market is driven by the need for energy management in commercial, residential, and manufacturing buildings.
IT parks and office buildings, shopping malls, restaurants and bars, pubs and hotels are among the commercial structures. Due to the widespread usage of energy-intensive equipment such as HVAC and lighting systems, office buildings are the most common end-users of building analytics software and services in the commercial buildings market. Facility managers may now collect significant amounts of data regarding occupancy patterns, equipment performance, and energy usage trends thanks to the advent of IoT. Facility managers can save millions of dollars by implementing proactive alerts before a breakdown occurs, based on equipment failure data. The growing number of construction projects, particularly in developing nations like China, India, and Brazil, will boost the adoption of building analytics software. As a result, the building analytics market is driven by the ever-growing commercial and residential industries.
Building Analytics Market Key Driver: Growing Adoption of Energy-Efficient Systems in Commercial Buildings
With the rise of smart buildings around the world, using energy-efficient solutions to reduce electricity bills and overhead costs in commercial buildings is becoming more popular. Many commercial buildings still rely solely on a building automation system to improve building energy management and extend the life of building equipment and infrastructure. The building analytics market is predicted to increase as smart energy management platforms are implemented in buildings and building systems to reduce energy usage.
Furthermore, connected IoT devices and sensors are being used by businesses and organisations to identify and implement activities that assist them improve their efficiencies and reduce their carbon impact. To better understand energy use and loads, construction companies are deploying sensors and connected IoT devices in smart buildings. As a result, construction companies integrate building analytics software or tools into smart buildings to acquire real-time data on the operational state of building equipment and find flaws in the building infrastructure. As a result, the expansion of the building analytics market is likely to be fueled by an increase in demand for sensor networks for energy efficiency.
Furthermore, most smart buildings are incorporating HVAC (heating, ventilation, and air conditioning) control systems, which are more efficient and require less energy, to increase the building’s total energy use. As a result, the market for building analytics is likely to expand.