Market Trends of Building Analytics Industry
This section covers the major market trends shaping the Building Analytics Market according to our research experts:
Energy Management Application to Hold the Largest Market Size
- The energy management utilization is supposed to dominate the overall building analytics market in terms of share and growth rate, as it is predominantly getting its use in all building facilities to decrease excessive energy consumption across premises. The HVAC systems and lighting control systems are important consumers of energy; hence the purpose of building analytics solution assists in interpreting the data generated from various equipment and facility systems and stimulate the equipment performance across the facility.
- According to Constellation Energy Resources, LLC, the United States spends about USD 400 billion on energy for commercial and industrial buildings, with USD 120 million on un-used energy every year. At a 10% reduction, with the application of Energy Management, USA saves nearly USD 40 billion each year on energy costs and reduce greenhouse gas emissions by the equivalent of 49 million motor vehicles.
- Energy performance certificates (EP certificates) are among the most important drivers of the energy performance of the European building stock. They provide a picture of the current state of the building stock in terms of energy efficiency and include recommendations to improve the buildings’ energy performance.
- Advanced data processing and management methods such as energy prediction, geo-clustering, energy performance prediction, and multi-criteria assessment of building interventions, among others. Tare combined in view of providing advanced and precise statistical analysis, data visualization, business intelligence, predictive modelling and multi-criteria decision support systems.
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APAC to Record the Highest Growth Rate
- The Asia Pacific is a crucial region for the building analytics market and is projected to grow at a significant rate during the forecast period. The growing population, especially in India and China and hefty governmental investment in the manufacturing and construction sector, is anticipated to drive the demand for the market. These countries comprise over 40% of the globe, and building analytics in this region will grow at a very steep rate.
- Venders in APAC are spending in R&D activities to produce technologically advanced building analytics solutions. The prompt modernization and progress in the APAC region's construction activities have stimulated the growth of automatic centralized control of the HVAC systems installed in the buildings, eventually heading to the growth of the building analytics market in APAC.
- Primary growth drivers for the APAC building analytics market include substantial economic growth in the region's essential countries. Besides, leading economies in APAC, such as Japan, China, India, and Singapore, are leading in adopting the building analytics solution.
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