Overview and Scope
Building energy simulation software refers to the specialized computer programs designed to model and simulate the energy performance of buildings. These software solutions utilize algorithms and data inputs to analyze factors such as building design, materials, heating, Ventilation, Air Conditioning (HVAC) systems, and environmental conditions to optimize energy efficiency and inform decision-making in construction and retrofit projects.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The building energy simulation software market report table of contents includes:
- 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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- Global Building Energy Simulation Software Market Competitive Benchmarking
- Global Building Energy Simulation Software Market Competitive Dashboard
- 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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