Building Analytics Market o witness a CAGR of ~13.5% over the forecast period 2030
Research Nester published a report titled “Building Analytics Market: Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global building analytics market in terms of market segmentation by type, deployment, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global building analytics market is anticipated to witness a CAGR of ~13.5% over the forecast period, i.e., 2022-2030. The market is bifurcated on the basis of type into service and software, out of which, the software segment is estimated to gain a notable market share over the forecast period, owing to the increasing acceptance of software-based analytics platforms as they are available of smartphones. Increasing usage of smartphones among the young generation is another factor driving the segment growth. In 2020, almost half of the world’s population, that is, around 3.75 billion people are using smartphones. On the basis of end-user, the residential buildings segment is projected to hold the largest share throughout the forecast period, on account of increasing demand for housing to accommodate the constantly growing urban population. According to the data by the World Bank, 56.15% of the total global population was living in urban areas in 2020.
The global building analytics market is anticipated to grow on the back of increasing awareness regarding energy conservation among people, along with rising concerns amongst the government of various developing and developed nation for the optimized utilization of energy. Moreover, augmenting demand for real-time monitoring of performance, security, and other utilities in buildings is another factor estimated to drive the demand for building analytics platforms. For instance, many residential buildings use cloud-based mobile applications for tracking building health in multiple aspects. This is estimated to promote the market growth in the upcoming years. Furthermore, emergence of smart buildings, amplifying adoption of IoT, and penetration of cloud-computing are expected to further boost the market growth.
Regionally, the global building analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is projected to hold the largest share over the forecast period owing to the increasing government regulations for energy optimization and elevation of power utilization in a sustainable manner. Moreover, increasing construction of commercial, as well as residential buildings is estimated to boost the growth of the regional market.
Government Initiatives to Promote Energy Optimization to boost the Market Growth
Various government bodies are set up across the world to overlook the energy consumption across several industries. Strict regulations for energy usage, adoption of smart grids, and monitoring the consumption of power are some of the steps taken to promote energy optimization. Building analytics is one such measure, aimed to control the consumption of energy in a building. It also offers other benefits, such as, fault detection, network and security management, and others. These factors are estimated to boost the growth of the market.
However, lack of knowledge among common people about the building analytics platforms, along with high cost of installation are expected to operate as key restraint to the growth of global building analytics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global building analytics market which includes company profiling of Lutron Electronics Co., Inc, NOVEDA Technologies, Inc., PointGrab Inc., BuildingIQ, GridPoint, Inc., SitelogIQ, Delta Electronics, Inc., BuildingLogiX, Crestron Electronics, Inc., and Enel X North America, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global building analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
