Building Management Systems Necessary to Sustain Ecosystem
Building analytics is primarily used to obtain insightful data that will help to optimize a facility’s energy performance and eliminate any incompetence. The optimization of energy performance can help lower energy cost and improve the equipment life as well as tenant comfort. It also helps make faster and more reliable building management judgments for a more dynamic and sustainable future. This is likely to drive the building analytics market. The data received through building analytics are collected from smart building technologies that involve building management systems (BMSs), networked sensors, Internet of Things edge devices, and integrated workplace management systems (IWMSs).
Buildings consume around 40% share of the world’s total energy consumption. Thus, there is a need for energy-efficient buildings to reduce energy consumption and greenhouse gas emissions. The software used in building analytics can produce significant acumens related to energy consumption for the entire building infrastructure. The software is developed to efficiently monitor and control the heat, ventilation, air conditioning, and other systems. The increasing need for energy-efficient systems and reduced operational costs are expected to boost the global building analytics market during the forecast period.
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Uncertain Limits on Construction Industry Affect Building Analytics
The construction industry holds a bizarre position when estimating the consequences of the response to the COVID-19 pandemic. The construction industry was declared as an essential industry and several construction projects were still running amidst the pandemic. However, the construction industry mostly relies on public and government funding. The slowdown in both public funding and the economic shape of nations are hindering the growth of the building analytics market.
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Systems Allow Tracking Building Health, Energy Consumption Remotely
In situations where the working requires remote monitoring, such as in COVID-19 restrictions, building analytics can be paramount to control from several miles away. Traditional systems are only able to communicate with proprietary systems and are less useful in such situations. However, building analytics automation solutions are significantly designed to integrate easily with open systems and enable the alerts and notifications even from old systems. Moreover, some of the crucial features of building analytics systems are fault detection and diagnostics that will help estimate energy requirements and cost savings. The performances can be tracked in specified and customized periodic intervals, which help to ensure continuous building health and energy efficiency.
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Building Analytics Market: Overview
- The latest research report published by Transparency Market Research pertains to the global building analytics market for the historical period of 2018–2019 and forecast period of 2021–2031
- The need for constructing various structures is on the rise due to rapid urbanization and industrialization, consequently driving the global building analytics market. Companies are rapidly developing user-friendly solutions, which is anticipated to considerably increase demand for building analytics solutions in the near future. The significant trend of making large commercial buildings is expected to trigger the growth of the building analytics market.
- In terms of revenue, the global building analytics market is projected to exceed the value of US$ 20.1 Bn by 2030, expanding at a CAGR of ~15% during the forecast period
AI, ML Helping Developers to Plan, Perform
The construction industry is significantly taking advantage of the industry’s complex workflows and challenging environments with the help of data analytics and artificial intelligence in previous years. Previously, developers enabled SaaS solutions to utilize the ability and potential of cloud computing, and data analytics for the construction industry. Hence, contractors are heavily investing in the cloud. The construction industry’s digital revolution is mainly due to cloud computing which underpins all the most powerful software solutions. Applications of cloud computing in the building analytics market include powerful data processing, connected job sites, data storage, advanced analytics, and improved security.
North America to Lead Building Analytics Market
Energy-efficient systems to reduce utility bills and other work overhead costs in buildings are rising in popularity with rising trends for smart building across the world. Several builders and corporate buildings rely on the building management system to improve the lifespan of building infrastructure and equipment in terms of energy, comfort, security, and overall development. The factors such as automated fault detection and diagnosis, and real-time performance monitoring for smart buildings are contributing to the overall rise of the building analytics market, which is projected to exceed the value of US$ 20.1 Bn by 2030, expanding at a CAGR of ~15% during the forecast period.