Long-term Cost Savings with Simulation Software Create Business Opportunities during COVID-19
The COVID-19 outbreak has affected the growth of the building energy simulation software market, as individuals in residential, commercial, and industrial sectors have been budget-strained during the pandemic and are opting for only essential investments. Hence, companies in the market are targeting MNCs (Multinational Corporation) and consumers who can make upfront investments in software solutions. Software companies are boosting their marketing capabilities for software solutions that offer long-term cost savings for individuals in residential, commercial, and industrial sectors. This is expected to drive the building energy simulation software market.
Models of Environmentally Adaptive Occupant Behavior Grow Prominent in Energy Simulation Software
Researchers, software developers, and policy makers are playing a key role to maximize the value of building performance simulation in the design and operation of low energy buildings. However, software developers in the building energy simulation software market need to address challenges of modeling human-building interaction. In order to achieve this, developers are introducing models of environmentally adaptive occupant behavior in simulation software. In order to upgrade their credibility in the market landscape, companies are developing software that comply with zero net energy (ZNE) and grid responsive buildings.
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Zero-Net-Energy Buildings Create Importance for Building Performance Goals, Ratings
The building energy simulation software market is estimated to surpass the valuation of US$ 17.1 Bn by the end of 2030. The concept of zero-net-energy buildings is being highly publicized in the market landscape. This is acting as a key driver for market growth, since building performance modeling and energy modeling have become an inseparable part of the design and construction industry. As such, companies are increasing the availability of thermal comfort models that adjust to day lighting in buildings. Thus, to overcome the issue of performance gap in software solutions, companies are developing software that support the verification of building performance goals and ratings.
Practical Expertise on Implementing Right Tools Builds Credibility of Software Providers
The building energy simulation software market is experiencing a shift from comparative energy modeling to performance energy modeling. This is evident since the market is predicted to clock a striking CAGR of ~16% during the assessment period. Software developers are increasing efforts to simplify the area of building energy performance by offering practical expertise on implementing the right tools at the right time. They are making use of past projects, measured data, and innovative ideas in order to give clients a holistic service.
Building Energy Simulation Software Market: Overview
- According to a latest research report on the global building energy simulation software market published by Transparency Market Research for the historical period 2018–2019 and the forecast period 2020–2030, rise in demand for energy saving is anticipated to propel the building energy simulation software market during the forecast period. The simulation software provides numerous advantages such as increasing the effectiveness of the building and reducing the energy consumption level by deploying assorted equipment, which are generally utilized for applications such as underfloor air distribution systems.
- In terms of revenue, the global building energy simulation software market is estimated to exceed the value of US$ 17.1 Bn by 2030, expanding at a CAGR of ~16% during the forecast period
Increase in Adoption of Software Platforms and Tools to Improve Energy Analysis and Management: A Key Driver of Building Energy Simulation Software Market
- Building energy simulation software integrate with building information modeling tools to improve energy management and analysis process. Building energy simulation software enable architects, researchers, and engineers to study and analyze energy consumption in different end-points such as lighting, ventilation, cooling, heating, and plug & process loads, as well as the consumption of water in building infrastructure.
- Architects and engineers are focused on developing diverse ways of constructing modern and sustainable infrastructure by using advanced building solutions and building energy consumption modeling solutions. These advanced solutions are utilized for retrofit designs, green certification, code compliance, utility incentives, qualification for tax credit, and provide real-time building control to end users.
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- Construction companies are adopting advanced energy and process solutions to improve consumption of resources. Thus, rise in adoption of software platforms and tools to improve energy analysis and management is projected to fuel the demand for building energy simulation software during the forecast period.
Cloud-based Building Energy Simulation Software
- Rapid developments in the field of IT and telecommunication are opening up cost-effective and simpler ways to deliver building energy simulation software. The cloud- based building energy simulation software segment is expected to expand at the highest CAGR during the forecast period. Most construction companies are adopting cloud-based solutions and services to improve the efficiency of architects and engineers by providing real-time access to information. Thus, solution vendors offering cloud-based solutions have opportunities to attract new customers and increase their share of the building energy simulation software market globally.
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