Press release
Building Energy Simulation Software Market Set to Reach $11.14 Billion by 2029 with 13.7% Yearly Growth
Building Energy Simulation Software Market Share
Expectations of a rise in energy demand are predicted to be a significant driving force in the expansion of the building energy simulation software market. As cities evolve into centers for electricity-dependent activities encompassing transportation, heating, and cooling, and the use of electronics, the demand for energy sees an increase. The usage of building energy simulation software enables a nuanced understanding of consumption patterns and in turn optimizes energy usage and enhances grid efficiency by paving the way for intelligent decision-making. For example, the Energy Information Administration, a government agency in the United States, reported that primary energy consumption in 2022 stood at 100.4 quadrillion British thermal units (quads), a 3% yearly increase from 2021. Therefore, the boost in energy demand is fueling the growth of the building energy simulation software market.
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What growth opportunities are expected to drive the building energy simulation software market's CAGR through 2034?
In recent years, the market size of the building energy simulation software has seen a significant rise. It's predicted to expand from a size of $5.85 billion in 2024 to a worth of $6.67 billion in 2025, at a compound annual growth rate (CAGR) of 14.0%. The historic period's growth is a result of the surge in smart city projects, requisite for sustainable construction methods, increased demand for sustainable and energy-efficient solutions, more adoption of IoT and Smart Building technologies, and revamping of existing buildings.
The market size of building energy simulation software is predicted to experience swift expansion within the ensuing years. The market is set to surge to $11.14 billion by 2029, with a compound annual growth rate (CAGR) of 13.7%. Factors such as government efficiency rules for energy, advancements in building information modeling (BIM) and simulation technologies, the rise of net-zero energy buildings, growing environmental impact awareness, and government rules to cut carbon emissions contribute to the growth anticipated in the forecast period. The integration of artificial intelligence (AI) and machine learning (ML), integration with Building Information Modeling tools, amalgamation with augmented reality (AR) and virtual reality (VR), integration with the Internet of Things (IoT) and combination of Building Information Modelling (BIM) and Internet of Things (IoT) are principle trends during the anticipated period.
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What are the emerging trends shaping the future of the building energy simulation software market?
Key players in the building energy simulation software market are innovating with technologies like hybrid compilers (HyCo) to improve the precision and effectiveness of energy modelling, fine-tune building designs for better energy performance and enable the immediate analysis of energy usage patterns. Hybrid compiler (HyCo) is a technological innovation that merges various modelling techniques to bolster the efficiency and accuracy of energy simulations in architectural design. For instance, Renesas Electronics, a semiconductor manufacturing company based in Japan, unveiled the AI Workbench in December 2023. The AI Workbench is tailored to support automotive AI engineers by offering a consolidated virtual environment where they can originate, replicate and adjust their software straight from the cloud. This platform incorporates Microsoft Azure services, giving engineers access to robust tools without the necessity for local installations or tangible evaluation boards.
Which growth-oriented segments of the building energy simulation software market are leading the industry's development?
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
Subsegments:
1) By Software: Building Energy Modeling Software, Hvac Simulation Software, Lighting Simulation Software, Renewable Energy Simulation Software, Energy Efficiency Software, Building Performance Simulation Software
2) By Services: Installation And Integration Services, Consulting And Advisory Services, Training And Support Services, Maintenance And Upgrades Services, Customization Services
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Which region dominates the building energy simulation software market?
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.
What companies are at the forefront of innovation in the building energy simulation software market?
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.
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What Is Covered In The Building Energy Simulation Software Global Market Report?
•Market Size Forecast: Examine the building energy simulation software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the building energy simulation software market for a structured understanding.
•Key Players Overview: Analyze major players in the building energy simulation software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the building energy simulation software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the building energy simulation software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the building energy simulation software market.
•Industry Challenges: Identify potential risks and obstacles affecting the building energy simulation software market.
•Competitive Landscape: Review strategic developments in the building energy simulation software market, including expansions, agreements, and new product launches.
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