Burlingame, March 14, 2024 (GLOBE NEWSWIRE) -- The Building Energy Simulation Software Market is estimated to be valued at US$ 4.80 billion in 2023 and is expected to exhibit a CAGR of 12.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Building energy simulation software help architects and engineers analyze energy and comfort needs for various building design options. They can simulate how a building's heating, cooling, ventilation and lighting systems will perform over long periods of time under different conditions.
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Market Dynamics:
The growth of the Building Energy Simulation Software Market can be attributed to the increasing focus on sustainable building practices and the rising demand for energy-efficient solutions in buildings. Government initiatives promoting energy conservation and the need to reduce carbon emissions are also driving the adoption of building energy simulation software.
Building Energy Simulation Software Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $4.80 billion |
| Estimated Value by 2030 | $10.7 billion |
| Growth Rate | Poised to grow at a CAGR of 12.1% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application, By End-use Industry, By Deployment Model, By Organization Size |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Government regulations and policies for energy efficiency • Growing adoption of green buildings • Need to reduce operational costs • Advancements in BIM and simulation technologies |
| Restraints & Challenges | • High deployment costs • Interoperability issues • Accuracy of simulations |
Market Trends:
Two key trends shaping the Building Energy Simulation Software Market include the integration of advanced technologies such as artificial intelligence and machine learning to improve the accuracy and efficiency of energy simulations, and the growing popularity of cloud-based software solutions, which offer greater flexibility and accessibility to users. These trends are expected to drive further innovation and growth in the market in the coming years.
The first market opportunity in the Building Energy Simulation Software market is the growing demand for sustainable building practices. With increasing awareness about the environmental impact of buildings, there is a rising need for energy-efficient and eco-friendly solutions in the construction industry. Building energy simulation software plays a crucial role in designing and constructing buildings that are sustainable and energy-efficient. These software programs help architects and engineers in analyzing the energy performance of buildings, optimizing HVAC systems, and improving overall energy efficiency.
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The second market opportunity in the Building Energy Simulation Software market is the emphasis on energy cost reduction. As energy costs continue to rise, building owners and operators are looking for ways to reduce their energy consumption and lower their utility bills. Building energy simulation software provides a cost-effective solution for optimizing energy use in buildings. By utilizing these software tools, building owners can identify energy-saving opportunities, implement energy-efficient designs, and ultimately reduce their operational costs.
Recent Developments:
In May 2023, Forma a cloud based technology that Autodesk Inc., introduced for innovative building design.
In October 2023, FlexSim Factory simulation is a powerful software platform for building, simulating, and visualizing models of manufacturing and logistics systems. Autodesk Inc., completed the acquisition of FlexSim.
Key Market Takeaways:
Building Energy Simulation Software Market is anticipated to witness a CAGR of 12.1% during the forecast period 2023-2030, owing to the increasing demand for sustainable building practices and the emphasis on energy cost reduction.
On the basis of the component, the software segment is expected to hold a dominant position, as it is the primary tool used for energy simulation and analysis in buildings. In terms of applications, commercial buildings are expected to dominate the market, driven by the need for energy-efficient solutions in the commercial real estate sector.
The architecture & construction industry is expected to be the dominant end-use industry, as architects and engineers increasingly focus on sustainable building design. North America is expected to hold a dominant position in the market, due to strict building codes and regulations promoting energy efficiency.
Key players operating in the Building Energy Simulation Software market include Autodesk Inc., IES, Bentley Systems, and Dassault Systèmes, among others, who are focusing on developing innovative software solutions to meet the growing demand for energy-efficient building practices.
In conclusion, the Building Energy Simulation Software market presents significant opportunities for growth, driven by the increasing focus on sustainable building practices and energy cost reduction. With advancements in technology and the development of more sophisticated software solutions, the market is poised for substantial expansion in the coming years. Building owners, architects, and engineers are likely to adopt these software tools to design and construct buildings that are more energy-efficient, environmentally friendly, and cost-effective. As the market continues to evolve, key players are expected to invest in research and development to offer more advanced and comprehensive solutions to meet the changing needs of the industry.
Read complete market research report, "Building Energy Simulation Software Market, By Component, By Application, By End-use Industry, By Deployment Model, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
By Component:
- Software
- Services
- Others
By Application:
- Commercial Buildings
- Residential Buildings
- Government Buildings
- Others
By End-use Industry:
- Architecture & Construction
- Government & Defense
- Automotive & Transportation
- Manufacturing & Engineering
- Others
By Deployment Model:
- On-premise
- Cloud-based
By Organization Size:
- SMEs
- Large Enterprises
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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