Building Energy Simulation Software Market Share is Anticipated to Register a CAGR of over 10.7% during 2023 - 2031 - Market Size, Share, Forecasts, and Trends Analysis Report by Transparency Market Research

WILMINGTON, DE / ACCESSWIRE / May 30, 2023 / Transparency Market Research Inc. - The global building energy simulation software market stood at US$ 4.4 billion in 2022 and the global market is projected to reach US$ 10.8 billion in 2031. Global building energy simulation software industry is anticipated to expand at a CAGR of 10.7% between 2023 and 2031.

Reduction in the cost advantages is said to push the market growth of building energy simulation software where the organizations are mainly concentrating on the cultivation and management of the resources that are important for effective outputs of the product.

Strengthening the requirements for global building energy simulation software is done where the primary purpose of building energy simulation software is to automate the processes that are said to assure maximum outputs by these building energy simulation resources.

Hasty rise in the revenue possibilities can be seen by calculating such conversion ratios and tracking the running reports of the metrics that are detailed as per the demand of the customer lowering the operating expenditure. Cost reduction advantages of building energy simulation software are expected to fuel the growth of the global building energy simulation software market during the forecast period.

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Growth in the number of open-source platforms for building energy software will thus challenge its software market growth. Requirements for such open-source software have enhanced the market with the growing demand for digitalization in the present market situation.

Open-source platform vendors will hastily offer an extensive range of business analytics tools and applications, which are easily and freely available on the internet as these platforms are dependable and powerful and can smoothly scale up.

Building energy software can empower organizations to scale up and achieve higher growth or strengthen and achieve more at the least cost. Availability of such open-source platforms for building energy software is expected to lately hamper the growth of the global building energy simulation software market during the forecast period.

Market Snapshot:

Key Takeaways of Market Report

• Global building energy simulation software market stands at US$ 4.4 billion in 2022.
• Global building energy simulation software market stands at US$ 4.8 billion in 2023.
• Worldwide demand for global building energy simulation software is set to rise at a CAGR of 10.7% from 2023 to 2033.
• Market share for building energy simulation software in North America is 31%.
• Market share of building energy simulation software in Asia Pacific is expected to be at 44%.
• Global market is expected to reach a valuation of US$ 10.8 billion by the end of 2033.
• Worldwide demand for global building energy simulation software is set to rise at a CAGR of 9.4% from 2018 to 2022

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Global Building Energy simulation software market: Growth Drivers

• Growth of the building energy software industries is being impelled by the expansion in the utilization of smart grids and smart meters. Smart grids are advanced digital technologies that empower two-way communication for electricity distribution, while such smart building energy meters are electronic devices that will instantly record and broadcast energy consumption data to utility providers. Technologies are now becoming increasingly popular in recent times due to their efficacy in reducing electricity costs for consumers.
• Commercialising AI and ML technologies is likely to automatize the stimulation process by making better predictions and also by the provision of real-time insights for energy optimization. Integration is thus said to reinforce the speed, accuracy, and intelligence of the software, by enablement of more advanced and sufficient energy analysis.

Global Building Energy Simulation Software Market: Regional Landscape

• Global building energy simulation software market in the U.S. is estimated at US$ 297.3 million as the growth of the market is attributed to the presence of renowned institutions, universities, and laboratories.
• Asia Pacific is said to hold the second position in this market region where China, the world`s second-most lucrative economy, is forecasted to reach a projected market size of US$ 225.7 million following a CAGR of 6.8% over the forecast period. Japan and Canada, are each forecasted to grow at 5.9% and 5.6% respectively during the forecasted period.

Global Building Energy Simulation Software Market: Key Players

• Autodesk Inc.

Strategies

Optimized operations

The industry knows both everything and nothing about the data interoperability challenge. Every day, disrupted workflows hinder collaboration with partners and force the rework and workarounds that narrow margins and lead to frustration and BIM fatigue.

Data-led decision-making

Users are another treasure trove of data. Rather than delivering a capability to them once, companies should aim to collect information at every touch point so they can better understand user behavior to enable personalization-something that 71% of people expect. But collecting consumer data raises privacy concerns.

• Glodon Company Limited

Acquisition

A digital building platform service provider, completed the acquisition of a majority stake in EQUA Simulation AB through its subsidiary MagiCAD Group. The companies plan to work together to accelerate development in the simulation industry.

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Global Building Energy simulation software market: Segmentation

• Component
  • Software/Platform
  • Services
  • Professional
  • Consulting & Integration
  • Support & Maintainance
  • Managed
• Deployment
  • Cloud
  • On-premise
• End-user
  • Residential
  • Commercial
  • Others
• Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

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