Latest market study on „Building Analytics Market to 2027 by Deployment Type (Cloud-Based and On-Premise), Component (Software and Service); Building Type (Manufacturing Facilities, Residential Building, Commercial Building, Public Places, and Government Buildings); and Application (Fault Detection & Monitoring Facilities, Security Management, Energy Management, Emergency Management, Parking Management, Operations Management, and Network Management) – Global Analysis and Forecasts“, the global building analytics market is expected to grow to US$ 19,655.7 million by 2027 from US$ 6,181.4 million in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Currently, the building analytics market penetration rates in Europe region is higher than any other markets across the globe. The European Union’s Energy Efficiency Directive, launched in 2012 established a set of obligatory measures to aid the EU achieve its 20% energy efficiency target by 2020. The Directive requires all EU countries to use energy more efficiently throughout the energy chain i.e. from production to final consumption. Also, in 2016, an update to Energy Efficiency Directive was proposed, which included a new 30% energy efficiency target for 2030, as well as measures to meet the new target. In the EU, buildings accounts for around 40% of the total energy consumption and 36% of total CO2 emissions. Also, around 35% of the buildings in the EU are more than 50 years old and nearly 75% of the building stock is energy inefficient, although only 0.4-1.2% of the building stock is restored every year. Thus, more restoration of existing buildings has the prospective to lead to substantial energy savings. Such facts provides a prosperous opportunity to the building analytics market growth.
Get Sample Copy @ https://www.theinsightpartners.com/sample/TIPTE00002052/
Building analytics market is experiencing growth all across the globe, growing energy prices, increasingly stringent building energy guidelines, and achieving maximum operational efficiency for building and facility management is expected to be the major market driving forces in the coming years.
The deployment of building analytics platform in different types of building depends on varied applications demanded by the infrastructure and nature. As for example, fault detection and monitoring is one of the major application used by manufacturing facilities; and energy management is extensively used by commercial and residential buildings. By building type, the building analytics market is segmented into manufacturing facilities, commercial building, residential building, public places, and government building.
Deployment of analytics in the manufacturing facilities enable the companies to monitor all the manufacturing processes in real-time and helps the facility manager to act in order to prevent failure, optimize field service, as well as vigorously reallocate production resources on time in case of any faults or changes. Further, it allows monitoring of individual asset performance at different levels of production thus, gaining insights regarding the productivity of various assets.
Presently, several manufacturing organizations are experiencing digital transformation in order to become smart digital manufacturing companies. This has resulted in the integration of sensors in production line equipment as well as in other assets to facilitate the collection and analysis of data for optimizing operations, boost asset performance, improve productivity and reduce risk. Fault detection and monitoring or FDD is the most common application of business analytics used by manufacturing companies worldwide. Other applications are also significant for manufacturing facilities such as emergency management, security management, energy management, and operations management among others.