I am both heartened and energized by the latest projections for our industry. The building analytics market is expected to reach US$22.4 billion by 2030, growing at a CAGR of 14.1% from 2024 to 2030. This growth isn't just a financial milestone; it's a clear indicator of the increasing urgency and commitment towards sustainability and digital transformation in the built environment.
Global momentum with regional leadership
The surge in building analytics adoption is evident across the globe, with Asia-Pacific (APAC) and North America leading the charge. In 2023, APAC held a dominant market share of 30%, driven by rapid urbanization, smart city initiatives, and stringent environmental policies in countries like China, India, and Australia. APAC was second only to North America, where growth has been propelled by regulatory compliance requirements and a strong focus on energy efficiency.
Sustainability and digital transformation: the twin pillars
The built environment accounts for approximately 36% of global energy usage and 40% of CO₂ emissions. Building analytics offers a pathway to address these challenges by providing actionable insights into energy consumption, operational inefficiencies, and potential areas for improvement. This technology enables consultants and operations teams to optimize performance, enhance occupant comfort, and reduce environmental impact.
Moreover, the integration of digital tools in operations and building management is revolutionizing the industry. The adoption of automated fault detection and diagnosos in retro-commissioing (RCx) and monitoring-based commissiong (MBCx) facilitates data-driven decision-making, improves collaboration, and enhances the sustainability of building portfolios.
The role of engineering consultancies and partners
Engineering consultancies and partners play a pivotal role in this transformation. By embracing building analytics, they can offer clients innovative solutions that not only meet regulatory requirements but also drive efficiency and sustainability. The demand for expertise in implementing and managing analytics tools is growing, presenting opportunities for consultancies to expand their services and impact.
Looking ahead
The projected growth of the building analytics market to $22.4 billion by 2030 is more than a statistic; it's a testament to the industry's commitment to a more sustainable and digitally advanced future. As we continue to innovate and collaborate, I am confident that we can meet the challenges ahead and create a built environment that is efficient, sustainable, and responsive to the needs of its occupants.
Let's seize this opportunity to lead the way in transforming our industry for the better.
Sources:
- IndustryARC. "Building Analytics Market"
- European Climate, Infrastructure and Environment Executive Agency. "The digital transformation of the built environment"
- RLB. "The digital revolution: Unleashing the potential in the built environment"
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