Global Digital Solutions for Buildings and IoT-based HVAC Services Growth Opportunities

Global Digital Solutions for Buildings and IoT-based HVAC Services Growth Opportunities

Building Health and Safety Awareness to Prompt Advancement of Disruptive Technologies for HVAC Services

RELEASE DATE
13-Dec-2021
REGION
Global
Research Code: PC82-01-00-00-00
SKU: EN01296-GL-MT_26072
$2,450.00
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EN01296-GL-MT_26072
$2,450.00
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Description

The study focuses on digital solutions in buildings and IoT-based services for heating, ventilation and air-conditioning (HVAC) equipment. Digital solutions are services that are not part of equipment sales but rendered additionally. Remote monitoring, predictive maintenance, fault detection and diagnostics, energy optimization, healthy building services, digital twin, and workplace optimization are included in the scope of the report. IoT-based HVAC services focus on the revenue earned from rendering services at HVAC installations inside buildings. The services include maintenance and repairs that are carried out beyond the warranty period of HVAC equipment.

COVID-19 has accelerated the adoption of IoT-based services for HVAC in buildings. Buildings such as offices, shopping malls, schools, and universities are some of the major adopters of IoT-based HVAC services. Remote monitoring, fault detection and diagnostics, and energy optimization services are the most sought after IoT-based solutions. Remote monitoring services accounted 44.1% of digital service revenues between 2020 and 2027.

The IoT maintenance industry ecosystem is growing, comprising incumbent HVAC participants, startups, and facility management, technology, and building management companies; however, only incumbent participants and IoT-based startups are driving the market through in-house developments or collaborations. The market is characterized by strategic partnerships between technology companies, HVAC participants, and IoT startups. Some of these startups, with innovative solutions or consistent business performance, end up being acquired by the HVAC giants.

The digital transformation of HVAC equipment and services forms the backbone required to achieve various energy-related targets for the future. Companies have started investing in technology to increase product efficiency and to explore new revenue streams in the next two years. Furthermore, with the rising demand for remotely monitored HVAC systems, the HVAC-as-a-service (HVACaaS) business model will drive upgrades of HVAC systems in large buildings. Frost & Sullivan estimates 7 to 8% of global HVAC revenues would be attributable to subscription-based services by 2027.

Growth opportunities in this market are identified in the study, such as IoT services advancement for net zero energy targets, the optimization of HVAC equipment for demand response programs, HVACaaS for service innovation, and government regulations and policies supporting digitalization and sustainability. Market participants mentioned in the study include 75F, BrainBox AI, Ecoenergy Insights, Facilio, and Rayven. These are some companies that offer AI-driven building solutions and have remained resilient during the pandemic because of their respective flexible software-driven business models.

Author: Dennis Marcell Victor

The study focuses on digital solutions in buildings and IoT-based services for heating, ventilation and air-conditioning (HVAC) equipment. Digital solutions are services that are not part of equipment sales but rendered additionally. Remote monitoring, predictive maintenance, fault detection and diagnostics, energy optimization, healthy building services, digital twin, and workplace optimization are included in the scope of the report. IoT-based HVAC services focus on the revenue earned from rendering services at HVAC installations inside buildings. The services include maintenance and repairs that are carried out beyond the warranty period of HVAC equipment. COVID-19 has accelerated the adoption of IoT-based services for HVAC in buildings. Buildings such as offices, shopping malls, schools, and universities are some of the major adopters of IoT-based HVAC services. Remote monitoring, fault detection and diagnostics, and energy optimization services are the most sought after IoT-based solutions. Remote monitoring services accounted 44.1% of digital service revenues between 2020 and 2027. The IoT maintenance industry ecosystem is growing, comprising incumbent HVAC participants, startups, and facility management, technology, and building management companies; however, only incumbent participants and IoT-based startups are driving the market through in-house developments or collaborations. The market is characterized by strategic partnerships between technology companies, HVAC participants, and IoT startups. Some of these startups, with innovative solutions or consistent business performance, end up being acquired by the HVAC giants. The digital transformation of HVAC equipment and services forms the backbone required to achieve various energy-related targets for the future. Companies have started investing in technology to increase product efficiency and to explore new revenue streams in the next two years. Furthermore, with the rising demand for remotely monitored HVAC systems, the HVAC-as-a-service (HVACaaS) business model will drive upgrades of HVAC systems in large buildings. Frost & Sullivan estimates 7 to 8% of global HVAC revenues would be attributable to subscription-based services by 2027. Growth opportunities in this market are identified in the study, such as IoT services advancement for net zero energy targets, the optimization of HVAC equipment for demand response programs, HVACaaS for service innovation, and government regulations and policies supporting digitalization and sustainability. Market participants mentioned in the study include 75F, BrainBox AI, Ecoenergy Insights, Facilio, and Rayven. These are some companies that offer AI-driven building solutions and have remained resilient during the pandemic because of their respective flexible software-driven business models. Author: Dennis Marcell Victor
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Author Dennis Marcell Victor
Industries Environment
WIP Number PC82-01-00-00-00
Is Prebook No
GPS Codes 9343-A4,GETE