Dive Brief:
- Schneider Electric has partnered with Vancouver-based BuiltSpace Technologies in an effort to develop and offer energy management solutions to owners and managers of smaller buildings, according to IoT Evolution World.
- The partners will offer a systems management platform combining building operations monitoring from Schneider Electric with BuiltSpace’s maintenance and asset operation database and work-order management software.
- According to the partners, the pairing of Schneider Electric’s data collection and monitoring capabilities with BuiltSpace’s informational and operational management tools allows for a lower-cost energy management solution accessible to small and medium-size building owners.
Dive Insight:
When it comes to construction industry startup ventures, partnerships and M&A activity, it’s probably only the drone arena rivaling building energy management for the sheer volume of solutions entering the market. In November, Seattle-based BuildPulse nailed down $1.3 million in seed funding, following earlier 2016 fundraising announcements by Seattle-based Optimum Energy ($10 million) and Washington, DC-based Aquicore ($5 million).
The race to fill the energy management void for commercial building operators, however, is motivated by real industry need. A survey of 800 commercial property executives by MACH Energy in 2015 found widespread confusion among asset and property managers when it came to identifying energy management systems, software and strategies, much less the data collection and analytics needed to optimize building energy performance.
Smart building technology is picking up steam in the commercial and residential sectors as owners seek to improve the efficiency of their properties. A September MarketsandMarkets report predicted that the value of the global smart building market will increase from $5.73 billion in 2016 to $24.73 billion by 2021. The report said the surge in demand will be driven by growing interest in energy-efficient buildings, a rise in Internet of Things adoption and government initiatives that encourage smart buildings.
