BOSTON — With buildings under pressure to lower energy consumption, both to comply with legislation and to respond to market demand, the measurement and verification industry is rapidly moving toward real-time performance tracking, according to Lux Research. New entrants, both in sub-metering hardware and big data analytics, will help audit the 760 billion square feet of available building space, says the research firm.

“Today, sub-metering devices are now available to measure all types of building utilities, such as electricity, water, fuels, and heating or cooling input, with very high precision — but with a high cost to match,” said Alex Herceg, Lux Research analyst and lead author of the report titled, Proof in Performance – Improving BEMS (Building Energy Management Systems) through Measurement and Verification. “Still, as real-estate managers slowly adopt a data-driven approach, the demand for the devices that can deliver actionable insights will grow.”

Lux Research analysts examined the current landscape of measurement and verification offerings and found:

• Big opportunity for serving smaller buildings. Current offerings are not a good fit for buildings under 50,000 square feet — the cost is too high to justify the energy savings, says the firm. But a European Union (EU) directive calling for energy services aimed at this segment could lead to a new model for servicing small structures.