Smart Building Market is valued at 8.66 Billion in 2018 and expected to reach USD 59.21 Billion by 2025 with a CAGR of 31.6% over the forecast period.
Increasing concerns about the energy consumption drive to growth of the Global Smart Building Market,
- Honeywell International
- Delta Controls
- Schneider Electric
- Johnson Controls
- United Technologies Corporation
- Building IQ
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A smart building is any structure that uses automated processes for the mechanical management of the buildings' processes as well as heating, ventilation air-con, lighting, security and different systems. Smart buildings provide endless opportunities for improved convenience and capabilities and each of these provides exciting new avenues of revenue for developers and building leaders equally. Smart buildings force persistent wireless connectivity, sensors and IoT technologies to communicate and analyze data that is used to control and optimize building management systems. A combination of IoT solutions is used to automate access control, security systems, lighting, HVAC (Heating, Ventilation and Air Conditioning) systems and more. They provide greater efficiency, safety and comfort, while delivering cost savings that are more closely aligned with the goals of property owners, managers and tenants. Making a smart building begins by linking core systems like lighting, power meters, water meters, pumps, heating, fire alarms and chiller plants with sensors and control systems. The key benefits of smart buildings are reduce energy consumption, improve building efficiency, predictive maintenance, increase productivity and better use of resources.
Global smart building market report is segmented on the basis of software type, building type and regional & country level. Based upon software type, the market is classified as intelligent security system, building energy management system, infrastructure management system and network management system. Based upon building type, smart building market is classified into residential buildings, commercial buildings, educational institutions, government & public infrastructure facilities and others.
The regions covered in this Global Smart Building market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of smart building is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Smart Building Market Report covers prominent players are like IBM, Cisco, Siemens, Honeywell International, Delta Controls, Legrand, Schneider Electric, Johnson Controls, United Technologies Corporation, Building IQ and others.
Increasing Concerns about the Energy Consumption Drive to Growth of Market.
Increasing concerns about the energy consumption is the key factor driving the market growth. The energy management allowed by new technologies helps in reducing the utilization of electricity consumption at intervals households and building facilities. Energy potency can stay at the forefront of IoT sensible building trends in 2019. Most organizations are way behind on implementing energy management systems and efficiency solutions. Smart device systems will provide access to real-time monitoring of building utilities such as electric, water and gas usage. They can also dive deep to offer real-time wireless sub-metering that enables monitoring of individual tenant spaces and assets. Smart lighting that adjusts the sunshine levels in line with times however conjointly in line with different sensible components like windows and HVAC system. Occupancy sensors also influence the required lighting when combined with space management; Smart HVAC systems that are linked with different types of sensors and that have the ability to adjust quickly and automatically according to weather forecasts, occupancy, ineffective systems.
In the U.S., The Department of Energy is concentrated on developing energy efficiency standards to improve HVAC products expected to increase the energy efficiency of new commercial units by 15% by 2023. The utilization of energy is increasing at a rapid rate thus making it necessary to find efficient ways to utilize it wisely. The On-going innovation and research for optimizing energy consumption and serving high degree of automation in buildings represents the increasing demand for global smart building solutions market. However, high installation and manufacturing cost are the major factors restraining the growth of smart building market. sing demand for industrial robots from small- and medium- scale enterprises, especially in developing countrie
Asia Pacific is Expected to Witness a Lucrative Growth in the Global Smart Building Market
North America accounted for the biggest market share, led by the maximum adoption of smart building systems. Geographically, North America is the world leader within the smart building market. Main innovations are currently coming from the US and services are firstly deployed in the country. Asia pacific is expected to show a significant growth in the global smart building market. Although the market for smart buildings is growing in North America and Europe, Asia-Pacific continues to represent the fastest growing market, with a projected CAGR of 33.03%. By 2020, the IoT enabled sensible building market is expected to achieve 44.81 billion U.S. dollars in revenue. Specifically, according to the IDC Worldwide Semiannual Internet of Things (IoT) Spending Guide, 36.9% of global spending on IoT will come from APAC (excluding Japan) with China, South Korea, and India the largest spenders.
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Smart Building Market Segmentation:–
By Software Type: - Intelligent Security System, Building Energy Management System, Infrastructure Management System, Network Management System
By Building Type: - Residential Buildings, Commercial Buildings, Educational Institutions, Government & Public Infrastructure Facilities, Others
By Regional & Country Analysis
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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