Smart Building Market 2018 Global Analysis, Opportunities and Forecast 2022
Posted: Sep 25, 2018
Smart buildings are those structures that use automated processes to control heating, ventilation, air conditioning, lighting, security and other systems. Such building systems have gained popularity over the years which have further led to the increased demand and consumption of the same. Smart buildings deliver useful building services that make the operations productive at the lowest cost and eco-friendly systems.
The market expansion depends heavily on the demand from APAC region. The region has offered lucrative market for such buildings due to increased popularity and awareness among the end-consumers. Smart buildings have been seen relying on the hardware and software which are used in such construction, making the building more efficient and also improving the life of the building by tracking and handling the issues. The global smart buildings market is expected to grow from about USD 5.4 Billion in 2015 to cross USD 25 Billion by the end of 2022, growing at a CAGR of 34.3% in the forecasted period.
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The key players of global smart buildings market report include- Cisco Systems Inc., ABB Group, International Business Machines (IBM) Corporation, Control4 Corporation, Honeywell International Inc., Emerson Electric Co., United Technologies Corporation, Schneider Electric SE, Siemens AG, Delta Controls, Johnson Controls International PLC, Leviton Manufacturing Co. Inc., United Technologies Corporation, and BuildingIQ.
The market for Smart Buildings Market is divided on the following criteria globally. On the basis of automation type the segments are energy management, intelligent security systems, infrastructure management, and on the basis of application, the types include commercial, residential, industrial, and infrastructure.
Market Research Analysis:
The market is highly application based. It is expected that the global smart buildings market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the availability of the technology and hardware in the remote areas.
On the basis of type, energy management system leads the market in all the major regions across the globe. The share owes to the growing need for energy saving building systems and efficient building practices across the globe. The segment is expected to show similar results by the end of the forecasted period.
On the basis of region, APAC takes the lead as the fastest growing market, followed by Europe and North America. APAC, due to its rising population and rapid urbanization demands more such building systems which are highly efficient as well as effective in energy savings. Furthermore, the government initiatives taken for bring up the eco-friendly buildings have led to the installation of the same in a big way. The region has also seen a lot of investment in R&D to bring advanced technology and automation, which further fuels the growth of the market.
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