Smart Building Market
A rise in the adoption of eco-friendly methods can be witnessed all around, and this has significantly proliferated the daily lifestyle of the populace as well. This trend is getting aptly backed by smart technologies. Following the trend, buildings have integrated into these latest technologies to represent themselves as smart buildings. The global smart building market is expecting a staggering CAGR of 34.3% during the forecast period (2016-2022), reveals Market Research Future (MRFR) in an extensively studied report. These buildings allow more control over ventilation, lighting, heating, air conditioning, and security with the integration of automation in its operation methods. Equipped with actuators, sensors, and microchips, these buildings collect data to function accordingly. In crux, the induction of smart technology, with optimal use of energy to operate properly, reduces carbon footprint considerably. This factor can act like a tailwind and assist the market in scaling a valuation of USD 25 billion by the end of 2022.
However, high initial cost can affect the expected growth rate and its maintenance with high-tech gadgets are a costly affair. Furthermore, its complex operation involves interaction amidst various gadgets which can put a rein on the market growth.
Industry Trend:
IBM Cloud has become one of the most reputed on-cloud technologies that are getting used by several smart building technology initiators. The market is getting fueled by IBM as it has signed new contracts with Sodexo, Karantis360, R +V Versicherung and HUF Haus, and its existing contracts with Kone and Chameleon Technologies are proving to be extremely beneficial.
Microsoft Azure has launched recently spatial intelligence that will enable people to understand the movement of devices and people throughout the building which can simplify resource management.
Segmentation:
The market can be segmented by automation type and application.
By automation type, the market can be segmented into residential, commercial, industrial, and infrastructure.
Application-based segmentation includes energy management, intelligent security systems, infrastructure management, and others.
Regional Analysis:
Region-specific analysis of the global market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global market is getting dominated by the APAC at the moment as the region is witnessing a significant boom in the real estate market. China and India are emerging as significant nations with huge contribution in the regional market. Government initiatives in the region are also helping the real estate investors which as a consequence is giving rise to the said market.
Europe holds a significant share of the global market as the region is dominated by stringent eco-friendly norms that are positively influencing the market. North America also is showing considerable growth owing to the luxe life that these buildings offer. Furthermore, the region has high technology adaptability which gives the market a much-necessary boost.
Market Dashboard:
The market is experiencing infiltration of latest technologies such as the launching of an app by Indoorgo Navigation Systems that uses smartphones sensors and existing infrastructures to provide maximum facilities. ETS, on the other hand, launched Smart Building AI Platform that has better predictive analytics and behavior modification techniques.
The key players of global smart building market report include ABB Group Cisco, Systems Inc., International Business Machines (IBM) Corporation, Johnson Controls International PLC, Control4 Corporation, Inc., Emerson Electric Co., Honeywell International United Technologies Corporation, Siemens AG, Schneider Electric SE, Delta Controls, Leviton Manufacturing Co. Inc., United Technologies Corporation, BuildingIQ, and others.
