According to a new market research report “Smart Building Market by Building Automation System (Physical Security, BEMS, Building Communication, Parking Management, Plumbing & Water Management, Elevators & Escalators Management), by Application & by Region – Global Forecast to 2020”, published by MarketsandMarkets, the global Smart Building Market will grow from $7260.0 Million in 2015 to $36398.7 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 38.0%.
A smart building is a combination of various systems such as energy, technology, telecommunications, and other building systems which facilitates advanced automation and optimizes building operations and maintenance. The global Smart Building Market has witnessed a significant demand due to the rise in energy costs and government initiatives. The growth of this market is being encourages by the rising demand for smart buildings in the commercial and residential sectors. Wireless technology is expected to have a great potential to grow during the forecast period, due to increasing interest of people towards energy efficient technologies and wire free tools that make the communication system function smoothly.
The reduction in operating costs and energy management are expected to be the important contributors to the increase in the adoption of building technologies in the coming years. The rising demand in deployment of building technology mainly in the commercial sector and airports, due to safety and security factors, enhances the growth of this market. Government initiatives towards green buildings to reduce the energy consumption and proliferation of environmental wastes in different region are also expected to help this market gain traction during the forecast period 2015-2020
Buildings consume about 20-40% of the total energy intake of a country and therefore, it forms a potential source of energy savings. Technological advancements and the need for better safety and security has also led to an increase in the demand for the Smart Building Market, followed by opportunities like green building initiatives and IP based solutions as these opportunities will help users to get pollution free environment and easy access of work in building.
The market remains competitive with the entry of new players. These players provide innovative technologies solutions, thereby increasing their market bargain capability among the large vendors. Some of the major vendors in the Smart Building Market are ABB, Cisco, Schneider Electric, Siemens, Delta Controls, IBM, and General Electric.
The report also segments the market by region: North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. A detailed analysis of the key industry players with insights on their products and services, strategies, and recent developments associated with the Smart Building Market has been provided.
The market report segments the global market by building automation system and networking technology, and application along with in-depth analysis and revenue forecasts. It also identifies the drivers, restraints, and opportunities prevalent in the market and provides burning issues along with the premium insights of the market. It is expected that the global Smart Building Market will grow from $7260.0 Million in 2015 to $36398.7 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 38.0%. In the current scenario, Europe is expected to be the biggest market on the basis of adoptions of building technology and APAC is estimated to be the fastest-growing region with a CAGR of 47.8% in this market. Browse Related Reports In-Building Wireless Market [by System Components (Antennas, Cabling, DAS, Repeaters, Small Cells), by Business Models (Carrier, Enterprise, Host), by Building Size (Large & Medium, Small)] – Worldwide Market Forecasts and Analysis.