Smart Building Market expected for USD 5.89 billion in 2017 and is projected to grow at a CAGR of 34.1% the forecast period of 2018 to 2025.
Smart building is any structure that uses automated processes to automatically control the building’s operations including heating, ventilation, air conditioning, lighting, security and other systems. But newer buildings, or older structures that have been converted to smart buildings, are constantly changing
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Global Smart Building Market research studies several features of business environment, such as competitors, market structure, government regulations, economic trends, technological advances and financial analysis of companies, industries, and sectors. This helps businesses in the decision-making process of planning and implementing strategies for their markets.
The idea of smart building has picked up popularity worldwide as home designers and architectures have understood that these structures are accessible over the long run. In the current years, a few innovative headways have empowered building administrators to screen the ongoing exercises of the structures, which when joined with BAS helps in controlling the lighting and vitality frameworks.
According to the United Nations Population Fund, in 2014, 54% of the world’s population lived in urban areas, which are approximately 3.3 billion people. And fundamental level, smart buildings convey helpful building administrations that make inhabitants beneficial (e.g. light, warm solace, air quality, physical security, sanitation, and some more) at the most minimal cost and ecological effect over the building lifecycle. Achieving this vision requires including insight from the earliest starting point of configuration stage all the way to the finish of the building’s helpful life. Savvy structures utilize data innovation amid task to interface an assortment of subsystems, which regularly work freely, so these frameworks can share data to improve add up to building execution. Smart buildings look past the building gear inside their four dividers. They are associated and receptive to the keen power matrix, and they connect with building administrators and tenants to engage them with new levels of visible and significant data.
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Market Drivers and Restraints:
- Upcoming government initiatives and measures.
- Rising concern for safety and security among the common people.
- Rapid urbanization and industrialization.
- Increasing adoption of energy saving technologies.
- Expensive set costs leading to huge investment.
- Lack of skilled labor.
- The global smart building market is based on type, systems segment analysis, application segment analysis, and geographical segments.
- Based on type, the global smart building market is segmented into building automation software and services. Building automation software type is further sub segmented into intelligent security system, building energy management system, infrastructure management system and network management system. Services segment is further sub segmented into professional services, and managed services.
- Based on system segment analysis, the global smart building market is segmented into building energy management system, physical security system, building communication systems, plumbing and water management system, parking management systems, elevators, and escalators management system.
- Based on application segment analysis, the global smart building market is segmented into manufacturing facilities, residential buildings, commercial buildings, university, school, & hospital buildings, government & public infrastructure facilities, and others.
- Based on geography, the global smart building market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
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The global smart building market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of smart building market for global, Europe, North America, Asia Pacific and South America.
- ABB Group,
- Siemens AG,
- Schneider Electric,
- Cisco Systems Inc.,
- International Business Machines Corporation,
- Delta Controls,
- Johnson Controls,
- Honeywell International Inc.,
- United Technologies Corporation,
- BuildingIQ (US),
- Ingersoll Rand Security Technologies,
- TYCO International,
- Accenture and
- General Electric, among others.
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