Market Synopsis of the Global Smart Building Market
Smart building market are a newly emerging market on the global level, but they are showing tremendous potential for growth. Increasing expenses in terms of electricity and water consumption, has led to the development of the market. Smart building help in management of necessities like lighting, security and other services required in buildings, which has further motivated the growth of the market. Growth of the automation sector and intensification of environmental protection measures have been the other important motivating factors leading to expansion of the market.
Inclusion of technology has trickled down to many areas of daily living, one such example being that of smart building market. Market Research Future, a firm which specializes in market reports related to the Construction sector among others, recently published a report on this market. The smart building market is anticipated to generate revenues worth USD 25 billion by the end of the forecast period and is estimated to demonstrate growth at CAGR of 34.3% from 2016 to 2022.
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The key players of global smart building 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 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.
Regional Analysis of Global Smart Building Market
APAC dominates the global smart building market with its fast growing market worldwide. The region is expected to show rapid infrastructural growth. With lot of investments in the regions of China and India and government initiatives, further has augmented the market for Smart Building. Europe is expected to hold a large share followed by North America and Rest of the world.
MRFR’s reports are curated with the help of world-class research models which assists in delivering unfettered market insights. Vital data points are gathered from an optimum mix of primary and secondary data. Secondary data sources such as whitepapers, corporate presentations, company websites, journals, and others are referred and combined with primary data. The analysis is not confined to the data collection itself, gathered information is validated through a multi-layer verification process to broaden the exploration landscape and contribute a more robust analysis. The top-down and bottom-up approaches are deployed to predict market propensities and to arrive at conclusions regarding the market size.
Global Competitive Analysis:
The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.
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Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market.
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