Rising adoption of IoT, along with the increasing awareness regarding energy consumption, are the two major factors that are driving the smart building market growth.
Dublin, Ireland – July 11, 2020 /MarketersMedia/ —
The increasing adoption of the Internet of Things (IoT) enabled building management system and the rising awareness of space utilization across the globe are the major factors boosting the growth of the smart building market. The growing awareness regarding energy consumption and the expanding number of initiatives related to the environmental concerns will further support the adoption of smart building systems to save energy, time, and money. Additionally, several countries such as Dubai has launched the “Dubai Plan 2021”, with an objective to convert the city into a “smart city” through innovative technology, digital tools, and smart policies. The increasing development of smart cities will accelerate the growth of the smart building market size.
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The emerging trend for eco-friendly and green buildings that offer several exceptional features will enhance the strong demand for the smart building market in the coming years. According to a recent survey conducted by the International Trade Administration, United Kingdom has witnessed a 14% increase in the number of companies willing to build 60% of their projects as green projects by the end of 2018. According to the smart building forecast, the growing security concerns, along with the technological enhancement and reliability offered by the intelligent security systems, are the latest smart building market trends and surging the market growth.
On the basis of the solution, the energy management segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is attributed to the accelerating demand for smart building management solutions driven by the exceptional benefits offered, such as minimization and monitoring of the total energy consumed by the building. The owners and managers of a multi-story building, schools, corporate offices, and multiplex shopping malls are facing a challenge to reduce the operational expense cost, which can be attained by the usage of smart building energy management solutions.
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Based on the service, the consulting service segment is predicted to witness considerable growth in the next six years. The strong demand for the smart building systems across the globe is the key driver boosting the demand of the segment. The customers are looking for consulting services that provide a holistic approach to design smart building and integrate the building systems with the latest technologies according to their specific business goals and needs. The accelerating demand for consulting services will further strengthen the demand of the segment.
On the basis of building type, the commercial segment is projected to maintain its dominance over the forecast period. The growing number of investments in the construction sector at the global level is the major factor propelling the growth of the segment. Numerous global organizations are emphasizing on the establishment of smart corporate offices to improve the security system, increase the productivity of the employees, better space utilization while saving energy and operational cost. With the increasing competition in the airline sector, the operators are actively looking for smart technologies to integrate the complex system of infrastructure, processes, businesses, and people to deliver a hassle-free passenger experience. Therefore, the emerging trend of smart corporate offices and the smart airport will accelerate the demand of the segment in the market.
On the basis of the region, the North American region is anticipated to dominate the Smart Buildings market in the next six years. This is due to the emergence of the latest smart building solution with new technologies including IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence to save energy and decrease operational cost. In addition to this, the growing number of stringent global regulations and sustainability standards is another factor boosting the market growth in this region. The US organizations are investing in smart building measures such as building controls and building system integration to improve energy efficiency and deliver smarter, safer, and more sustainable buildings. Furthermore, the Canadian government has launched several initiatives focusing on making federal buildings more energy-efficient while decreasing greenhouse gas emissions. The increasing awareness of energy-efficient systems and the growing number of initiatives by governments will further surge the demand of the market in the region.
The key players of the smart building market include Hitachi, Ltd., Intel Corporation, Honeywell International Inc., Johnson Controls, Cisco, Schneider Electric, IBM, Siemens, Huawei, and ABB, among others.
The research report on the smart building market provides an in-depth analysis of the market revenue based on component, solution, services, building type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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