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Smart Building Market is Booming : Huge Growth In Coming Future

Published: 19/02/2018

Global Smart Building Market: Overview

A smart building links BAS with the ordinary processes of a building such as lighting, HVAC, fire emergency, as well as water supply. It controls and monitors the usage of energy for the building and assists in improving and saving the energy competence of the building. The idea of the smart building has received attractiveness all over the world as homemakers have begun to understand that these buildings are inexpensive in the long term. In the latest years, various technological enhancements have allowed operators of building to keep an on the real-time movements of the buildings, which when blended with BAS assists in managing the energy and lighting systems.

Global Smart Building Market: Growth Factors

Ease of use and comfort are the main factors that are boosting the global smart building market. In addition to this, the advancements in technology also power the global smart building market.

Factors that impact market development comprise the huge initial spending costs for a smart building. Hence, the huge initial prices included in the installation and design of automation for the building is a huge constraint for buyers or building owners with regard to the concept of the smart building. End users and building owners habitually do not understand that the price is first and foremost reliant on the difficulty included in incorporating various applications. This hinders the global smart building market.

On the other hand, increasing efforts by facility managers, manufacturers, and governments to elevate user awareness of the long end advantages of setting up building automation networks are anticipated to lower the effect of this reducing factor on the global smart building market in future.

Global Smart Building Market: Segmentation

On the basis of type, the global smart building market is divided as physical security system, BEMS (building energy management system), plumbing and water management system, building communication systems, elevators & escalators management system, and parking management systems.

Based on the application, the global smart building market is segmented as commercial buildings, residential buildings, airports, hospitality, industrial, institutional, and others.

On the basis of building systems that can be computerized, the global smart building market is bifurcated as parking management, building communication systems, elevator & escalator management systems, and plumbing & water management.

Global Smart Building Market: Regional Analysis

Based on the region, Europe is anticipated to add for the biggest share in the global smart building market at the time of the forecast period. This is owing to elevated efforts by the governments of that region for building intelligent and smart structures. Furthermore, in Europe, efforts to additionally push zero and smart energy buildings, with an obligatory alteration to national level building laws and the EPBD (Energy Performance of Buildings Directive), are anticipated to improve current infrastructure and result in the development of the global smart building market.

Global Smart Building Market: Competitive Players

Top Key players that have been made a name in the global smart building market include ABB, Johnson Controls, CISCO, General Electric, Accenture, Hewlett-Packard, Delta Controls, Ingersoll Rand Security Technologies, Honeywell, Emerson Electric, IBM, Hitachi, Johnson Controls, Schneider Electric, Siemens, and TYCO International.

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