Market Synopsis of the Global Smart Building Market
Factors such as need for energy efficient buildings and increased government initiatives have led to the growth of smart building market. The smart building market is highly augmented by increased awareness about CO2 emissions globally. With the increasing government initiatives and investment in reducing CO2 emissions, the market of smart buildings has gone up. The energy management segment was valued to have the largest market by type in 2015. The results are expected to be similar by the end of the forecasted period. Global smart building market is expected to cross USD 25 Billion at the end of the forecasted period and is expected to grow at CAGR of approximately 34.3% from 2016 to 2022.
Global Smart Building Market – Synopsis & Scenario
The global Smart Building market is driven by the need for energy efficient buildings and increased government initiatives. Increased awareness about CO2 emissions has augmented the demand for smart buildings globally. Furthermore, the increasing government initiatives and investment in reducing CO2 emissions have fueled the market of smart buildings. The global Smart Building market is expected to cross USD 25 Billion by the end of the forecasted period and is expected to show a staggering growth at CAGR of 34.3% from 2016 to 2022.
It is expected that the Global Smart Building Market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the availability of the technology and hardware in the remote areas.
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Key Players
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,
- BuildingIQ.
APAC will be the fastest growing market
APAC will dominate the market for global smart building in the coming time. This share is attributed to the rapid infrastructural growth and lot of investments in the regions of China and India. Furthermore, the government initiatives further has augmented the market for smart building. The government support and relaxed policies has even attracted lot of Greenfield projects in the nations, which leads to increased investment in such technologies. North America, Europe and RoW are the growing market for global smart building market and are expected to grow at a steady rate.
Market Research Analysis:
The market is highly application based. It is expected that the global smart buildings market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the availability of the technology and hardware in the remote areas.
On the basis of type, energy management system leads the market in all the major regions across the globe. The share owes to the growing need for energy saving building systems and efficient building practices across the globe. The segment is expected to show similar results by the end of the forecasted period.
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On the basis of region, APAC takes the lead as the fastest growing market, followed by Europe and North America. APAC, due to its rising population and rapid urbanization demands more such building systems which are highly efficient as well as effective in energy savings. Furthermore the government initiatives taken for bring up the eco-friendly buildings have led to the installation of the same in a big way. The region has also seen a lot of investment in R&D to bring advanced technology and automation, which further fuels the growth of the market.
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