Smart Buildings Market
Smart Building Technology integrates building technology, emergency systems, energy management, telecommunication, information technology and facility management, and provides a solution that reduces environmental impact by optimizing space utilization. This technology requires sensors and actuators to collect data, then a software capable of managing data to adjust the required parameters. Rising concerns regarding global warming, fossil fuel crisis have made people think about alternatives. Government and Private sectors have started funding various programs to educate people to embrace this new age technology. The growing concern have resulted in applying this technology in old buildings as well. Rapid urbanization and use of modern technologies, such as AI (Artificial Intelligence) controlled mobile devices and advanced gadgets have propelled the growth of Smart Building Technology Markets. Implementing these Smart Building technologies will help conserving Energy worldwide. It offers a solution which is energy efficient, offers less maintenance cost and provides a safer and healthier workflow and atmosphere. The technology is also substantiating various changes in lifestyle. However, this advancement is not hurdle-free. Growing concerns of AI taking over daily life and stringent regulations surrounding it, can slow down the progress rate in the coming years.
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Major players in the smart building technology market are Cisco Systems, Inc. (US), Siemens AG (Germany), ABB Group (Switzerland), IBM Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), Control4 Corporation (US), Emerson Electric Co (US) etc.
Segmentation of the Global Smart Building Technology market can be done based on the type of Automation and Application. Automation can be categorized into three subdivisions namely 1. Intelligent Security System – which covers video surveillance of its entire premises, securing the premises by accessing control systems and monitoring the emergency protocols. 2. Building Management system – covering the energy management system, HVAC system by controlling the temperature and air supply and regulating lights depending on the number of occupants and their location. 3. Infrastructure Management System – providing automated Parking system, Smart water management by reducing and reusing the wastewater and by minimizing the power consumption during idle periods, through Elevators and Escalator management system.
Based on the application, the global smart building technology market can be further segmented into Commercial – Office, Shopping Complex, Movie Theatre etc, Industrial – Factories, Government Buildings and Residential Buildings. Increasing awareness to reduce carbon emission and global warming effects is playing a pivotal role in spreading this new Smart Building Technology initiative.
The Global Smart Building Technology market can be regionalized into North America, South America, Europe, Middle East and Africa (MEA) and Asia Pacific Countries (APAC).
Booming industries and technological advancements have increased the per capita power consumption in many countries. Funding in researches and awareness programs have increased the demand for Smart Building Technology in North America and Europe. APAC countries are also investing in building infrastructures using Smart Building Technologies. Growing number of industries, where reducing cost is a way to stay competitive in the market, are also reasons behind investing into Smart building technologies.
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