Market Synopsis of the Global Smart Building Market
Inclusion of technology has trickled down to many areas of daily living, one such example being that of smart buildings. 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 industry 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.
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.
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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.
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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Jan 2018 ETS announced at a recently concluded expo, the rollout of its Smart Building AI Platform in 2018 with enhanced predictive analytics and behavior modification mobile software suite allowing the building management community with real time mobile tools to proactively decrease operating costs and create revenue from onsite mechanical assets available.
Jan 2018 EPFL researchers have created a system that can be set up in a building to collect data on people’s energy usage. The aim is to send this data collected directly to a smart electric grid that will distribute the resources optimally. The study is being conducted by the enlisting the use of a smart building simulator developed by the lab that enables studying the benefits that smart buildings could bring through their energy strategies.
Jan 2018 Indoorgo Navigation Systems is developing an app that utilizes smartphone sensors and existing infrastructure in a building, such as Wi-Fi and Bluetooth, as well as the fixed position of the building’s overhead lights. The core technology was developed nearly five years ago in Ariel University’s Kinematics and Computational Geometry Laboratory. Any building can be added to the app’s central database, after it has been mapped at least once and requires no special training in the course of about two hours. The data collected from subsequent Indoorgo users improves the positioning accuracy of the app.
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