26 December 2018 – The Global Smart Building Market is expected to witness significant growth over the forecast period owing to rising demand of energy efficient sources, increasing need of safety & security and growing demand of comfort in buildings. Smart building is a combination of several systems including technology, energy and telecommunication and through these systems it achieves low operational and maintenance costs thus helping in minimizing the greenhouse gas (GHG) emissions. The market is anticipated to see high demand majorly in commercial and residential sectors owing to rising stringent emission norms and high energy cost.
Rising technological advancements through R&D endeavors, increasing government regulations and growing need for security & safety are anticipated to propel the smart building market growth over the next seven years. However, rising cost of initial installation and assembly is projected to challenge the market growth. The development of smart cities and smart grids is projected to create considerable opportunities for smart buildings market growth.
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Smart buildings are preferably incorporated with real-time systems that manage the functioning of a building through a single interface. Smart buildings rely majorly on the use of software and hardware that helps in improving life span of a building by tracking issues and alarming the residents at the same point of time. Building automation system (BAS) coupled with other network technologies help in enabling the easy installation and bringing efficient building operations. Cloud based technology and wireless technology have great potential over the next seven years primarily owing to growing awareness of people in using wire free tools and energy efficient technologies, thus achieving smooth communication system function.
The smart building market is primarily segmented on the basis of products into safety & security, heating ventilation & air conditioning (HVAC), monitoring, lighting, energy management, car parking system and emergency system. Smart building primarily connects normal operations of a building such as lighting, HVAC, water supply, and fire emergency with building automation system (BAS). Major players in the smart building market include Control4 Corporation, Cisco Systems Inc., Leviton MFG. Company Inc., Schneider Electric SA, Emerson Electric Co., Siemens Buildings Technologies, United Technologies Corporation, Honeywell Scanning & Mobility, Smarthome Inc. and LG Electronics Inc. The companies are focusing on growing end user awareness regarding the technological advancements so that over the forecast period the adoption of smart building increasing substantially. In the financial year 2015-16, Cisco declared that it will bring down the GHG emissions and overall carbon footprints through reducing energy consumption.
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Market segment by Regions/Countries, this report covers
- United States
- Southeast Asia
Market segment by Type, the product can be split into
- Building Automation Software
Market segment by Application, Smart Building can be split into
- Intelligent Security System
- Building Energy Management System