Smart Building Market Analysis – Share, Size, and Forecast
Smart Building Market Size
The global smart building market will grow at a CAGR of close to 12% during the forecast period 2017-2021. This growth in market size will be attributed to the increasing demand to achieve high operational efficiency in structures and integration of automation systems and controls. Rising energy consumption and electricity expenses have compelled owners to opt for smart buildings that can automate the control systems and enable them to work seamlessly to avoid energy wastage. Smart buildings allow the constant interaction of communication controls, environment controls, video surveillance, and interior sensors through the cloud to work toward saving energy and keeping the place connected. They also enable automation system integration with an enterprise system which can improve the productivity of a facility or an organization. Due to the benefits and advantages of these features, the demand for smart buildings will surge through 2021.
Geographically, EMEA (Europe, Middle East, and Africa) is the largest region within the global smart building market, account for nearly 39% of the market share. The European market European market is led by Germany, UK, France, Belgium, Denmark, Italy, and the Netherlands, while the Middle East is home to rapidly growing regions for smart buildings like Abu Dhabi, Doha, Riyadh, Kuwait City, Dubai Dammam, and Jeddah. The Asia-Pacific will be the fastest growing region during the forecast period. The region's rapid growth can be attributed to increasing commercialization and industrial development activities in growing economies countries such as India, China, Taiwan, South Korea, Singapore, and Australia. We forecast the smart buildings market in APAC to grow at a CAGR of 13% between 2017-2021. Other insights provided within our smart building market reports include:
Smart Building Market Insights
- Smart home energy management products like smart thermostats and smart lighting devices have seen a surge in demand among consumers due to the comfort and convenience provided by these devices, which has led to the development of a wide range wide range of compatible devices, driving the overall growth prospects of home energy management systems market.
- The growing concern for indoor air quality has led to the adoption of measures to prevent these problems leading to an increase in the sales of HVAC equipment. Development of smart HVAC devices with innovative features and user interfaces to support internet connectivity and remote access through mobile apps are major factors responsible for the growing preference for smart HVAC systems.
- The smart building market is characterized by the presence of many large players. The market will be mainly driven by the addition of modern technologies and customizations to attract end-users. Companies are concentrating largely on offering innovative products and solutions that can optimize energy consumption and serve a high degree of automation in buildings.
- Government initiatives to accept smart solutions are also expected to lead to the development of smart building solutions by established automation players.
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Smart Building Market Share and Segmentation
Within our smart building market research, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by smart building technologies and by applications.
Our smart building market segmentation research offerings include:
- Smart Building Market by Product
- Smart building market by building management system (BMS)
- Smart building market by energy management system
- Smart building market by lighting control
- Smart building market by security and access control
- Smart building market by emergency alarm and evacuation system
- Smart building market by audio and visual effects
- Smart building market by infrastructure management system
- Smart Building Market by Services
- Professional services for smart building market
- Managed services for smart building market
- Smart Building Market by Application and End-Users
- Residential smart building market
- Commercial smart building market
- Industrial smart building market
We at Technavio, with our comprehensive understanding of the smart building market, have been monitoring the latest industry trends and developments to create an in-depth smart building report portfolio. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our smart building market reports offer the following insights:
- Smart building market overview
- Smart building market size
- Smart building market share
- Smart building market growth
- Smart building market forecast
- Smart building market trends
- Smart building industry statistics
