Growth opportunities in the Smart Building Market look promising over the next six years. This is mainly due to the rising awareness about energy consumption, optimizing the building’s performance, minimizing the energy consumption, and improving safety & comfort level.
Smart Building Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting incorporation of the Internet of Things (IoT) authorized building management systems along with the surging consciousness concerned with the proper utilization of space are the two primary drivers responsible for the growth of the Global Smart Building Market. Also, the growing awareness about energy consumptions and the mounting number of initiatives associated with environmental concerns will promote the implementation of these systems to conserve energy, time, and money. For example, the Public Service and Procurement Canada (PSPC), in 2017, executed the Smart Building initiative emphasizing the construction of 100 buildings across Canada. Enormous nations like Dubai have introduced the “Dubai Plan 2021”, aiming to transform the city into a “smart city” using innovative technology, digital tools, and smart policies. Thus, the ongoing expansion in these buildings will further strengthen the Smart Building market size.
In addition, the stimulating tendency for environmentally friendly and green building that provides several features will fuel the market growth. In accordance with the survey conducted by the International Trade Administration, United Kingdom experienced a 14% increase in the number of companies inclined to build 60% of their projects as green projects by the end of 2018. The growing apprehension towards safety followed by the technological up-gradation and dependence offered by the intelligent security systems bolsters Smart Building market share.
Solutions Segment Drivers
On the basis of Solutions, the market is segmented into Building Infrastructure Management (BIM), Security and Emergency, Energy, Network, and Workforce Management. Amongst which, energy is projected to dominate the market during the forecast period. This is primarily attributed to the robust demand for these solutions derived from their exceptional advantages, such as minimization and supervision of the total energy consumed by the building. The owners and managers of multi-story buildings, corporate offices, schools, and multiplex shopping malls are facing a persistent challenge to reduce the operational expense cost, which can be achieved through the endorsement of these technologies.
Smart Building Market’s leading Manufacturers:
- Huawei
- Siemens
- Johnson Controls
- Hitachi, Ltd.
- Cisco
- ABB
- Intel Corporation
- IBM
- Honeywell International Inc.
- Schneider Electric
Smart Building Market Segmentation:
Segmentation by Component
- Solutions
- Services
Segmentation by Solution
- Building Infrastructure Management (BIM)
- Parking Management System
- Smart Water Management System
- Elevators and Escalators Management System
- Security and Emergency Management
- Access Control System
- Video Surveillance System
- Safety System
- Energy Management
- HVAC Control System
- Lighting System
- Network Management
- Workforce Management
Segmentation by Services
- Consulting
- Integration and Deployment
- Support and Maintenance
Segmentation by Building Type
- Residential
- Commercial
- Office Buildings
- Retail and Public Assembly Buildings
- Hospital and Healthcare Facilities
- Airports and Railway Stations
- Others
- Industrial
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
