Smart Building Market Size, Share, Growth, Trends Forecast Analysis 2022

Smart Building Market Size, Share, Growth, Trends Forecast Analysis 2022

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.

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.

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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.

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.

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Social and environmental challenges such as power deficits, water shortages, sewage problems and uncontrolled pollution are expected to drive the demand of smart building market. Increased urbanization is also a major factor anticipated to fuel the market growth. Government through adoption of public-private partnership model is trying to bring organizations together who faces several challenges in construction of smart building, including the lack of finances. The partnership primarily supports entities to bring easy funding from banks, institutions, and government bodies. It also helps in bringing construction permits and access of technologies to private companies mainly regarding smart buildings. Smart buildings are a high potential source of energy savings as current buildings use more than 30% of the total energy intake of a country. Growing opportunities’ such as IP based solutions and green building initiatives are expected to bring easy access of work and pollution free environment in building.

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). It helps in controlling and monitoring the energy efficiency and energy usage of the building. Growing need for the reduction of energy-associated costs is anticipated to drive the energy management system and thus estimating it to account for high market share. The different types of automation system in the market are physical security system, water management system, energy management system, elevator system and communication system. Physical security systems are comprised of access control systems, surveillance solutions, and alarming systems. Communication systems such as video conferencing, wireless systems such as Zigbee, Z-wave or Bluetooth and the LAN or WANbased communication architecture are anticipated to witness significant growth owing to need of remote surveillance and monitoring. The market is segmented by application into commercial, educational, hospitals, industrial, residential infrastructures and airports.

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North America and Europe are expected to account for highest market share over the next seven years owing to growing demand from end-user industries such as automotive, aviation, food & beverage, petrochemical, defense, IT, and pharmaceutical. The regions are very responsive in an adoption of any technological advancement primarily due to rising consumer awareness. AsiaPacific and Latin America are projected to witness the fastest growth owing to rising modernization in the construction and manufacturing industries. India, China, Japan and Indonesia are anticipated to fuel the growth by 2022 primarily due to rising presence of large number of service providers.

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, Smart home 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.

Market Segment: This report studies the global Smart Building market, analyzes and researches the Smart Building development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like • ABB Group • Siemens • Schneider Electric • Cisco Systems • International Business Machines Corporation • Delta Controls • Johnson Controls • Honeywell International • United Technologies Corporation • Legrand • Building IQ Market segment by Type, Smart Building can be split into • Building Automation Software • Services Market segment by Application, Smart Building can be split into

• Intelligent Security System • Building Energy Management System • Infrastructure Management • Network Management System

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