Smart building is a structure that uses automated methods to mechanically control the building’s operations for instance heating, ventilation, air conditioning (HVAC), security, lighting, and other systems. It is also referred as intelligent buildings, automated buildings or buildings that incorporate smart technology. It is equipped with various smart devices such as microcontrollers, sensors, and microprocessors to automate the operations of the building. It facilitates remote monitoring of several elements of a building and reduce manual procedures. It incorporates real-time systems for managing the functioning of a building by a single interface. The key benefits are better use of resources, reduce energy consumption, predictive maintenance, improve building efficiency and increase productivity.
According to study, “Global Smart Building Market Information by Automation type (Energy management, Intelligent security systems, Infrastructure management, and others) by Application (Commercial, Residential, Industrial, and Infrastructure) and Region – Forecast to 2023” the key companies operating in the global smart building market are International Business Machines (IBM) Corporation, Siemens AG, Advantech, Control4 Corporation, Bosch Security Systems, TYCO International, Honeywell International, Inc., Verdigris Technologies, Emerson Electric Co, United Technologies Corporation, Schneider Electric, BuildingIQ, Johnson Controls International PLC, Ingersoll Rand Security Technologies, Cisco Systems, Inc., Legrand SA, Delta Controls, Leviton Manufacturing Co. Inc., ABB Group.
Based on component type, smart building market is bifurcated into services and solutions. Services include integration & deployment, consulting and support & maintenance. Solutions include security & emergency management (video surveillance system, access control system and safety system), building infrastructure management (smart water management system, parking management system and elevators & escalators management system), network management, energy management (lighting system and HVAC control system) and workforce management. Based on technology, market is segmented into connected device, Artificial Intelligence (AI) and sensor. In addition, based on end-use industry, market is segmented into commercial (retail & public assembly buildings, airports & railway stations, office buildings and hospital & healthcare facilities), residential, industrial and others.
The smart building market is driven by growth in awareness with regard to space utilization, followed by rise in adoption of IoT-enabled building management system, growth in need for energy efficient building, high investments in real estate, rise in government regulations toward deployment solutions, increase in need for security in both commercial & residential buildings, rise in need for integrated security & safety systems, and growth in industry standards & regulations. However, lack of cooperation among standard bodies and lack of technology alignment & skilled professionals may impact the market. Moreover, rise in smart city trend and emergence of 5G technology are key opportunities for market.
Based on geography, the North-American region dominates the smart building market, followed by European region owing to high awareness of security, safety, energy & water management among consumer and rise in development of building automation technology in the region. The Asian-Pacific region is expected to witness higher growth rate due to growth in focus on user convenience & efficiency and rise in development in economy over the forecast period. It is estimated that future of the market will be bright because of high investment in infrastructure development during the forecast period.
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