June 30, 2020
According to the research report titled ‘Global Smart Buildings Market: Analysis By Building Type (Residential, Commercial), By Application, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global smart buildings market accounted for USD 43.8 billion in 2019 and is expected to register substantial growth by the year 2025.
High concentration of market majors along with increasing availability of modern smart building technologies are major factors driving market growth. These technological advancements play a significant role in design & construction projects as well as in modernizing existing stock. Additionally, numerous companies are focusing on providing innovative products that can help in improving energy consumption as well as deliver automated solutions in buildings, which in turn is further aiding the market expansion.
Escalating demand for intelligent building solutions owing to increasing awareness pertaining to energy conservation is also stimulating the industry outlook. Growing trend of ecofriendly and green infrastructure has promoted the development of smart & energy efficient buildings.
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Furthermore, integration of automated solutions in smart buildings have enabled facility managers to not only manage energy expenses, but also develop a comfortable environment while simultaneously addressing errors as and when required, which in turn is stimulating the industry outlook. The data produced by IoT sensors offer real-time information for quick corrective actions.
As per type, smart buildings market is fragmented into commercial and residential segments. The application spectrum of the market comprises of Intelligent security systems, network communications, infrastructure management, and building energy management.
Regionally, Americas accounted 49.06% market share in the year 2019 and is predicted to witness significant growth in the ensuing years. Development of advanced smart building solutions which use technologies such as artificial intelligence, deep learning, data analytics, cloud computing, big data, and IoT have enhanced the adoption rates of smart building solutions, which in turn is favoring the market scenario in Americas.
The prominent companies operating in global smart buildings market are Legrand, IBM Corp., Azbil Corporation, Schneider Electric, Siemens AG, Cisco Systems Inc., United Technologies Corporation, Trane Technologies Plc., BuildingIQ Inc., and ohnson Controls International plc among others.