Global Smart Building Market Set to Surpass the $105 Billion Mark by 2024!
Published: Oct 9, 2019 7:49 a.m. ET
The “Smart Building Market by Component (Solution,Services), Solution (Security, Emergency Management Energy Management), Services, Building Type (Commercial, Industrial), Region (North America, Europe, APAC, MEA, Latin America) – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The smart building market is projected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% from 2019 to 2024.
- This study covers the Smart building market across different segments.
- It aims at estimating the market size and the growth potential of this market across different segments based on components, solutions, service, building type, and region.
- The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Rising adoption of IoT-enabled building management system and raising awareness of space utilization to drive the growth of the market across the globe. However, the lack of cooperation among standard bodies and uniform technology among smart building solutions is expected to restrict the growth of the market across the globe.
The major vendors covered in the Smart building market include Honeywell (US), Johnson Controls (US), Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric (Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti (Czech Republic).
Based on solution type, the energy management segment is expected to grow with the fastest growth rate during the forecast period
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The energy management segment is projected to grow with the most rapid growth rate from 2019 to 2024. Energy management solutions for smart building help to reduce and monitor the energy consumption of the building. Keeping operational expenses low is a continuous challenge for owners and managers of multistory buildings, schools, or building complexes. Some of the infrastructure available for managing energy in buildings is designed for large systems and not for managers with smaller budgets, resulting in high costs of adoption and integration.
Based on building type, the commercial building segment is expected to lead the Smart building market in 2019
The commercial building segment is expected to lead the smart building market in 2019. Energy performance of commercial buildings is a significant challenge for the commercial sector as these buildings consume higher energy and also generate more waste in the form of carbon and other solid wastes. Therefore, appropriate and tailor-made solutions are needed for optimized energy performance to reduce building energy consumption without compromising comfort or security.
The Asia Pacific (APAC) smart building market is projected to grow at the highest CAGR during the forecast period
The APAC smart building market is projected to grow at the highest CAGR during the forecast period. The growth of the market in the Asia Pacific can be attributed to innovative building technologies that are getting traction in the APAC region due to the presence of various smart building market vendors to use such technology for gaining competitive advantage. Multiple governments in this region have started promoting smart building practices due to rising environmental concerns and the growing need for energy savings. For instance, China has invested heavily in over 2,500 green building projects, and Singapore has decided to aim for 80% cent of its buildings to be certified as Green, under its Green Mark scheme by 2030.
- Rising Adoption of IoT-Enabled Building Management System
- Rising Awareness With Regard to Space Utilization
- Increased Industry Standards and Regulations
- Lack of Cooperation Among Standard Bodies
- Emergence of 5g Technology
- Rising Smart City Trend
- Lack of Technology Alignment and Skilled Professionals
- Rising Privacy and Security Concerns Owing to IoT-Enabled Devices
- Johnson Controls
- Larsen & Toubro Technology Services
- Schneider Electric