Smart Building Market to Grow Steadily at 30% CAGR by 2020

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Smart Building Market to Grow Steadily at 30% CAGR by 2020
Smart Building Market
Smart Building Market

According to the report, the global smart building market is expected to reach approximately USD 36.0 billion by 2020, growing at a CAGR of slightly over 30% till 2020.

A building that provides a productive and cost-effective environment through optimization of its four basic components such as structure, systems, services, management and the interrelationships between them is called as a smart or intelligent building. A smart building is the integration of energy systems, advanced technology, safety, and management.

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Building technology has been emerging with time which provides various services such as illumination, thermal comfort, automation, physical security, sanitation, and others at the lowest cost. Smart buildings contain a collection of automated subsystems, which includes comfort, lighting, security, communications, information management, or power distribution. A smart building offers real-time systems for managing functions of a building. Smart buildings depend on automation systems and information & communication technology to integrate and manage a facility’s core systems.

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The smart building market is driven by various factors such as the rapid pace of urbanization across the world, low operating cost and security of the building and its inhabitants. Increasing support and favorable government regulations are also expected to mobilize the global smart buildings market. Additionally, smart buildings play the crucial role in energy conservation. However, the high cost of smart buildings is expected to be the major constraint for this industry.

On the basis of types, the global smart building market has been segmented into building energy management system, physical security system, building communication systems, plumbing and water management system, parking management systems and elevators & escalators management system. Building energy management systems holds the major share in smart buildings market. Building energy management systems reduce overall energy consumption and cost.

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Residential buildings, commercial buildings, hospitality, airports, institutional, industrial, and others are the key application segments of smart building market. Commercial building segment dominated the smart building market in 2014. Europe was the largest regional market for smart building in 2014. Strong demand from Germany, UK, and France has resulted into growing demand for smart buildings in the region. Europe was followed by Asia Pacific and North America. Asia Pacific is projected to be second highest growing region due to rapidly increasing urbanization.

Some of the key players in the global smart building market such as Johnson Controls, ABB, General Electric, CISCO, Hewlett-Packard, Accenture, Ingersoll Rand Security Technologies, Delta Controls, Emerson Electric, Honeywell, Hitachi, IBM, Schneider Electric, Johnson Controls, TYCO International and Siemens.