Posted by Heidi Schwartz
Increased urbanization, according to the latest smart building market research report, is creating social and environmental challenges like water shortages, power deficits, pollution and waste water, and sewage problems. To combat these challenges, governments of emerging and developed economies are focusing on smart buildings to provide the best integrated solutions.
Consequently, a new report on smart building market forecasts a steady growth for worldwide smart building industry at nearly 12% Compound Annual Growth Rate (CAGR), with rapid urbanization being one of the major market growth drivers. The Global Smart Building Market 2015-2019 report also draws attention to some of the challenges facing construction of smart buildings, including lack of finances in developing countries. According to this report, the smart building market is expected to grow from $7,260.0 million in 2015 to $36,398.7 million by 2020, at a CAGR of 38% from 2015 to 2020.
The adoption of the public private partnership model is helping public companies that have easy access to finances link up with private players who are struggling to find funding for smart buildings. This public private partnership model ensures that private companies easily receive the construction permits associated with smart buildings and public players gain access to the advanced technology and expertise offered by private players.
The market size has been estimated based on the historical expenditure made in the global smart building market. The report focuses on the key leading countries using the smart building technology. The report also discusses the features of a smart building and how these make a smart building different from ordinary buildings. Analysis of the Burj Khalifa and the acquisitions made by Siemens Technologies are also a part of the report.
In addition, the report shows the five key vendors present in the market and offers a detailed analysis of these vendors. Key countries covered in this smart building market research include Australia, China, Germany, India, Japan, UAE, and US.
A smart building connects BAS with the normal operations of a building such as HVAC, lighting, water supply, and fire emergency. It monitors and controls the energy usage of the building and helps in saving and improving the energy efficiency of the building. In the recent years, several technological advancements have enabled building operators to monitor the real-time activities of the buildings, which when combined with BAS helps in controlling the lighting and energy systems.
Another research report titled Smart Building Market by Building Automation System (Physical Security, BEMS, Building Communication, Parking Management, Plumbing & Water Management, Elevators & Escalators Management), by Application & by Region – Global Forecast to 2020 indicates that energy demand will increase by 40% between 2010 and 2040, which is likely to enhance the growth of smart building market as it plays a vital role in contributing to energy saving.
With the increasing demand for energy management solutions implementation in buildings, major players are also investing a major portion of their revenue in the research and development of new and innovative products related to the market. Key government initiatives include the regulation of Commercial Building Initiatives (CBI) by the U.S. government to make commercial buildings completely energy independent by 2025.
The report also provides an in-depth analysis of the smart building market across the types, applications, and regions. The trends in the building automation market and the reasons behind the growth of particular segments have also been described in the report. The report concludes with the competitive landscape highlighting the recent mergers and acquisitions (M&A), venture funding, and product developments that have taken place in the market in the recent past. The company profiles section highlights the players’ dominance in this market and a discussion on the strategies employed by them to gain a larger market share in the smart building market. The key players in this market include ABB, Cisco, Delta controls, Schneider Electric, Siemens, General Electric, IBM, Accenture, Johnson Controls, and Honeywell.
To purchase a copy of the report on smart building market by building automation system, application, and region visit this link.