Smart Building Market - Size, Application, Market share, Global Trends and Forecast to 2023

Smart building market is expected to grow at a high pace owing to increasing demand for highly efficient infrastructural mechanisms. Many smart building companies provide various services including advantage services, compliance services, electrical services, energy services, fire sprinkler services, integration services, mechanical services, migration services and pre-construction services. These services play a major role in goal specific approaches, testing and inspection of facility systems, preventive maintenance and emergency service, energy efficiency approaches, operations leveraging, mechanical services for heating, ventilation and air conditioning (HVAC), and pre-construction settings of smart buildings. On account of surging demand for such a varied portfolio of services, the segment is expected to witness a higher growth during the forecast period in the global smart buildings market.

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Europe is expected to witness the largest demand for smart buildings in coming years. Rising government initiatives and support schemes for building smart and energy efficient infrastructure is the key reason behind the high growth rate of the smart building market in the region. The European Union had introduced Energy Performance of Buildings Directive (EPBD) and Energy Efficiency Directive (EED) in 2010 and 2012 respectively, for making mandatory changes to country level building codes. These laws were primarily made to reduce energy consumptions of buildings, promote the use of smart technologies in buildings, and for streamlining the existing regulations regarding these buildings.

The high level of connectivity that is offered by the Internet of Things (IoT) can provide integration to enhance functionality that none of the systems and devices could provide individually in past. With building automation, smart building owners have found reductions in energy consumption, enhancement in operations and very attractive returns on investments. There are certain elements that comprise a smart building that include data analytics, software applications, advanced building management tools, system integration, extensive automation and sensors, energy management, enterprise data management, and the leveraging and incorporation of IT.

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Some of the major players operating in the smart building market include IBM, ABB Group, Cisco Systems Inc., Siemens AG, Schneider Electric, Honeywell International Inc., Delta Controls, Johnson Controls, BuildingIQ, United Technologies Corporation, and Legrand. The smart building market is highly fragmented, the number of players is large and the high demand for smart urbanized buildings is intensifying the competition among players.

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