Smart Building Market Expected to Raise at CAGR of 10.9% by 2020-2027 | Top Companies - Honeywell, IBM, Hitachi, Johnson Controls, etc.

The Global Smart Building Market is forecast to reach USD 121.90 Billion by 2027, according to a new report by Reports and Data. In smart buildings, actuators, microchips, and sensors are used to gather and manage data in accordance with the services and functions of a business. The infrastructure turns out to be beneficial for operators, facility managers, and operators to enhance asset performance and reliability that optimizes the utilization of space, minimizes energy use and environmental impact on buildings.

Various advantages associated with this building is increasing its demand and supporting its market growth. Some of its mentionable benefits are, that it enhances facility staff's productivity, reduces energy costs, and supports efforts of sustainability, and improves building operations. A mentionable feature of this type of building is the categorization of electrical loads from critical to high priority to non-essential. The presence of this feature helps in effective management and supply of electricity as per the requirement in different areas of the building.

In market segmentation by manufacturers, the report covers the following companies:- Honeywell, IBM, Hitachi, Johnson Controls, Siemens, Schneider Electric, ABB, Intel, Huawei, Larsen & Toubro Technology Services, Pointgrab.

Furthermore, the use of cameras and sensors in these buildings helps in gathering essential data about the way in which the building is being used. These data turns out to be beneficial in making critical decisions associated with the building operation. Based on actual data, space utilization can be enhanced as the building automatically generates actionable, living intelligence. The building also provides different opportunities for enhanced capabilities & convenience, which provides the new scope of generating revenues for building managers and developers.

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This report covers the recent COVID-19 incidence and its impact on Smart Building Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.

In regards to region, Europe occupies a prominent market position. The market position held by Europe is the resultant of the continuous growth of different industries that enhances the demand for smart buildings to strengthen the functioning of these industries and the expansion of the construction sector.

For the purpose of this report, global smart building market according to Device, Technology, System, Service Type, Application, and Region:-

Device Type Outlook (Revenue, USD Billion; 2020-2027)
Electrical power distribution & quality
Lighting
HVAC & large appliances
Life safety, security & surveillance
Others

Technology type Outlook (Revenue, USD Billion; 2020-2027)
Wired
Wireless
Others

System Type Outlook (Revenue, USD Billion; 2020-2027)
Intelligent security system
Infrastructure management system
Network management system
Building energy management system

Service type Outlook (Revenue, USD Billion; 2020-2027)
System Integration and Deployment
Consulting
Support and Maintenance

Application Type Outlook (Revenue, USD Billion; 2020-2027)
Commercial & Institutional building
Residential building
Industrial Building

Regional Outlook (Revenue, USD Billion; 2020-2027)
North America
Europe
Asia Pacific
MEA
Latin America

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Further key findings from the report suggest:-
The smart building market held a market share of USD 49.90 Billion in the year 2018 and is forecasted to witness a CAGR of 10.9% during the forecast period.

In context to System, the Building energy management system occupies the largest market share of 40.0% in 2018, with a CAGR of 11.1% during the forecast period. Factors like energy consumption and lighting being an integral part of a building and facilities of energy & lighting control system using IoT like lights can be remote controlled and reduced electricity consumption contributes to the market share occupied by this segment.

In regards to Service Type, the Support and Maintenance segment is forecasted to witness the fastest growth rate of 11.9% during the forecast period, which occupied 14.0% of the market in 2018. The growth rate experienced by this segment is the resultant of continuously increasing the need for maintenance support after the systems have been deployed in these buildings for ensuring its hindrance-free operation.

In context to Application, the Commercial & Institutional building segment held the largest market share of 42.0% in 2018, with a CAGR of 10.4% during the forecast period. The market share occupied by the Commercial & Institutional building segment is attributed to high power consumption and carbon emissions from commercial buildings and optimization of energy performance in smart buildings, which have resulted in its high demand in this type of building.

In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 11.5% during the forecast period, which occupied 23.0% of the market in 2018. Growth of the IT sector, rising investments in various industries, and the development of technological infrastructure contributes to the expansion of the market in the APAC region.

Some major points covered in this Smart Building Market report:-
An excessively meticulous study that helps in segmenting the useful data from the irrelevant.

The study has been segmented and sub-segmented into regions, end-users, applications, product types, players according to the influence they exercise in the Smart Building Market, their strategies, and the potential consumer bases that a new entrant can tap into.

In the next section, factors responsible for the growth of the market have been included. This data has been collected from the primary and secondary sources and has been approved by the industry specialists. It helps in understanding the key market segments and their future trends.

The participants of this industry who possess and employ influence over the Smart Building Market are highlighted in the study and their respective strategies to overcome the competition and challenges of the eco-system they perform in.

The Smart Building Market research report also presents an eight-year forecast on the basis of how the market is predicted to grow.

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In the end, the report covers segment data, including industry segment, type segment, channel segment, etc., as well as the segments' market size, both in terms of volume and value. In addition, the report mentions client data from different industries, which is vital to manufacturers. The report has been collated with in-depth secondary research, comprehending the market access aspects across various geographies.

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