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Smart Building Market expected to reach USD 25,725.0 Million by 2025 at a CAGR of 17.44% CAGR | SARS-CoV-2, Covid-19 Analysis- SWOT Overview and Competitive Landscape To 2025
Smart Building Market
The Global Smart Building Market is expected to register a 17.44% CAGR, exhibiting substantial growth during the forecast period. The market was valued at USD 8,540.3 Million in 2018; it is expected to reach USD 25,725.0 Million by 2025. North America accounted for the largest market value of USD 3,026.0 Million in 2018; the market is expected to register a CAGR of 13.29% during the forecast period.
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Rise in Need for High Comfort Level to Spur Smart Building Market Growth
In current times, where the need for convenience is rising among people, the need for more comfortable homestay is surging. This can surge the global smart building market, reveals Market Research Future (MRFR). In the case of smart buildings, the utilization of the available resource is high. This is observed as factor that can cause the global smart building market to thrive at 17.44% CAGR in the forecast period (2018 to 2025). Likewise, other benefits of smart buildings are anticipated to cause increase the market value by the end of the forecast period. As per MRFR findings, the worldwide smart building market value that was recorded at USD 8,540.3 Million in 2018, is expected to touch USD 25,725.0 Million by 2025.
High Rate of Adoption of Automation Processes to Cause Smart Building Market to Gain High Profits
The global smart building market study is segmented by automation and application.
By automation, the market segments are intelligent security system, building energy management system, infrastructure management system, and network management system. The intelligent security system segment comprises emergency management system, video surveillance system, and access control system. The building energy management system segment comprises HVAC Control System, Energy Management System, and Lighting Control System. The infrastructure management system segment comprises smart water management system, parking management system, and elevators and escalators management system. The building energy management segment is likely to contribute significantly to the smart building market growth. The growing need for energy-efficient building to cut-down expenses is driving the need for automated building management system. This is expected to impel the global smart building market growth.
Key Developments
• In March 2019, Advantech Co., Ltd introduced Verizon-certified LTE Cat-M1 router, ICR-3211B. The ICR-3211B router is the first product launched in the US from Advantech's new ICR-3200 router line. These two routers are an ideal choice for building automation, energy management, and remote SCADA applications.
• In February 2019, Control4 Corporation acquired Switzerland-based NEEO, a manufacturer of the smart home remote, to accelerate its leadership in delivering remotes, touch panels, keypads, and other smart home devices.
• In August 2018, Automated Logic, a part of United Technologies Co., launched the OptiFlex virtual integrator platform. This platform monitors a large amount of data across various building subsystems and devices regardless of their manufacturer.
• In February 2018, Panasonic Corporation partnered with Schneider Electric, a French multinational corporation, to pioneer energy management systems for next-generation commercial buildings. Under this partnership, Panasonic’s AC smart connectivity solution is integrated with Schneider Electric's EcoStruxture building solution and intelligent room controllers.
Growing Need for Smart Commercial Space to Boost Smart Building Market
By application, the worldwide smart building market is segmented into government & public infrastructure, commercial, residential, and industrial. Changes in the commercial segment of the market are expected to dictate the progress of the global smart building market. Increase in commercial stores, hotels, and others and the growing application of automation processes in the construction of commercial infrastructure is expected to contribute largely to the expansion of the global smart building market.
Global Smart Building Market to Experience Surge in Revenue Generation
In North America, the early adoption of technologies is expected to cause the smart building market to generate substantial revenue. Companies that are dealing in smart buildings are deploying technologies, such as internet of things and robotics, which is effectively contributing to smanrt buildings. This is likely to cause the market in North America to expand at 13.29% CAGR. MRFR study reveals that the regional market value is likely to increase from USD 3,026.0 Million in 2018 to USD 25,725.0 million by 2025.
Smart city development initiatives by governments of the Asia Pacific region are likely to propel smart building market in the evaluation period. The presence of numerous tech-giants that can provide solutions to construct smart buildings and the affordable labor cost are factors that can impel the APAC market.
Key Players
MRFR’s list of key players for the global smart building market includes United Technologies Corporation (US), Control4 Corporation (US), Panasonic Corporation (Japan), HCL Technologies Limited (India), Johnson Controls International PLC (Ireland), Advantech Co. Ltd (Taiwan), Sony Corporation (Japan), Hitachi Ltd (Japan), Cisco Systems (US), IBM Corporation (US), Emerson Electric Co. (US), Honeywell International, Inc. (US), Overkiz (France), GEZE GmbH (Germany), Siemens AG (Germany), ABB Group (Switzerland), Legrand SA (France), Schneider Electric SE (France), and Huawei Technologies Co. Ltd, (China).
Key questions addressed by the report
• What was the historic market size (2018)?
• Which segmentation (Component/Solution/Industry) is driving the market?
• What will be the growth rate by 2025?
• Who are the key players in this market?
• What are the strategies adopted by key players?
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