Press release
Intelligent Building Market Segments, Regional Study, Emerging Trend and Future Prospects
Intelligent Building Market
The global intelligent building market was valued at $12,371 million in 2017, and is projected to reach at $42,649 million by 2024, growing at a CAGR of 19.6% from 2018 to 2024.
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Rise in need for new energy efficient interventions, increased market for Building automation and control systems, supportive industry standards and regulations toward smart buildings, and extensive IoT penetration in building management systems drive the growth of the global intelligent building market.
However, high initial investment and complex interoperability between various systems and devices deployed for managing infrastructure hampers the intelligent building market growth.
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Competitive Analysis:
The competitive environment of Intelligent Building Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Intelligent Building Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
ABB
Cisco Systems, Inc.
Delta Controls
Honeywell International Inc.
Intel Corporation
Johnson Controls
Legrand
Schneider Electric
Siemens AG
United Technologies Corporation and Many More
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Region wise, Europe generated the highest revenue in 2017; however, the Asia-Pacific segment is anticipated to witness the fastest growth registering a CAGR of 23.2% during the forecast period.
Based on type, the intelligent security system segment led the intelligent building market in 2017 and is projected to maintain its dominance in the future. However, the building energy management system segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to reduce the carbon emission and for energy conservation.
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