Smart Buildings Market Expected To Experience The Highest Growth In The Upcoming Future

The mounting need for integrated security and safety systems coupled with the reduction in operational costs are some of the major factors driving the market.

On the basis of region, Europe is expected to dominate the smart buildings market during the forecast period, owing to the augmented initiatives by the region’s governments for development and innovation of building’s smart and intelligent structures. Moreover, in Europe initiatives to push smart and zero energy buildings, with compulsory changes to country level building codes and the Energy Performance of Buildings Directive (EPBD), are also responsible in propagating the growth of this market to enhance existing infrastructure.

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Factors like high initial investment costs for construction of a smart building may hamper this market. Building owners and end users often do not realize that the cost is primarily dependent on the complexity involved in integrating different applications. However, growing efforts by manufacturers, facility managers, and governments to increase customer awareness of the long-term benefits of installing building automation systems are expected to reduce the impact of this restraining factor during the forecast period.

On the basis of solutions, services segment is expected to have a largest share of smart building market, owing to the building standards and protocols that are responsible for the innovation of smart buildings. Whereas, on the basis of product, Building Management System (BMS) holds the maximum share accounting to the technical developments like Internet of Things (IoT) and cloud computing.

The global smart buildings market can be segmented on the basis of solution, product and region. On the basis of solution, the global smart buildings market can be segmented into Software, Hardware and Services. On the basis of product, the global smart buildings market can be segmented into Building Management System (BMS), Heating, Ventilating, & Air Conditioning (HVAC), lighting control, security & access control, emergency alarm & evacuation system and audio & visual effects. On the basis of region, the global smart buildings market can be segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America.

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Some of the key players in the global smart buildings market include ABB Group, Siemens AG, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., and United Technologies Corporation.

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