What is Smart Buildings Market?
Any building structure that uses automated process to carry out and control construction operations are known as smart buildings. The smart building operations include ventilation, air conditioning, heating, lighting, security and other systems. Inclusion of smart building technology has dribbled down to many areas of day to day life, one such example being that of smart buildings.
The market study is being classified by Type (Building Energy Management System (BEMS), Physical Security System, Building Communication Systems, Plumbing and Water Management System, Parking Management Systems and Elevators and Escalators Management System), by Application (Residential Buildings, Commercial Buildings, Hospitality, Airports, Institutional, Industrial and Others) and major geographies with country level break-up. According to AMA, the Global Smart Buildings market is expected to see growth rate of 29.24%
Siemens (Germany), Honeywell (United States), Schneider Electric (France), Johnson Controls (United States), United Technologies Corporation (United States), ABB (Switzerland), Advantech Co., Ltd. (Taiwan), Bosch Security Systems (United States), BuildingIQ (United States) and BuildingLogix (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Cisco (United States), Control4 (United States), Delta Controls (Canada), Emerson (United States), IBM (United States), Legrand (France), Panasonic (Japan) and Verdigris Technologies (United States).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Smart Buildings market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Smart Buildings market by Type, Application and Region.
On the basis of geography, the market of Smart Buildings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Upsurging Need for Safety and Security Systems
- Increasing Disposable Incomes
- Growing Government Initiatives for Smart Building Projects
- Adoption of Artificial Intelligence and IoT in Construction Automation
- Comparatively Higher Initial Investment
- Lack of Awareness in Underdeveloped Regions
- Increasing Awareness about Environmental Concerns and Green Building Construction
- Increasing Demand for Smart City Development
- Requires Skilled Workforce
- Limited Functionality and Lack of Identical Set of Standards
On November 12th, 2018, Siemens and Aruba, a Hewlett Packard Enterprise company, has announced a strategic partnership focused on bridging the Operational Technology (OT) and Information Technology (IT) worlds. Based on the respective partnership, Siemens and Aruba are able to support customers with highly reliable, secure and insightful data networks enabling high plant and network availability.
Governments of major economies across the globe have started caring about energy loss, efficiency and sustainability in the smart building sector that has resulted in several bylaws, regulations and standards related to green buildings. Number of governments have announced clear sanctions and incentives related to green building performance. Owing to rules and regulations across the globe there is a clear positive shift towards and smart green buildings.
Key Target Audience
Broadband Service Providers, IoT Companies, Smart Building Manufacturers, Telecom infrastructure suppliers, Communications Component Providers, Cloud services and datacenter companies, Local, State, and Federal Government Organizations and Others
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