[223+ Pages Report] The latest findings and offering on the smart buildings market released by Facts & Factors provides complete historical and future market study. We at facts and factors estimate that the global smart buildings market will be valued at USD 65.3 Billion in the year 2020 and will grow at an estimated CAGR rate of 10.8% to an overall value of USD 106.2 Billion by 2026.
Global Smart Buildings Market: Overview
Smart buildings are infrastructure that has the capability to incorporate an automated process that can control the building’s operations in terms of heating, ventilation, air conditioning, lighting, security, and other ranges of systems from time to time. These building structures use sensors, actuators, and microchips in order to collect an array of data in order to regulate the intended settings and controls. Smart buildings improve asset reliability and performance by reducing energy usage and often incorporating how space is utilized in the most efficient manner.
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Global Smart Buildings Market: Growth Factors
The primary driving factors for the global smart building market contribute to the rising adoption of IoT-based building management systems coupled with increasing awareness about space utilization to name a few. Additionally, rising industry standards and regulation coupled with increasing demand for managing energy effectively is expected to increase the global smart building market during the advent of the forecast. Moreover, the rising demand from the sector of facility occupants coupled with the increasing integration of smart buildings for new office environments is expected to boost the global smart building market during the advent of the forecast.
The global smart building market is expected to be driven by factors pertaining to the rising need for safety and security coupled with reducing operational and maintenance costs to name a few. Additionally, factors attaining to reducing carbon dioxide (CO2) levels with proper implementation of smart building systems coupled with a rising number of initiatives and regulations by various government bodies are expected to boost the global smart building market during the advent of the forecast period. However, a lack of global coordination in regards to a common set of rules and regulations is expected to hamper the growth of the global smart building market during the forecast period.
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Global Smart Buildings Market: Segmentation
The global smart building market is segmented into products, building types, and regions.
The global smart building market is divided into lighting, safety & security, monitoring, heating, ventilation & air conditioning (HVAC), energy management, emergency systems, and car parking management systems, and others on the basis of products. The segment pertaining to energy management systems is expected to witness the largest market share during the advent of the forecast owing to rising demands for a reduction in energy-associated costs associated with buildings, schools, and buildings coupled with increased functionalities by continuous real-time monitoring of systems to name a few. On the basis of building type, the global smart building market is categorized into residential, commercial, and industrial. The commercial segment is expected to occupy the largest market share during the advent of the forecast owing to the increasing demand for appropriate and tailor-made solutions for optimized energy solutions from the commercial sector coupled with increasing comfort & security measures to name a few.
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Global Smart Buildings Market: Regional Analysis
North America is expected to witness the largest market share during the advent of the forecast owing to the integration of advanced technologies such as IoT, big data, cloud computing, data analytics, and deep learning & AI solutions within smart building systems coupled with rising regulatory hurdles towards increasing consumer sustainability standards to name a few. Additionally, an increasing amount of population contributing to technological advancements in the region coupled with rising demand for leveraging smart building systems for regulating energy and storage needs is expected to increase the footprint of the smart building market during the forecast period. Moreover, rising government support for making smart building solutions more accessible and cost-effective is expected to open new revenue opportunities for the smart building market during the forecast period. Europe is expected to witness the subsequent market share owing to the increasing number of service providers in the region coupled with the increasing adoption of smart building systems in the region.
Global Smart Buildings Market: Competitive Players
The key market participants for the global smart building market are 75F, ABB, Aquicore, Bosch, BuildingIQ, Cisco, CopperTree Analytics, ENTOUCH, Hitachi, Honeywell, Huawei, IBM, Igor, Intel, Johnson Controls, KMC Controls, Legrand, Mode: Green, PTC, Schneider Electric, Siemens, Softdel, Spaceti, Telit, Verdigris Technologies, and Emerson Electric Co. Ltd., among others.
Browse detail report with in-depth TOC @ Global Smart Buildings Market, 2021-2026
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