The smart buildings market is projected to grow from USD 66.3 billion in 2020 to USD 108.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. Rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy efficient system. Rising adoption of IoT-enabled building management system and raising awareness of space utilization to drive the growth of the market across the globe. However, the lack of cooperation among standard bodies and uniform technology among smart building solutions and high cost of implementation is expected to restrict the growth of the market across the globe.
Based on solution type, the energy management segment is expected to grow with the fastest growth rate during the forecast period The energy management segment is projected to grow with the most rapid growth rate in 2020 to 2025.Energy management solutions for smart building help to reduce and monitor the energy consumption of the building.
Keeping operational expenses low is a continuous challenge for owners and managers of multistory buildings, schools, or building complexes. Some of the infrastructure available for managing energy in buildings is designed for large systems and not for managers with smaller budgets, resulting in high costs of adoption and integration.
Based on building type, the commercial building segment is expected to lead the Smart buildings market in 2020. The commercial building segment is expected to lead the smart buildings market in 2020.Energy performance of commercial buildings is a significant challenge for the commercial sector as these buildings consume higher energy and also generate more waste in the form of carbon and other solid wastes.
Therefore, appropriate and tailor-made solutions are needed for optimized energy performance to reduce building energy consumption without compromising comfort or security.
The Asia Pacific (APAC) smart buildings market is projected to grow at the highest CAGR during the forecast period. The APAC smart buildings market is projected to grow at the highest CAGR during the forecast period.The growth of the market in Asia Pacific can be attributed to innovative building technologies are getting traction in the APAC region due to presence of various smart buildings market vendors to use such technology for gaining competitive advantage.
Multiple governments in this region have started promoting smart building practices due to rising environmental concerns and the growing need for energy savings. For instance, China has invested heavily into over 2,500 green building projects, and Singapore has decided to aim for 80% cent of its buildings to be certified as Green, under its Green Mark scheme by 2030.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the Smart buildings market.
The breakup of the profiles of the primary participants is given below: • By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15% • By Designation: C-level – 38%, Directors – 30%, and Others – 32% • By Region: North America – 40%, Europe – 15%, Asia Pacific – 35%, Middle East and Africa – 5%, Latin America – 5%
The major vendors covered in the Smart buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US).
Research coverage The market study covers the Smart buildings market across different segments.It aims at estimating the market size and the growth potential of this market across different segments based on component ( solutions and services), building type, and region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the global digital payment market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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