New York, NY, March 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Building Market by Automation Type (Energy management, intelligent security systems, Infrastructure management, and Network & communication management), By Service (Professional services and Managed services), and for Applications (Commercial, Residential, Government, Airports, Hospitals, Institutes, Manufacturing & Industrial facilities, and Others): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
According to the report, the global smart building market was valued at around USD 5,800 million in the year 2016 and it is expected to reach approximately USD 61,900 million by 2024. The global smart building market is expected to exhibit a CAGR of more than 34% between 2017 and 2024.
Browse through 23 Tables & 47 Figures spread over 110 Pages and in-depth TOC on "Global Smart Building Market: Industry Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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Market Report Highlights
- Increasing investments in construction and infrastructure projects coupled with increasing need for energy management will trigger the demand for the smart building market in the coming years.
- Emerging economies such as China, Brazil, and India are expected to experience a significant market growth owing to the increasing disposable income and rising adoption rate of automation technologies in the regions.
- Increasing awareness about energy management and conservations across the world will increase the popularity of the energy management automation system in the smart building market.
- High capital and advanced technical requirements are factors that may limit the growth of smart building market.
- By services, professional services contribute a prominent share in the smart building market.
- The increasing government initiatives in the commercial applications contribute to the major share of the segment in the global smart building market.
- Europe anticipates holding the dominant position in the global smart building market with around 39% share in 2017.
- In the European countries, initiatives are being taken to build smarter and zero energy buildings thus contributing to the growth of the smart building market.
- China and India are some of the leading countries that contribute the majority of the share in the smart building market in Asia Pacific region.
- Slow economic growth and low awareness of technological advancements in the Middle East & Africa is expected to limit the growth of the market in the region.
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According to the analysts and insights shared by the industry experts, opportunities for the intelligent security systems automation will be increasing in the coming years owing to increasing security concerns. The intelligent security systems will be offering services that will be utilizing the latest technologies thus providing enhanced reliability.
There is a rise in the number of buildings that are getting smarter. These infrastructures incorporate many of the advanced technologies in it, such as managing the lighting, energy, heating, and also the security systems. The major factors that will prompt the growth of these smart buildings are the increasing demand for integrated security & safety systems and growing government initiatives for smart building projects.
Browse the full " Smart Building Market by Automation Type (Energy management, Intelligent security systems, Infrastructure management, and Network & communication management), By Service (Professional services and Managed services), and for Applications (Commercial, Residential, Government, Airports, Hospitals, Institutes, Manufacturing & Industrial facilities, and Others): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024" report at https://www.zionmarketresearch.com/report/smart-building-market
In order to minimize the use of energy, for space optimization, and to reduce the environmental impact of buildings, smart buildings serve as a better option. Considering all the above aspects the smart building's infrastructure provides the facility manager and owners to get better asset performance. The ever-increasing consumption of energy and subsequent expenses is driving the demand for the smart buildings. The smart buildings are controlled by automated systems in order to reduce the misuse or loss of energy. Since the energy management system offers benefits of proper energy consumption this segment will grow significantly during the forecast period.
The professional services segment contributed a major market share in 2017. Professional services offer consultation and training activities by understanding the organization requirements, technical goals, and the challenges. Thus handling of the problems is done in an efficient way. Owing to which the demand for the professional services is high.
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The market is growing at a rapid pace in the developing regions. Though Europe dominates the smart building market; Asia Pacific region is anticipated to have an influential growth during the forecast period. The increasing technological developments and adoption of new infrastructure security & services in the emerging countries coupled with rising initiatives for smart buildings will propel the growth of the smart building market in Asia Pacific region.
The major market players in the smart building market are Siemens AG, ABB Group, Cisco Systems, Schneider SE, United Technologies Corporation, Buildingiq, Inc., Honeywell International, IBM Corporation, Johnson Controls, and Delta Controls, among others.
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The global smart building market is segmented on the basis of the automation type, services, applications, and the geographical regions.
Global Smart Building Market: Automation Type Segment Analysis
- Energy management
- Intelligent security systems
- Infrastructure management
- Network & communication management
Global Smart Building Market: Services Segment Analysis
- Professional services
- Managed services
Global Smart Building Market: Applications Segment Analysis
- Commercial
- Residential
- Government
- Airports
- Hospitals
- Institutes
- Manufacturing & Industrial facilities
- Others
Global Smart Building Market: Regional Segment Analysis
- North America
- The U.S.
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of MEA
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