Smart Buildings Market is Growing to Reach USD 83,384 Million By 2025
According to the report, The global Smart Buildings market is predicted to be valued at approximately USD 10,243 million in 2018 and is expected to reach a value of around USD 83,384 million by 2025, at a CAGR of around 34.7% between 2019 and 2025.
A smart building is an edifice that makes use of mechanized methods for automated control of the building functions including heating, ventilation, lighting, air conditioning, and other household or residential systems. Moreover, smart construction makes use of sensors, microchips, and actuators for garnering data and handling it as per business needs. The smart building infrastructure helps the owners of the houses, operators, and facility personnel for enhancing the asset performance for minimizing power consumption and contributing towards the green ecosystem.
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Furthermore, commercial constructions make use of a large amount of power, and hence automated systems that measure and check the energy efficiency has become a key component of the energy management activities. Apparently, huge concerns over energy preservation and green constructions will steer the business growth over the forecast period.
In addition to this, an escalating requirement of integrated security & safety systems in the new constructions is likely to steer the market expansion over the forecast period. However, high initial costs including development & deployment of automation in the buildings can restrict the market growth over the forecast timeline.
Intelligent Security Systems to lead the automation type segment by 2025 in terms of value
The growth of the intelligent security systems segment during the forecast period is credited to massive security concerns across the globe resulting in a need for new & reliable technologies for buildings.
Europe to contribute a major market revenue share over the forecast period
The regional market growth during the period from 2019 to 2025 is credited to the launching of new initiatives by the government for constructing smart buildings & intelligent commercial structures.
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Some of the key players involved in the business include IBM Corporation, Honeywell International, Johnson Controls, Siemens AG, Cisco Systems, Schneider SE, United Technologies Corporation, ABB Group, Buildingiq, Inc., and Delta Controls among others.
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