Sarasota, FL -- (SBWIRE) -- 07/31/2018 -- The new report by Zion Market Research on the "Smart Building Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024" has a vast information about the market and its potential. 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.

Market Summary

A smart building is any type of infrastructure that makes use of automation in order to control the operations of the building which can be anything such as ventilation, lighting, heating, air conditioning, security, and much more. To do all this actuators, sensors, and microchips are used within the building to collect the data and accordingly manage the services and functions. Such type of infrastructures help the operators, owners, and facility managers to enhance the asset performance and reliability, which leads to space optimization, minimizes the energy utilization, and reduces the environmental impact of buildings.

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Value

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.

Drivers and Restraints

The major factor driving the growth of smart building market is the globally increasing concerns about the energy consumption. The utilization of energy is increasing at a rapid rate thus making it necessary to find efficient ways to utilize it wisely. Since there has been an increase in the number of commercial complexes that consumes a significant amount of electricity and other types of energy the requirement for the automation systems has increased.

High initial investment is required for developing, designing, and installing systems coupled with the increased technical knowledge these factors are expected to limit the growth of the market.

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Commercial buildings include office buildings, retail infrastructures such as malls, shopping stores, and others. All these buildings have huge utilization of energy and require high-tech security systems thus commercial buildings have increased utilization of the automated systems. The commercial buildings segment accounted for the largest share in 2016 and is expected to retain its dominance throughout the forecast period. The commercial building segment is anticipated to register CAGR of approximately 34% during the forecast period. Increasing energy-saving concern in order to reduce the operational cost will drive the growth of this segment.

Europe holds the dominant position in the smart building market followed by North America and Asia Pacific. The factors that are driving the market in Europe are high adoption rate of the technological advancements and improved and favorable government initiatives to build smart and intelligent structures. It is anticipated that Asia Pacific will grow with the highest CAGR of approximately 35% between 2017 and 2024. The factors that are positively affecting the growth of the market in Asia Pacific are increasing disposable income, growing commercial infrastructures, and rising adoption of advanced automated technologies, especially in the developing regions.

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Industry Players

The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is Siemens AG, ABB Group, Cisco Systems, Schneider SE, United Technologies Corporation, Buildingiq, Inc., Honeywell International, IBM Corporation, Johnson controls, and Delta Controls, among others.

The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In October 2017, Schneider Electric had launched EcoStruxure Building, a new platform designed to support the management of smart buildings.