Global Smart Building Market: Explores New Growth Opportunities By 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/04/2017 -- According to the report, the global smart building market was valued at approximately USD 7.0 billion in 2014 and is expected to reach approximately USD 36.0 billion by 2020, growing at a CAGR of slightly over 30% between 2015 and 2020. Zion Market Research has published a new report titled "Smart Building (Building Energy Management System, Physical Security System, Building Communication Systems, Plumbing & Water Management System, Parking Management Systems, and Elevators & Escalators Management System) Market for Residential, Commercial, Hospitality, Airports, Institutional, Industrial, and Other Buildings: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020".
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A building that provides a productive and cost-effective environment through optimization of its four basic components such as structure, systems, services, management and the interrelationships between them is called as a smart or intelligent building. A smart building is the integration of energy systems, advanced technology, safety and management. Building technology has been emerging with time which provides various services such as illumination, thermal comfort, automation, physical security, sanitation, and others at the lowest cost. Smart buildings contain a collection of automated subsystems, which includes comfort, lighting, security, communications, information management, or power distribution. A smart building offers real-time systems for managing functions of a building. Smart buildings depend on automation systems and information & communication technology to integrate and manage a facility's core systems.
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The smart building market is driven by various factors such as rapid pace of urbanization across the world, low operating cost and security of building and its inhabitants. Increasing support and favorable government regulations is also expected to mobilize the global smart buildings market. Additionally, smart buildings plays crucial role in energy conservation. However, high cost of smart buildings is expected to be major constraint for this industry.
In order to give the users of this report a comprehensive view on the smart building market, we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter's Five Forces model for the smart building market has also been included. The study encompasses a market attractiveness analysis, wherein product segments and application segments are benchmarked based on their market size, growth rate and general attractiveness.
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Residential buildings, commercial buildings, hospitality, airports, institutional, industrial, and others are the key application segments of smart building market. Commercial building segment dominated the smart building market in 2014. Europe was the largest regional market for smart building in 2014. Strong demand from Germany, UK and France has been resulted into growing demand for smart buildings in the region. Europe was followed by Asia pacific and North America. Asia Pacific is projected to be second highest growing region due to rapidly increasing urbanization.
Some of the key players in the global smart building market such as Johnson Controls, ABB, General Electric, CISCO, Hewlett-Packard, Accenture, Ingersoll Rand Security Technologies, Delta Controls, Emerson Electric, Honeywell, Hitachi, IBM, Schneider Electric, Johnson Controls, TYCO International and Siemens.