Smart building provides the structure to automatically handle operations and functionalities in a building such as controlling lighting, security monitoring, ventilation and heating, parking, maintenance and various other systems. Smart buildings collect data using sensors, microchips, and actuators, and manage systems accordingly. This enables improved performance and reliability of assets, which automatically affect energy use, space optimization, and environmental impact of buildings.
A global smart building includes real-time systems for handling the working of a building using a single interface. Smart buildings use hardware and software, which makes the building function more efficiently and it also improve its life-span by tracking and alerting the concerned personnel regarding potential or existing problems. This can be done by installing building automation systems (BAS) and networking technologies.
Primary factors driving growth of global smart buildings market are increasing demand for system integration, need to improve energy efficiency, for improving productivity of an organization, to ensure support for maintenance etc.
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High investment for well-constructed and integrated smart technologies are some of the major factors restraining growth of the global smart building market.
The global smart building market is segmented on the basis of type, application, and regions. The regions covered are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to be the major revenue contributor to the global smart building market throughout the forecast period due to significant adoption rate, modified policy frameworks, operational efficiencies, cost containment, and sustainability benefits, and changing business dynamics.
Key players in the global smart building market include ABB, Siemens, Schneider Electric, International Business Machine (IBM), BuildingIQ, and UTC, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., Delta Controls, and Johnson Controls Construction.
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