Smart building is a structure that uses
automated methods to mechanically control the building's operations for instance
heating, ventilation, air conditioning (HVAC), security, lighting, and other
systems. It is also referred as intelligent buildings, automated buildings or
buildings that incorporate smart technology. It is equipped with various smart
devices such as microcontrollers, sensors, and microprocessors to automate the
operations of the building. It facilitates remote monitoring of several
elements of a building and reduce manual procedures. It incorporates real-time
systems for managing the functioning of a building by a single interface. The
key benefits are better use of resources, reduce energy consumption, predictive
maintenance, improve building efficiency and increase productivity.
According to study, “Global
Smart Building Market Information by Automation type (Energy
management, Intelligent security systems, Infrastructure management, and
others) by Application (Commercial, Residential, Industrial, and
Infrastructure) and Region - Forecast to 2023” the key companies operating in
the global smart building market are International Business Machines (IBM)
Corporation, Siemens AG, Advantech, Control4 Corporation, Bosch Security
Systems, TYCO International, Honeywell International, Inc., Verdigris
Technologies, Emerson Electric Co, United Technologies Corporation, Schneider
Electric, BuildingIQ, Johnson Controls International PLC, Ingersoll Rand
Security Technologies, Cisco Systems, Inc., Legrand SA, Delta Controls, Leviton
Manufacturing Co. Inc., ABB Group.
Based on component type, smart building market
is bifurcated into services and solutions. Services include integration &
deployment, consulting and support & maintenance. Solutions include
security & emergency management (video surveillance system, access control
system and safety system), building infrastructure management (smart water
management system, parking management system and elevators & escalators
management system), network management, energy management (lighting system and
HVAC control system) and workforce management. Based on technology, market is
segmented into connected device, Artificial Intelligence (AI) and sensor. In
addition, based on end-use industry, market is segmented into commercial
(retail & public assembly buildings, airports & railway stations,
office buildings and hospital & healthcare facilities), residential,
industrial and others.
The smart building market is driven by growth
in awareness with regard to space utilization, followed by rise in adoption of
IoT-enabled building management system, growth in need for energy efficient
building, high investments in real estate, rise in government regulations
toward deployment solutions, increase in need for security in both commercial
& residential buildings, rise in need for integrated security & safety
systems, and growth in industry standards & regulations. However, lack of
cooperation among standard bodies and lack of technology alignment &
skilled professionals may impact the market. Moreover, rise in smart city trend
and emergence of 5G technology are key opportunities for market.
Based on geography, the North-American region
dominates the smart building market, followed by European region owing to high
awareness of security, safety, energy & water management among consumer and
rise in development of building automation technology in the region. The
Asian-Pacific region is expected to witness higher growth rate due to growth in
focus on user convenience & efficiency and rise in development in economy
over the forecast period. It is estimated that future of the market will be
bright because of high investment in infrastructure development during the
forecast period.
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