Global Smart Buildings Market 2017-2021
About Smart Buildings
Smart building is a solution that transforms an automated building into an intelligent building. It integrates building management systems (BMS) with business systems and provides data analytical tools to all standalone systems to enable the control systems capabilities of making decisions. Smart buildings have automated seamless integration of all the standalone system backed by building Internet of things (BIoT) to make each device intelligent to understand the environment beyond the provided controls and work. Smart buildings can generate analytical reports with the help of analytical tools of cloud or big data to help managers understand the trends and how optimization can be achieved further.
Technavio’s analysts forecast the global smart buildings market to grow at a CAGR of 11.67% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart buildings market for 2017-2021. To calculate the market size, the report considers the new installations, sales, value, retrofit, replacement, aftermarket services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Buildings Market 2017-2021
Technavio recognizes the following companies as the key players in the Global Smart Buildings Market 2017-2021: Siemens, Honeywell, Schneider Electric, Johnson Controls, and United Technologies.
Other Prominent Vendors in the market are: ABB, Advantech, Bosch Security Systems, BuildingIQ, BuildingLogix, Cisco, Control4, Delta Controls, Emerson, IBM, Legrand, Panasonic, and Verdigris Technologies.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing concept of BIoT. Smart building is the integration of all standalone automated systems with additional support features such as cloud integration. An individual automated system generates information via smart sensors and actuators and integrates the processed information with building management control system.”
According to the report, one of the major drivers for this market is increasing demand to conserve energy. According to U.S. Energy Information Administration, energy consumed by the building sector, which comprises residential and commercial buildings, accounts for around 20% of the total energy consumption and is expected to increase at an average of around 1.5% from 2012 to 2040. Non-OECD countries will account for double growth compared with OECD nations. More disposable income and modernization are adding to the increasing consumption of energy.
Further, the report states that one of the major factors hindering the growth of this market is interoperability challenge. The upgrade of building automation to the smart building is the biggest challenge for the smart building industry. Most BMS have been deployed a decade ago and are not compatible to be upgraded with smart tools. Thus, they need to be replaced, which increases the cost of implementation of smart systems and deters the adoption of smart buildings in old structures.
Siemens, Honeywell, Schneider Electric, Johnson Controls, United Technologies, ABB, Advantech, Bosch Security Systems, BuildingIQ, BuildingLogix, Cisco, Control4, Delta Controls, Emerson, IBM, Legrand, Panasonic, and Verdigris Technologies.