Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- The transition in the perception of buildings as merely brick-and-mortar structures to those that are intuitive is inspiring the smart building concept implementation globally. The Smart Building market is likely to gross an income worth USD 33.70 billion while progressing with a CAGR of 29.69% in the forecast period spanning a period from 2018 to 2023. At present, the latest building designs being executed around the world are incorporating both wired and wireless IoT infrastructure, which is expected to initiate significant transformation in the market for smart buildings.

The escalated development rate detected in the real estate market in the commercial, residential and government sector is expected to generate incremental demand for the smart building market. The rise in the demand for energy efficient structures due to the inclination towards alternative, cleaner power generation methods is projected to guide the growth of the market in the coming years. Furthermore, the integration of connected devices deployed as an element of IoT-based automation in smart commercial buildings is expected to impel encouraging growth trends in the market for smart buildings. Also, the popularity of the concept of smart cities is central to the progress being perceived in the construction of smart buildings globally. As per this development, governments around the world are formulating policies that are conducive to the smart cities being planned around the world.

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The global population trends indicate that an increased number of people are leaving rural areas for urban regions, which is expected to further motivate the smart building market. The need to improve energy management in buildings that can save money and conserve energy are expected to incentivize the growth of the smart building market in the forecast period.

Market Segmentation

The global smart building market is segmented on the basis of application, automation, and region. On the basis of automation, the smart building market is segmented into infrastructure management system, building energy management system, intelligent security system, and network management system. The building energy management system is responsible for the prime segment in the market with an estimated CAGR of 26.61% through the forecast period. On the basis of applications, the smart buildings market is segmented into commercial buildings, government & public infrastructure buildings, industrial buildings, and residential buildings. The regions included in the smart building market are North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Smart Building Market to Surge Ahead Due to Smart Building Initiatives

The North American region is heading the Smart Building Market with the largest share. The government in the region is very supportive with regards to the expansion of smart buildings. The U.S is the foremost country-level market in the North American region. Besides, other countries in the region such as Mexico and Canada are also observing favorable expansion due to the prevalence of building automation and implementation of smart building technologies. The European region trails the North American region closely, with country-level markets such as the U.K, Germany, and France guiding growth in the market. The government support and increasing integration of energy management solutions are likely to prepare the region for the implementation of the concept of smart buildings.

The Asia Pacific region is projected to observe the most noteworthy expansion at the highest CAGR of 33.03% during the forecast period. As the region has a huge population base and unbridled pollution problems, the concept of smart buildings is also gaining momentum in this region. In China, chief market players are investing in smart building solutions for deployment in the region. Additionally, the amplified growth and approval of cloud-based solutions is expected to influence the smart building market in the region positively in the forecast period.

Key Players

The smart building market globally has been shaped by the presence of players such as Legrand SA, ABB Group, Honeywell International Inc, Schneider Electric, Johnson Controls International PLC, Emerson Electric Co., Control4 Corporation, IBM Corporation, Cisco Systems Inc, United Technologies Corporation, and Siemens AG

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Key Updates

Mar 2019 BuildingIQ has joined the exclusive Intel Internet of Things Solutions Alliance that aims to drive the revenue expansion and market stake for over 500 members in the IoT space. The Alliance plans to make a well-built and sustainable market lead through a solution-centered ecosystem plan founded on Intel architecture. BuildingIQ has achieved a prominent position in the smart buildings market with its technology-enabled services that optimize energy savings, operations, and tenant comfort.

March 2019 E.ON Connecting Energies GmbH has signed an agreement with UK-based smart building solutions provider enModus. The agreement with E.ON will enable enModus to deliver energy savings to businesses in Europe.

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