LOS ANGELES, Oct. 28, 2019 (GLOBE NEWSWIRE) -- The global smart building market is expected to grow at a CAGR of around 15.3% from 2019 to 2026 and reach the market value of over US$ 160 Bn by 2026.
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The market research study on “Smart Building Market By Solutions (Software, Hardware, Services), By Product (Building management system (BMS), Heating, ventilating, and air conditioning (HVAC), Lighting control, Security and access control, Emergency alarm and evacuation system, Audio and visual effects), By Building Type(Commercial Buildings, Residential Buildings, Government & Public Infrastructure Facilities, Educational Institutions, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insight on the global smart building market entailing insights on its different market segments.
North America is projected to dominate the regional smart building market during the market period. The region is expected to experience growth owing to its developed technological infrastructure. The major players are also investing in the regional market which is also supporting the regional market growth. For instance, Semtech's LoRa Corecell has released reference design aiming indoor gateway applications. It is developed for home, building and factory automation and the reference design employs the LoRaWAN (Wide Area Network) protocol. The SX1250 multi-band sub-GHz RF front end has been designed to work with the Semtech's SX1302. It covers the 915 MHz band for North America, 868 MHz for Europe and others below GHz.
Commercial buildings are anticipated to experience the highest growth during the forecast period owing to the rising demand for the energy-efficient solution which can reduce and monitor the wastage of resources. In addition, smart building energy management solution can accomplish the goal of less operational cost for multistory buildings, schools, or building complexes. The aggressive emerging trend of decarbonization, electrification, and resilience across the smart cities to combat the emissions from the commercial buildings is also supporting the segment growth. Various municipal governments are targeting new and existing commercial buildings for greenhouse gas emissions is further stimulating the segment growth. In 2019, GridPoint, a smart building technology innovator has announced an investment by Hannon Armstrong, a leading investor in climate change solutions. The investment allows GridPoint to accelerate the growth of energy management as a service in the commercial building sector.
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Some of the leading competitors are Siemens, Honeywell, Schneider Electric, Johnson Controls, United Technologies, Cisco, Control4, Delta Controls, Emerson, IBM and others. The major players are involved in mergers & acquisitions, partnerships and new product development for the expansion of market share and also for increasing the product portfolio of the company. Furthermore, Signify and Cisco announced a collaboration to redefine the meaning of smart office with Norwegian systems integrator Atea. A partnership announced between Infosys, Microsoft, and Johnson Controls to accelerate the convergence of physical and digital infrastructure with smart building solutions. Skanska and Innogy teamed up for utilization of spaces, optimizing building productivity and safety and for enhancing the wellbeing of building users. Johnson Controls and Foxconn Industrial Internet announced a formal collaboration for boosting smart building and smart city technologies.
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Some of the key observations regarding smart building industry include:
- Cisco completed the acquisition of Sentryo in August 2019. The Sentryo is a global provider of device visibility and security solutions for Industrial Control System (ICS) networks. After acquisition, Cisco is able to offer control systems engineer deeper visibility into assets optimization, anomalies detection, and network security for better results.
- Adesto® Technologies Corporation, IBM and NXP® Semiconductors are combine demonstrating a powerful solution for smart buildings that provides a new level of security with Industrial Internet of Things (IIoT) deployments. IBM Watson IoT Platform, Adesto's SmartServer™ IoT edge server and NXP’s ready-to-use A71CH secure element for IoT devices are together enabling an extra layer of security for businesses connecting to the IBM cloud.
- A wholly-owned subsidiary of Hitachi named Hitachi Vantara has launched Lumada Video Insights in 2019. It's an end-to-end intelligent, and an adaptable suite of applications that delivers operational safety and business intelligence (BI) with the help of IoT, video, AI and analytics.
- Hitachi elevators developed a smart building ecosystem using AI and IoT in the year 2019. the new facility aims to provide a wide range of buildings with multi-directional, custom-designed, in building transportation solutions.
- Siemens has acquired Enlightened, a silicon valley based provider of Internet of Things (IoT) systems for residential and commercial buildings. The IoT platform will help Siemens to reduce energy consumption and improve space utilization.
- Osram, a global high-tech lighting company, and Facility Solutions Group has announced a collaborative partnership for smart building IoT solutions in the second quarter of 2019.
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