Smart Buildings Market by Product, Solution, and Geography - Forecast and Analysis 2020-2024
- Published: Aug 2020
- Pages: 120
- SKU: IRTNTR44719
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The smart buildings market size has the potential to grow by USD 19.17 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by product (BMS, HVAC, lighting control, security and access control, and others), solution (software, hardware, and services), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABB Ltd., Advantech Co. Ltd., Cisco Systems Inc., Honeywell International Inc., International Business Machines Corp., Johnson Controls International Plc, Larsen and Toubro Ltd., Raytheon Technologies Corp., Schneider Electric SE, and Siemens AG.
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Market Competitive Analysis
The smart buildings market is fragmented and characterized by the presence of many global and regional vendors. Vendors can be large IT firms, IT consulting companies, and system integrators. However, the healthy growth rate of the market and the moderate differentiation on the basis of quality, software, and service, make it easy for companies to achieve high margins in the market. ABB Ltd., Advantech Co. Ltd., and Cisco Systems Inc. are some of the major market participants. Although the increasing demand to achieve high operational efficiency in structures will offer immense growth opportunities, the high switching and installation costs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this smart buildings market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart buildings market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- ABB Ltd.
- Advantech Co. Ltd.
- Cisco Systems Inc.
- Honeywell International Inc.
- International Business Machines Corp.
- Johnson Controls International Plc
- Larsen and Toubro Ltd.
- Raytheon Technologies Corp.
- Schneider Electric SE
- Siemens AG
Smart Buildings Market: Segmentation by Geography
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Europe was the largest smart buildings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The awareness among end-users to enhance the energy efficiency, comfort, and operational capability of buildings will significantly drive smart buildings market growth in this region over the forecast period.
35% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for smart buildings in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
Smart Buildings Market: Segmentation by Product
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The increasing industrial development, commercialization, and awareness of the effective use of energy and building optimization will drive the adoption of BMS, especially in Europe and APAC. As the need to connect different control systems will become eminent, BMS is anticipated to experience high adoption in the commercial sector, high-end residential buildings, and the services sector during the forecast period. Rapid strides in technology innovation will further propel the adoption of BMS as the systems can deploy IoT, analytics, and cloud computing for effective monitoring, controlling, and operating building facilities during the forecast period.
Noting the above factors, the market growth in the BMS segment will be faster than the growth of the market in the lighting control and security and access control segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart buildings market size.
Smart Buildings Market: Key Drivers and Trends
The smart building market will register a CAGR of almost 13% during the forecast period. The increasing demand to achieve high operational efficiency in structures is one of the major factors driving the market growth. The increasing energy consumption and the rising electricity expenses have compelled owners to opt for smart buildings that can automate the control systems and enable them to work seamlessly to avoid energy wastage. Smart buildings allow the constant interaction of communication controls, environment controls, video surveillance, and interior sensors through the cloud to work toward saving energy and keeping the workplace connected. Moreover, smart buildings also enable automation system integration with an enterprise system that improves the productivity of a facility or an organization. This further assists in monitoring the demand and consumption by evaluating further additions to existing controls.
Smart Buildings Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive smart buildings market growth during the next five years
- Precise estimation of the smart buildings market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart buildings industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart buildings market vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Growing need for building automation to enhance business outcomes
- Increasing integration of IoT with building automation software
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