The Global Smart Building Market is projected to reach a value of over USD 145.3 billion by 2027 at a CAGR of around 11.5%
A smart building is refers to a structure which uses automated processes to automatically control the building operations. It uses sensors, microchips, and actuators to collect the data and manage as per the business services and functions. Whereas, it benefit the owners as well as the operators to enhance the performance by minimizing the use of energy, and reduce the environmental impact of buildings. Moreover, it also helps to provide the most cost effective way to design and deployment of building technology system. These advancement will boost the growth of the market in the forecast period.
Market Driver:
With the implementation of IoT platform in the building automation technology is witness to boost the growth of the market in the forecast period. Whereas, it helps to enable to automate the building, technology, as well as energy systems to enhance the facility. Also, it can advance with the features such as operation cost reduction, enhance occupancy service as well as help to reduce the building impact on environments.
Furthermore, it also helps to provide access to real-time monitoring of electric, water and gas meters. As well as the IoT also facilitates asset digitization at the building or at the individual asset level. Moreover, the IoT smart building leverage sensors, cloud technology, control range of building system from air conditioning to lighting as well as security system. Hence, these will lead to fuel the grow the of the market in the forecast period.
Market Restraints:
One of the major key concern of the market is the high initial investment which may hamper the market growth. Whereas, the high initial cost is being need for developing, installing and designing systems combine with the technical knowledge, which may hamper the market growth. However, the smart building concept is lead to the implementation of the technology growth in the construction sector worldwide. As the deployment of this concept is except to create a heavy initial cost which is the challenging factor for the market growth.
Hence, the high initial investments required for constructing a smart building is the major factor which may restraining the growth of smart building market.
The report on the smart building market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Component, Solution, End-User, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Building Market, by Component
Smart Building Market, by Solution
Smart Building Market, by End-User
Smart Building Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Smart Building Market STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
