LONDON--(BUSINESS WIRE)--The global smart buildings market is expected to grow at a CAGR of around 12% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global smart buildings market for 2017-2021. The market is segmented based on product, which includes BMS, HVAC, lightning control, security and access control, emergency alarm and evacuation system, and audio and visual effects.
Smart building is the integration of building automation with analytical tools of all standalone systems to make the whole structure intelligent. The demand for efficient utilization of energy and upcoming intelligent offices will increase the smart building revenues during the forecast period. The global smart buildings market will be largely driven by the construction of new buildings across the regions during the forecast period, which will largely focus on the maximum energy utilization with the help of smart systems.
Technavio analysts segment the global smart buildings market into the following regions:
- EMEA
- Americas
- APAC
EMEA: largest smart buildings market
“The Middle East is one of the rapidly growing regions for smart buildings. Abu Dhabi, Doha, Riyadh, Kuwait City, Dubai Dammam, and Jeddah are the major cities in the Middle East. The region is the emerging hub of mega-scale development projects that will meet infrastructure progress with sustainability,” says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for research on automation.
Europe accounts for the highest share in the smart buildings market, owing to the awareness among end-users to enhance energy efficiency, comfort, and operational capability of buildings. The European market is mature, and the growth will be realized due to the replacement of decades-old smart buildings system. Germany, UK, France, Belgium, Denmark, Italy, and the Netherlands are the major markets in the region.
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Smart buildings market in the Americas
“Major investments in real estate and infrastructure development with increasing awareness about sustainable utilization of energy are major drivers of growing smart solutions in the region. Increasing population and rapid economic growth will lead to heavy investments in automation of residential buildings to enhance the comfort and energy efficiency,” says Raghav.
The US and Canada are the major markets in the Americas. Rapid industrial and commercial growth in Brazil, Colombia, Mexico, and other countries are anticipated to deploy more smart solutions during the forecast period.
Smart buildings market in APAC
APAC is the rapidly growing region in terms of smart buildings due to increasing commercialization and industrial development activities in growing economies countries such as India, China, Taiwan, South Korea, Singapore, and Australia. Increasing awareness regarding smart solutions among end-users and respective governments efforts to curb the emissions and save energy are the major drivers in the region.
The commercial sector will show the maximum growth, especially hospitals, airports, and commercial offices. Growing economies countries are making heavy investments in infrastructure development to attract the business and foreign investments, which fuels the demand for smart solutions.
The top vendors in the global smart buildings market highlighted in the report are:
- Siemens
- Honeywell
- Schneider Electric
- Johnson Controls
- United Technologies
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