LONDON--(BUSINESS WIRE)--The new smart building market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing need for building automation,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the smart buildings market size to grow by USD 19.17 billion during the period 2020-2024.
Smart Building Market Segment Highlights for 2020
- The smart building market is expected to post a year-over-year growth rate of 12.51%.
- Based on the product, the BMS segment led the global smart buildings market in 2019.
- The growth of the BMS segment is driven by factors such as increasing industrial development, commercialization, and awareness of the effective use of energy and building optimization.
- 35% of the growth will originate from the Europe region.
- The growth of the smart building market in Europe will be driven by the rising awareness among end-users to enhance the energy efficiency, comfort, and operational capability of buildings.
- 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.
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- The smart building market size is expected to accelerate at a CAGR of almost 13% during the forecast period.
- The smart building market is segmented by Product (BMS, HVAC, Lighting control, Security and access control, and Others), Geography (Europe, North America, APAC, South America, and MEA), and Solution (Software, Hardware, and Services).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report 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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