The study reports that the global Smart Building Market is expected to grow from $4.22 billion in 2013 to $18.81 billion by 2018, at an estimated CAGR of 34.8% from 2013 to 2018.
The report “Smart Building Market, Worldwide Market Forecasts and Analysis (2013 - 2018)” by MarketsandMarkets, defines and segments the building automation systems market into various systems and on the basis of networking technologies with in-depth analysis and forecasting of revenues. It also identifies drivers and restraints for this market with insights on trends, opportunities, and challenges.
The study reports that the global Smart Building Market is expected to grow from $4.22 billion in 2013 to $18.81 billion by 2018, at an estimated CAGR of 34.8% from 2013 to 2018.
Smart building technologies improve the life span of a building by identifying problems as and when they occur, thereby taking required corrective measures. Smart buildings are designed for efficiency of all components of the building such as lighting, monitoring, safety and security, emergency systems, Heating, Ventilation, and Air Conditioning (HVAC) systems, car parking management, and several other aspects. The main forces driving the market are the ability of smart buildings to reduce CO2 emissions, reduce maintenance & operating costs, and enhance the life of the building as well as improve the safety & security of its occupants.
MarketsandMarkets has broadly segmented the Smart Building Market by building automation systems: physical security systems, building energy management systems, building communication systems, parking management systems, plumbing & water management systems, and elevators & escalators management systems. Smart Building Market was segmented on the basis of networking technology and applications also. By Regions: North America (NA), Europe (EU), Latin America (LA), Asia Pacific (APAC), and Middle East and Africa (MEA).
MarketsandMarkets believes that as compared to conventionally built buildings, the cost incurred in smart building is quite high due to the intelligent features involved. This is the major restraint for the building makers or buyers to proceed for smart building concept.