According to IMARC Group’s latest report, titled “Smart Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global smart building market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 15% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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A smart building is an integration of various automated processes from heating, ventilation, and air conditioning to security and lighting. It primarily includes HVAC systems, security devices, occupancy sensors, water management devices, advanced lighting controls, parking assistance systems, etc. Smart buildings offer enhanced security, real-time monitoring, optimum space utilization, and reduce energy consumption. As a result, smart buildings are widely adopted across diverse sectors, including residential, healthcare, hospitality, retail, etc.
Market Trends and Drivers:
Rapid urbanization, coupled with the increasing demand for energy-efficient buildings, is primarily driving the smart building market growth. Moreover, the growing penetration of Internet-of-Things (IoT)-based devices and automated systems to facilitate smooth functioning and monitoring within smart buildings is further propelling the global market. The market is also driven by the introduction of numerous government initiatives to develop smart cities, particularly across the emerging economies. Furthermore, rising consumer awareness regarding the need for energy conservation has further led to the emergence of energy-efficient and sustainable infrastructures. Besides this, several innovative technologies, such as cloud computing, data analytics, and artificial intelligence (AI), are being integrated with automated building systems, thereby augmenting the market growth. Apart from this, the rising security concerns have also led to the adoption of video surveillance, access control and emergency systems in smart buildings.
Smart Building Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players: