Global Smart Buildings Market: Rising Emphasis on Energy Efficient Buildings to Boost Construction, finds TMR

Growing emphasis on the need to reduce carbon dioxide emission will impel the construction of smart buildings, states Transparency Market Research (TMR) in a new research report. The report is titled, “Smart Buildings Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2013–2019.”

According to the report, emphasis on the construction of energy efficient buildings is one of the primary factors driving the adoption of smart buildings across the globe. The growth of the global smart buildings market can be attributed to the constantly changing demographics and hyper-urbanization. The need for saving energy due to depletion of non-renewable energy sources has impelled consumers to adopt alternative solutions. As smart buildings involve automation and operating buildings in a more energy efficient manner, it is being considered as a potential solution for combating energy needs in new structures.

The report states that the success of smart buildings is completely dependent on the significant use of software and hardware that not only makes enables efficient operation of the buildings, but also improves the life span through problem tracking technology. The technology deployed in smart buildings also alerts residents of the building regarding any issue that is likely to occur in the building in future. Such features of smart buildings are likely to boost the growth of the global market over the next couple of years.

The rising concerns regarding vandalism in commercial and residential buildings have forced owners to focus on enhancing the security systems. As a result of this, constructors are integrating the existing safety and security systems. Furthermore, the increasing adoption internet of things (IOT) platforms in the building automation technology is likely to augment the construction of smart buildings across the globe. The rising environmental concerns have pushed governments across the world to initiate the construction of green buildings. This trend is likely to bode well for the growth of the global smart buildings market. Vendors in the smart buildings market are likely to gain from the flourishing wave of smart cities and advent of cloud IOT platforms.

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However, the high cost of deployment and complexities occurring during the replacement and upgradation of legacy systems are likely to act against the growth of the global smart buildings market. The availability of limited skilled workforce and lack of awareness among consumers are further expected to inhibit the construction of smart buildings. On the basis type, the global smart buildings market is classified into escalators and elevators management systems, parking management systems, water and plumbing management systems, building communication systems, physical security systems, and building energy management systems (BEMS).

The report presents an in-depth analysis of the growth trajectory of the global smart buildings market. It highlights the factors that are likely to positively or negatively affect the growth of the market. The study also presents information on the projected revenue and volume growth of the market. It also presents insights into the key strategies, shares, and products of the leading companies operating in the market.

Geographically, the global smart buildings market is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific is likely to emerge as the most lucrative region in terms of opportunities that are likely to arise in future due to the growing trend of smart cities. Some of the key players in the market are Siemens, Schneider Electric, Accenture, Hewlett-Packard, ABB, CISCO, General Electric, and Johnson Controls.