Based in the U.S., market research and consulting company MarketsandMarkets has produced a report entitled ‘Smart Building Market [Building Automation Systems, Physical Security, Building Energy Management Systems (BEMS), Building Communication Systems, Parking Management, Water Management, Networking], Worldwide Market Forecasts and Analysis (2013 – 2018)’.
This 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.
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, 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 and operating costs, and enhance the life of the building as well as improve the safety and 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 and escalators management systems.
The smart building market has also segmented on the basis of networking technology and applications.
Marketsandmarkets believes that as compared to conventionally-built buildings, the cost incurred in smart buildings is quite high due to the intelligent features involved. This is the major restraint for the building makers or buyers to proceed with the smart building concept.
The study reports that the global smart building market is expected to grow from US$4.22 billion in 2013 to US$18.81 billion by 2018, at an estimated CAGR of 34.8% from 2013 to 2018.