Building Energy Management System Segment to Dominate Smart Building Market till 2024

Growing technological advancements and rising need for integrated security and safety systems to drive global smart building market through 2024

According to TechSci Research report, “Global Smart Building Market By Building Automation Software, By Services, By Building Type, By Region, Competition, Forecast & Opportunities, 2024”, global smart building market is projected to grow at a CAGR of around 32.7% during 2019-2024 due to high demand for security and safety systems to improve operational efficiency. Global smart building market can be segmented based on software, services, building type and region. In terms of software, building energy management system segment is anticipated to lead the market as it helps to improve the energy management and operational efficiency and the trend is likely to continue in the forthcoming years as well. Smart building market caters to various building types such as commercial building, residential building, government & public infrastructure facilities, educational institutions and others.

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On the basis of services, the market can be segmented into professional and managed services. Professional services accounted for the largest market share in 2018 and is expected to maintain its position during the forecast period as well. In terms of building type, the market can be segmented into commercial building, residential building, government & public infrastructure facilities, educational institutions and others. Of all, commercial building acquired the lion’s share in 2018 and the segment is anticipated to maintain its leading position in coming years as well. This is attributed to the fact that commercial sector includes offices, malls, etc., which requires smart building infrastructure in order to reduce total operational cost incurred due to huge utilization of energy.

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Major players operating in global smart building market are Honeywell International, ABB Ltd., Schneider Electric, Siemens, Cisco, Johnson Controls, Enerson Electric, Legrand, United Technologies Corporation, etc. The companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market.

“Global smart building market is expected to register growth in the coming years, on the back of increasing urbanization and rising demand in developing economies, such as Saudi Arabia, China and India, owing to increasing smart buildings. The market would offer lucrative growth opportunities to companies operating in this domain, owing to technological advancements and favorable government initiatives.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Smart Building Market By Building Automation Software, By Services, By Building Type, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global smart building market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global smart building market.

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