The global smart building market witnessed strong growth during 2014-2019. A smart building includes an integration of various automated processes pertaining to air conditioning, ventilation, security, heating, lighting, etc. It primarily comprises of HVAC systems, occupancy sensors, security devices, advanced lighting controls, water management devices, parking assistance systems, etc. Smart buildings offer enhanced security, real-time monitoring, optimum space utilization, and better energy performance. As a result, these buildings are widely adopted across several sectors, including residential, hospitality, retail, healthcare, etc.
The rising number of smart cities across the globe along with the increasing demand for energy-efficient buildings is primarily driving the market growth. Furthermore, the increasing penetration of Internet-of-Things (IoT)-based devices for remote monitoring is also augmenting the market for smart buildings. The growing popularity of building automation systems pertaining to security, entertainment, telecommunications, and facility management, is further propelling the market growth. The market is also driven by the rising levels of urbanization coupled with the increasing number of government initiatives for developing smart infrastructures, across both developed as well as developing nations. Additionally, the rising consumer awareness towards the need for energy conservation has further led to the emergence of energy-efficient and ecologically sustainable buildings. Moreover, the high penetration of Building Information Modelling (BIM), and intelligent prefabrication systems is also catalyzing the development of advanced infrastructures. Several innovative technologies, such as big data, cloud computing, data analytics, and artificial intelligence (AI), are also helping in preventing building equipment downtime and reducing operational costs. Apart from this, the rising security concerns have also led to the growing adoption of access control, video surveillance, and emergency systems in smart buildings.
The outbreak of the COVID-19 pandemic in early 2020, however, led to supply chain disruptions and a temporary halt in several construction projects due to national lockdowns. From 2021 onwards, however, we expect the global smart building market to recover and continue its strong growth during 2021-2025.
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The competitive landscape of the industry has also been examined with some of the key players being ABB Ltd, Cisco Systems Inc., Hitachi Ltd., Honeywell International Inc, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Johnson Controls International Public Limited Company, Schneider Electric SE and Siemens AG.
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