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Smart Building Market Detailed Analysis of Current Industry Figures With Forecasts Growth by 2026

The Smart Building Market research report 2021 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Smart Building market report provides information regarding market size, share, trends, growth, cost structure, Smart Building market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2026.

The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the Smart Building market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the Smart Building industry and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.

The Smart Building Market was valued at USD 82.55 billion in 2020 and is expected to reach USD 229.10 billion by 2026 at a CAGR of over 18.50% over the forecast period (2021 – 2026).

The report presents the market competitive landscape and a corresponding detailed analysis of the major vendors/key players in the market. Top Companies in the Global Smart Building Market: ABB Ltd., Honeywell International Inc., Siemens AG, Schneider Electric SE, Huawei Technologies Co. Ltd, IBM Corporation, Cisco Systems Inc., Johnson Controls Inc, Legrand SA, Avnet Inc., Hitachi Ltd, Softdel (A UNIDEL Company), and others.

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Key Market Trends

Building Energy Management System to Witness a Significant Market Share

– The increasing demand for reduction in energy consumption level and continuing growth of energy use, owing to an increasing number of commercial buildings, created a need to develop innovative techniques, so as to reduce and optimize building energy use.

– Quite recently, building an energy management system (BEMS) has gained popularity because of the increasing interest in energy conservation and savings. Building energy management system is capable to control and monitor the building’s energy needs.

– Bigger buildings require advanced building and predictive analytics, building optimization and continuous optimization, demand response, automated building control, autoDR, and enterprise integration, while small-sized buildings require a system that can provide information on incentive availability, historical billing analysis, and behavioral, educational, and retrofit suggestions. BEMS is playing a key role in fulfilling these requirements.

North America to Dominate the Market Share

– North America holds the prominent share of the global market owing to the presence of the high volume of early adopters in the United States and Canada. Over the forecasted period, the region is expected to dominate the global market, owing to its developed infrastructure that can house smart automation solutions in both the residential as well as commercial segments.

– The governments in the region are also pushing toward the adoption of such smart solutions due to the energy-saving benefits offered by such systems. The US Green Building Council runs the ‘LEED’ program in collaboration with the Bank of America Charitable Foundation providing support to the local governments that are looking for adopting sustainable solutions.

– Moreover, the US government is upgrading its energy grids and upgrading to Advanced Metering Infrastructure (AMI) to reduce energy consumption. According to the US Department of Energy, the buildings sector accounts for about 76% of the electricity used resulting in a considerable amount of associated greenhouse gas (GHG) emissions, making it necessary to reduce energy consumption in buildings in order to comply with the national energy and environmental challenges and to decrease costs to building owners and tenants.

Latest Market Development:

– August 2019 – Honeywell International, Inc. a global vendor in smart building technology and services, introduced the next generation of Enterprise Building Integration (EBI), Command and Control Suite (CCS), and Digital Video Manager (DVM), a suite of solutions enabled by the Honeywell Forge for Buildings platform. These solutions drive facility efficiency, streamline complex functions, and deliver savings across an enterprise.

– November 2019- ABB launched IoT Dashboard for mid-sized commercial building automation solutions. Pre-programmed frames make it easy to configure the dashboard and deliver quick results. The addition of the KNX standard drives interoperability and makes it ideal for use in all commercial building types. The IoT Dashboard can be accessed remotely via a PC or handheld device, allowing users to access several facilities from anywhere.

What are the market factors that are explained in the report?

– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

– Analytical Tools: The Smart Building Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

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Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

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