The global smart building market is expected to witness high growth due to increasing need for safety & security, coupled with energy efficiency and comfort in buildings. Smart buildings are capable of reducing operating & maintenance costs; they also help in minimizing Carbon Dioxide (CO2) levels, as well as ensure the safety & security of the residents. Such factors are expected to drive market growth. The initiatives and regulations by government bodies, technological advancements, and need for safety & security are expected to propel market growth over the forecast period. However, high cost of installation and assembly may restrain market growth. The development of smart grids and smart cities is expected to create significant opportunities for market growth. The Green Building Initiative, a non-profit building assessment and certification organization in the U.S. awards ratings and prescribes principles for reducing environmental impact. Such principles opted by companies may further spur the market.
The global market for smart building is bifurcated on the basis of products as lighting, safety & security, monitoring, heating ventilation & air conditioning (HVAC), energy management, emergency systems, and car parking management. Energy management systems are expected to account for a major share in the market due to need for reduction of energy-associated costs. Types of automation systems in the smart building market include energy management systems, physical security systems, water management systems, parking management system, communication system, and elevator management system. Physical security systems comprise of surveillance solutions, access control systems, and alarming systems. Communication systems such as the LAN or WAN-based communication architecture, video conferencing, and wireless systems such as Zigbee, Z-wave or Bluetooth are expected to witness high growth due to need for remote monitoring and surveillance. Smart buildings find applications in educational, commercial, industrial, hospitals, airports, and residential infrastructures.
Europe is expected, to dominate the smart building market due to the presence of a large number of service providers in the region. The Middle East is expected to witness a high growth rate in the market owing to major projects being done in the region. For example, the King Abdullah University of Science & Technology in Saudi Arabia, the Dutch Embassy in Jordan, and the Mirdif City Centre in Dubai. The key players in the market include Cisco Systems Inc., Control4 Corporation, Schneider Electric SA, Leviton MFG. Company Inc., Siemens Buildings Technologies, Emerson Electric Co., Honeywell Scanning & Mobility, United Technologies Corporation, LG Electronics Inc., and Smarthome Inc. Market players are focusing on raising consumer awareness regarding technology in order to boost adoption. In April 2015, Cisco announced a global Cisco partner ecosystem plan to reduce energy consumption and bring down the overall Carbon footprint due to CO2 emissions.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.