Smart Building Market Analysis The global Smart Building Market will touch USD 25,725.0 million at a 17.44% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. A smart building, put simply, is a structure which uses automated processes to control different building operations automatically like ventilation, energy management, security, heating, air conditioning, and other systems. It is equipped with different forms of smart devices and electronic components like microprocessors, microcontrollers, microchips, and sensors for collecting and processing pertinent data and managing them in controlling operations of the building automatically. Reliance Enterprises, an Indian Company, is working on the introduction of 5G technology in India by 2021. With the arrival and adoption of this technology, the competitive market players are investing in the development of strong and new intelligent building capabilities that play a pivotal role in the expansion of services that are IoT-enabled. Also, these devices are expected to provide efficient operational and analytic capabilities. Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1860 Various factors are fuelling the global smart building technology market growth. As per the recent MRFR market estimates, such factors include the growing adoption of IoT-enabled building management system, growing awareness about space utilization, rising industry standards and regulations, increasing need for energy-efficient buildings, rising government initiatives to encourage smart infrastructure, and emergence of 5G technology. On the contrary, lack of infrastructure and technical expertise in developing countries, lack of coordination and cooperation among standard bodies, the COVOID-19 impact, and increasing concerns on data privacy and security may limit the global smart building market growth over the forecast period. Market Segmentation The MRFR report throws light on an inclusive segmental analysis of the global smart building market based on automation and application. By automation, the global smart building market is segmented into network management system, infrastructure management system (parking management system, smart water management system, and elevators and escalators management system), building energy management system (lighting control system, HVAC control system, and energy management system), and intelligent security system (emergency management system, access control system, and video surveillance system). Of these, the building energy management system segment will lead the market over the forecast period. By application, the global smart building market is segmented into residential, government and public infrastructure, industrial, and commercial. Among these, the commercial application segment will dominate the market in the forecast period. Regional Analysis
Smart Building System Market Research Report - Global Forecast to 2030
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.