A new report from Markets and Markets says that the smart building market is projected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% from 2019 to 2024. Rising adoption of IoT-enabled building management system and raising awareness …..
….. of space utilisation to drive the growth of the market across the globe. However, the lack of cooperation among standard bodies and uniform technology among smart building solutions is expected to restrict the growth of the market across the globe.
The energy management segment is projected to grow with the most rapid growth rate in 2019 to 2024. Energy management solutions for smart building help to reduce and monitor the energy consumption of the building. Keeping operational expenses low is a continuous challenge for owners and managers of multistory buildings, schools, or building complexes. Some of the infrastructure available for managing energy in buildings is designed for large systems and not for managers with smaller budgets, resulting in high costs of adoption and integration.
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The commercial building segment is expected to lead the smart building market in 2019. Energy performance of commercial buildings is a significant challenge for the commercial sector as these buildings consume higher energy and also generate more waste in the form of carbon and other solid wastes. Therefore, appropriate and tailor-made solutions are needed for optimized energy performance to reduce building energy consumption without compromising comfort or security.
The APAC smart building market is projected to grow at the highest CAGR during the forecast period. The growth of the market in Asia Pacific can be attributed to innovative building technologies are getting traction in the APAC region due to presence of various smart building market vendors to use such technology for gaining competitive advantage. Multiple governments in this region have started promoting smart building practices due to rising environmental concerns and the growing need for energy savings. For instance, China has invested heavily into over 2,500 green building projects, and Singapore has decided to aim for 80% cent of its buildings to be certified as Green, under its Green Mark scheme by 2030.
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