The global smart building technologies market was valued at over USD 12 billion in 2016 and is expected to surpass USD 47 billion by 2021.
Procurement market intelligence analysts have published its latest market research report on smart building technologies for the period 2016-2021. This market analysis discusses the primary drivers and top emerging trends that will influence the growth of the smart building technologies market during the forecast period. Some of the top vendors listed in this industry analysis include ABB Ltd, Johnson Controls International Plc., General Electric, Siemens AG, and IBM Corporation.
In terms of geographical analysis, APAC will be the fastest growing region in the global market, with a market share of around 19%. Japan, Singapore, Thailand, China, South Korea, and Australia were the key revenue generating country in this region due to its increasing adoption of energy efficiency solutions.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The growing demand for efficient energy distribution and management with an increasing requirement for electric power will drive the market for smart building technologies. The adoption of smart grid solutions will help organizations to achieve reliable and energy-efficient distribution systems with reduced energy costs and impact on the environment. The organizations are deploying smart meters in the smart grid that helps them to restructure their operations and help customers to manage electrical usage.”
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The new procurement market intelligence report studies some of the main drivers and trends responsible for the growth of this market and its sub-sections.
Growing need for physical security and safety arrangements
The growing need for automated solutions will augment the growth of smart building technologies in the global market. Smart buildings include automated infrastructure management systems, security monitoring and sensors, and in-building wireless systems that monitor the physical layer and provide alerts in case of any changes made by either authorized or unauthorized users. The use of these automated solutions helps the building owners properly plan for smart buildings, which protect buyers from worst-case safety scenarios. The demand for smart buildings is primarily driven by the need for protecting the building against security and safety issues.
Increasing advances in technologies
The building owners are adopting advanced technologies to enhance the safety features of the building and attract more consumers. The vendors in the global market are offering technologies like IT-aided intelligence, control systems, use of predictive analytics, and smart sensors to help run diagnostics that facilitates better maintenance, management, and optimization of the building. The implementation of these technologies helps buyers to provide a comfortable and healthy environment for their building occupants, improving their productivity and well-being.
Rapid urbanization
The rise in economic challenges that include resource constraints, economic restructuring, and allocation of public finances is urging the population of various countries to shift to urban areas. The government is undertaking initiatives to establish smart building projects that will help with the transition process. The use of modern information and communication technologies to create smart buildings will enhance the quality of urban services by reducing costs. These methods will help the government to ensure sustainability to accommodate the increasing urban population and resolve challenges associated with the growing population.
A more detailed analysis is accessible in the procurement market intelligence report titled, ‘Global Smart Building Technologies – Procurement Market Intelligence Report 2017-2021.’
