Smart buildings are well-managed buildings that employ integrated physical and digital infrastructures. They optimize space, improve asset reliability, reduce energy consumption and minimize environmental impact. Some of the smart technologies utilized in smart buildings include data gathering devices, energy efficiency measures, automated systems, remote monitoring, wireless technologies, intelligent building management systems, digital infrastructure, adaptive energy systems, information and communications networks, and networked appliances & assistive technologies.
On the basis of region, the global smart building market has been segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa.
Europe holds the largest share of the smart building market, followed by North America. Increasing initiatives by European governments for the development of smart buildings and intelligent structures has been driving the demand in the region. Leading European countries such as Sweden, Finland, Denmark, and the Netherlands have implemented enabling policies for smart buildings.
North America has been registering significant growth in the global smart building market, due to technological advancements, increasing use of IoT devices, adoption of digital infrastructure and demand for smart buildings. Asia Pacific is pegged to be the fastest growing market for smart buildings in the region, owing to growing commercial infrastructure, rising adoption of advanced automated technologies and increasing disposable income.
Among all regions, the Latin America and Middle East & Africa region accounts for the least market share. Majority of the countries in the region are showing little progress in the smart building market and encouraging the penetration of energy storage capacity in buildings.
The global smart building market has been segmented on the basis of type, building type, automation and region. On the basis of type, the market has been segmented into hardware, software, and services. On the basis of building type, the market has been segmented into commercial buildings, industrial buildings and residential buildings. On the basis of automation, the market has been segmented into energy management, intelligent security systems, infrastructure management, network & communication management and others. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa.
Some of the key players in the market are ABB (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (US), Schneider Electric (France), Cisco Systems, Inc. (US), United Technologies (US), International Business Machines Corporation (US), BuildingIQ (US), Echelon Corporation (US), Hitachi, Ltd. (Japan), and Panasonic Corporation (Japan), Delta Controls (Canada), Johnson Controls (US), and Legrand (France).