Dublin, Feb. 19, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Buildings Market by Component (Solution (Safety & Security Management, Energy Management, Building Infrastructure Management, Network Management, IWMS), Services), Building Type (Residential, Commercial, Industrial) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart buildings market is projected to grow from USD 66.3 billion in 2020 to USD 108.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
Rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy efficient system. Rising adoption of IoT-enabled building management system and raising awareness of space utilization 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 and high cost of implementation is expected to restrict the growth of the market across the globe.
Based on solution type, the energy management segment is expected to grow with the fastest growth rate during the forecast period
The energy management segment is projected to grow with the most rapid growth rate in 2020 to 2025. 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.
Based on building type, the commercial building segment is expected to lead the Smart buildings market in 2020
The commercial building segment is expected to lead the smart buildings market in 2020. 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 Asia-Pacific (APAC) smart buildings market is projected to grow at the highest CAGR during the forecast period
The APAC smart buildings 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 buildings 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.
Rising Adoption of IoT-enabled BMS
Increasing Awareness of Space Utilization
Increased Industry Standards and Regulations
Increased Demand for Energy-Efficient Systems
Lack of Cooperation Among Standard Bodies
High Cost of Implementation
Emergence of the 5G Technology
Rise in the Smart City Trend
Government Initiatives and Incentives
Lack of Technology Alignment and Skilled Professionals
Rise in Privacy and Security Concerns due to IoT-enabled Devices
COVID-19 Market Outlook for Smart Building Market
Smart Buildings Market: Regulations
Bacnet - Data Communication Protocol for Building Automation and Control Networks
Digital Addressable Lighting Interface
General Data Protection Regulation
Cloud Standard Customer Council
Smart Buildings Market: Patent Analysis
Smart Buildings Market: Average Selling Price
Market: Porter's Five Forces
Impact of Disruptive Technologies
Internet of Things
Artificial Intelligence and Machine Learning
Building Information Modeling
For more information about this report visit https://www.researchandmarkets.com/r/bmoaxt
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