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Smart Building Market: Worldwide Market Forecasts and Analysis 2013-2018

Global smart building market: $18.8 billion industry forecast by 2018


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2014-01-23 04:07:01 - Smart Building Market: Worldwide Market Forecasts and Analysis 2013-2018 - a new market research report on companiesandmarkets.com

The global smart building market is suggested to have reached a value of around $4.22 billion at the beginning of 2013, and is forecast to grow to a total of $18.81 billion by the end of 2018. This suggests a CAGR growth rate of 34.8% between 2013 and 2018.

Smart building technologies improve the life span of a building by identifying problems as and when they occur, thereby taking required corrective measures. Smart buildings are designed for efficiency of all components of the building such as lighting, monitoring, safety and security, emergency systems, Heating, Ventilation, and Air Conditioning (HVAC) systems, car parking management, and several other aspects. The main forces driving the market are the ability of smart buildings to reduce

 

 

CO2 emissions, reduce maintenance and operating costs, and enhance the life of the building as well as improve the safety and security of its occupants.

The main forces driving the market are the ability of smart buildings to reduce CO2 emissions, reduce maintenance and operating costs, and enhance the life of the building as well as improve the safety and security of its occupants. The increasing concern of global warming and equally increasing consumption of energy by buildings are the major factors due to which smart buildings are gaining traction worldwide. A smart building also improves the Return On Investment (ROI) for the developers as well as its occupants and enhances their safety and security.

Major companies such as Siemens, IBM, Schneider Electric, Cisco, and Accenture provide solutions to build, operate, monitor, and control for reducing energy consumptions and provide real-time system monitoring with facilities and event management to optimize the facilities operations and reduce energy expense. Going by the current industry trends, smart buildings market is expected to grow rapidly in the coming years.

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