Smart Buildings Market to Garner Maximum Revenue
The mounting
need for integrated security and safety systems coupled with the reduction in
operational costs are some of the major factors driving the market.
On the basis
of region, Europe is expected to dominate the smart buildings market during the
forecast period, owing to the augmented initiatives by the region’s governments
for development and innovation of building’s smart and intelligent structures.
Moreover, in Europe initiatives to push smart and zero energy buildings, with
compulsory changes to country level building codes and the Energy Performance
of Buildings Directive (EPBD), are also responsible in propagating the growth
of this market to enhance existing infrastructure.
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Factors like
high initial investment costs for construction of a smart building may hamper
this market. Building owners and end users often do not realize that the cost
is primarily dependent on the complexity involved in integrating different
applications. However, growing efforts by manufacturers, facility managers, and
governments to increase customer awareness of the long-term benefits of
installing building automation systems are expected to reduce the impact of
this restraining factor during the forecast period.
On the basis
of solutions, services segment is expected to have a largest share of smart
building market, owing to the building standards and protocols that are
responsible for the innovation of smart buildings. Whereas, on the basis of
product, Building Management System (BMS) holds the maximum share accounting to
the technical developments like Internet of Things (IoT) and cloud computing.
The global
smart buildings market can be segmented on the basis of solution, product and
region. On the basis of solution, the global smart buildings market can be
segmented into Software, Hardware and Services. On the basis of product, the
global smart buildings market can be segmented into Building Management System
(BMS), Heating, Ventilating, & Air Conditioning (HVAC), lighting control,
security & access control, emergency alarm & evacuation system and
audio & visual effects. On the basis of region, the global smart buildings
market can be segmented into North America, Europe, Middle East & Africa,
Asia-Pacific, and Latin America.
Some of the
key players in the global smart buildings market include ABB Group, Siemens AG,
Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., and
United Technologies Corporation.
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Some of the
key players in the global baby drinks market include Heinz and Hain Celestial
Group, Nestle S.A., Mead Johnson Nutrition Company, LLC., Abbott Laboratories,
Beingmate Group Co. Ltd., Danone, Campbell Soup Company, HiPP GmbH & Co.,
D. Signstore and Arla Foods among others.
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