Intelligent Building Market by Component, Type, and End User – Global Opportunity Analysis and Industry Forecast, 2017-2024
According to a recent report published by Allied Market Research, titled, Intelligent Building Market by Component, Type, and End User: Global Opportunity Analysis and Industry Forecast, 20172024, the global intelligent building market was valued at $12,371 million in 2017, and is projected to reach at $42,649 million by 2024, growing at a CAGR of 19.6% from 2018 to 2024.
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Rise in need for new energy efficient interventions, increased market for Building automation and control systems, supportive industry standards and regulations toward smart buildings, and extensive IoT penetration in building management systems drive the growth of the global intelligent building market. However, high initial investment and complex interoperability between various systems and devices deployed for managing infrastructure hampers the intelligent building market growth.
Intelligent Building Market Key Segments:
By Component
- Hardware
- Software
- Services
By Type
- Intelligent Security System
- Building Energy Management System
- Infrastructure Management System
- Network Management System
By End User
- Commercial
- Industrial
- Residential
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Top impacting factors
Increased need for energy efficiency, standards, and regulations of the supportive industry, and development in the market for smart cities driving the global intelligent evacuation system market share. However, high initial investment is expected to hamper the market growth during the forecast period.
KEY MARKET PLAYERS
- ABB
- Cisco Systems, Inc.
- Delta Controls
- Honeywell International Inc.
- Intel Corporation
- Johnson Controls
- Legrand
- Schneider Electric
- Siemens AG
- United Technologies Corporation
High initial investment
Intelligent buildings have complex operational procedures due to integration of associated additional components. This adds to the system cost as well as increases the overall cost for the smart building owing to the complexity associated with installation and requirement of experienced and skilled professionals. These systems require regular maintenance checks to ensure the functionality of the system and reliability, which results in extra maintenance cost that impedes the growth of the market.
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Asia-Pacific intelligent building market is expected to grow at a highest CAGR, owing to rise in number of smart city initiatives in developing economies such as India and China that follow the approach of energy efficiency and continuous adoption of the advanced technologies to function effectively according to the future demands.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Posted by
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on Friday September 28 2018, 4:22 PM EST.
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