NEW YORK, May 5, 2021 /PRNewswire/ -- The smart buildings market is expected to grow by USD 19.17 billion, progressing at a CAGR of almost 13% during the forecast period.
NEW YORK, May 5, 2021 /PRNewswire/ -- The smart buildings market is expected to grow by USD 19.17 billion, progressing at a CAGR of almost 13% during the forecast period.
The growing need for building automation is one of the major factors propelling market growth. However, factors the high switching and installation costs will hamper the market growth.
More details: https://www.technavio.com/report/smart-buildings-market-industry-analysis
Smart Buildings Market: Product Landscape
Based on the product, the BMS segment witnesses maximum growth in 2019. The BMS is driven by factors such as the increasing industrial development, commercialization, and awareness of the effective use of energy and building optimization. The rapid rise in technological innovations will further increase the adoption of BMS as the systems can deploy IoT, analytics, and cloud computing for effective monitoring, controlling, and operating building facilities. The market growth of the segment will be significant over the forecast period.
Smart Buildings Market: Geographic Landscape
By geography, Europe is going to have lucrative growth during the forecast period. About 35% of the market's overall growth is expected to originate from Europe. Factors such as the awareness among end-users to enhance the energy efficiency, comfort, and operational capability of buildings will drive the smart buildings market growth. The UK and Germany are the key markets for Smart Buildings in Europe.
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Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Solution
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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