The global intelligent building market was valued at $ 12,371 million in 2017, and is projected to reach $ 42,649 million by 2024, growing at a CAGR of 19.6% from 2018 to 2024.
Intelligent building is defined as an infrastructure which is based on a robust, open operating system that supports a well-connected and integrated network of building systems and controls. Intelligent building adjusts the internal functional aspects such as lighting, temperature, fire-fighting, ventilation, air-conditioning, parking, and water management, automatically with the changes in environmental conditions controlled by automated systems.
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Factors such as need for advanced energy efficient interventions, increased market for building automation and control systems, supportive regulatory structures and policies, and increased adoption of building energy management systems drive the intelligent building market growth. However, high investment cost and complex interoperability of the different systems installed for managing the smart building are expected to impede the growth of the intelligent building market.
Furthermore, proactive government support for infrastructural expenditure and rise in development of smart cities are anticipated to present lucrative opportunities for intelligent building market growth in the near future.
The global intelligent building market is segmented into component, type, end user, and region. By component, the intelligent building market is divided into hardware, software, and services.
By type, it is categorized into intelligent security system, building energy management system, infrastructure management system, and network management system. Based on end user, it is classified into commercial, industrial, and residential.
Based on region, the intelligent building market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The report includes the profiles of key players such as ABB, Cisco Systems, Inc., Delta Controls, Honeywell International Inc., Intel Corporation, Johnson Controls, Legrand, Schneider Electric, Siemens AG, and United Technologies Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global intelligent building market along with current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
- Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global intelligent building market from 2017 to 2024 is provided to determine the market potential.
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