during the forecast period. The growing awareness of space utilization is one of the main drivers of smart buildings. Space utilization can be defined as the average square foot occupied by a single occupant.
New York, March 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Smart Buildings Market by Component, Building Type and Region – Global Forecast to 2026” – https://www.reportlinker. com/p05083038/?utm_source=GNW
With space consumption steadily declining, technologies such as IoT-enabled devices and cognitive computing can collect data and track space usage throughout the day. The use of smart building technologies would help optimize the planning and use of space and improve the energy efficiency of workspaces.
In a short period of time, the COVID-19 outbreak has affected markets and customer behaviors and had a huge impact on economies and societies. The vertical sectors of health, telecommunications, media and entertainment, utilities and government operate day and night to stabilize conditions and facilitate the prerequisite services to each individual.
The telecommunications sector, in particular, is playing a vital role around the world in supporting the digital infrastructure of countries amid the COVID-19 pandemic.
According to Fujitsu’s Global Digital Transformation Survey, offline organizations suffered more damage, while online organizations experienced growth in online demand and increased revenue. 69% of business leaders in online organizations reported seeing an increase in business revenue in 2020. In contrast, 53% of offline organizations saw a decline in revenue.
Support and maintenance services segment will have a higher CAGR during the forecast period
Support and maintenance services are generally subscription-based services through which customers receive access to updates and technical support for the products they license to a company. Support and maintenance services are responsible for periodic maintenance of various smart building components to make them functional, and support services offer assistance in easily implementing smart building solutions.
Vendors provide regular support and maintenance services to upgrade solutions to improve the management and performance of smart building solutions. These vendors also perform solution diagnostics on a regular basis after deployment to make custom technology changes and introduce improvements in performance optimization processes.
HVAC control system in energy management segment to account for larger market size over the forecast period
HVAC systems consume a large amount of energy; therefore, HVAC control is one of the main components of the building energy optimization process. These systems are designed to provide thermal control to building administrators.
Climatic conditions or temperature extremes and moisture-sensitive businesses and industrial processes are fueling the demand for HVAC systems. One of the main motors of HVAC systems.
Among the regions, APAC will maintain a higher CAGR during the forecast period
Asia-Pacific is an emerging market for smart buildings. It is home to many developing economies and is expected to be the fastest growing region during the forecast period.
The growth can be attributed to the strong economic growth observed by the major countries in this region. Rapid modernization and increasing construction activities in APAC has accelerated the growth of automatic centralized control of HVAC systems installed in buildings in this region, ultimately leading to the growth of the smart building market in APAC.
Various governments in this region have started to promote smart building practices due to growing environmental concerns and growing need for energy conservation. APAC includes countries like China and Japan, market leaders in smart buildings.
Distribution of primaries
In-depth interviews were conducted with CEOs, chief innovation and technology officers, system integrators and executives from various key organizations operating in the smart building market.
• By company: Level I: 62%, Level II: 23% and Level III: 15%
• By designation: C-level executives: 38%, directors: 30% and others*: 32%
• By region: North America: 40%, APAC: 35%, Europe: 15%, ROW*: 10%
The report includes the study of key players offering smart building solutions and services. It profiles the major vendors in the global smart buildings market.
The major vendors in the global smart building market are Cisco (US), IBM (US), Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Huawei (China), Intel ( United States), PTC (United States), ABB (Switzerland), Hitachi (Japan), Schneider Electric (France), Telit (United Kingdom), Legrand (France), Bosch (Germany), KMC Controls (United States), USA), Verdigris Technologies (USA), Aquicore (USA), 75F (USA), BuildingIQ (USA), ENTOUCH (USA), Gaia (India), Softdel System (USA ), Mode: Green (New Jersey), CopperTree Analytics (Canada), Spaceti (Netherlands), Igor (USA), eFACiLiTY (India) and Spacewell (Belgium).
The market study covers the smart building market across all segments. It aims to estimate the market size and the growth potential of this market on different segments, such as components, building type and region.
It includes an in-depth competitive analysis of major market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Purchasing the Report
The report would provide market leaders/new entrants in this market with information on the closest approximations of revenue figures for the overall smart building market and its sub-segments. It would help stakeholders to understand the competitive landscape and gain more information to better position their business. and plan appropriate go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with insights on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05083038/?utm_source=GNW
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