What are the latest connectivity trends in Smart Buildings?
The smart building market is said to register a CAGR of over 23% between 2020-2025. The growing concern around energy and government initiatives on smart infrastructure are the main driving forces behind the market growth. Currently, the smart building market is fragmented with the mere presence of well-known and established domestic and global players across the world. The market will be majorly technology-driven, and customisation is said to attract the end-users. Therefore, the vendors are concentrating primarily on developing innovative products and solutions that will help optimise energy consumption and give a high degree of building automation in offices.
Some of the trends in Smart Buildings include:
- With the increasing cost of energy and environmental impact, there is a growing pressure to provide more energy-saving focused solutions to save money. As consumption of energy rises, there is a growing demand and need for smart buildings.
- Smart buildings not only make building energy-efficient and sustainable, they automate buildings and the way building management can be controlled and managed.
- One factor that is enabling market growth is the supportive industry standards and regulations. Governments across the globe are taking steps towards promoting sustainability and energy efficiency regulations, which are helping create opportunities in the smart building market.
For instance, the Canadian government is focused on energy conservation with the help of smart buildings, primarily focusing on offices and homes. Other countries like the United Kingdom are making efforts to come up with different and unique smart building solutions that will help reduce the carbon footprint from the building sector and thereby, reduce energy consumption.
- If you keep aside the growth in individual smart buildings, the need for smart cities has also increased. The government realises the advantages of incorporating IoT into its surroundings. With more infrastructure in our environment, the demand for smart building is expected to rise. According to research done by Consumer Technology Associations, spending on smart cities is expected to grow to USD 34.35 billion by 2025 from USD 14.85 billion in 2015.
- As per the research survey of construction stakeholders in the United Kingdom, conducted by the International Trade Administration, United States Department of Commerce, it is estimated that the country has witnessed a 14% gain in the number of companies willing to build 60% of their projects as green projects by the end of 2018.
With the technological advancements of intelligent security system, the demand for smart buildings grows in the market. Furthermore, it also enhances network connectivity.
Now, you know the trends and developments in smart buildings and building management systems, the next plausible step for you would be to invest companies like #SchneiderElectric, who are pioneering in the space of energy management and automation.
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