Market News Today Smart Building Market Is Booming- Growing Need for | Page 2

However, rising cost of initial installation and assembly is projected to challenge the market growth.
The development of smart cities and smart grids is projected to create considerable opportunities for
smart buildings market growth.
Smart buildings are preferably incorporated with real-time systems that manage the functioning of a
building through a single interface. Smart buildings rely majorly on the use of software and hardware
that helps in improving life span of a building by tracking issues and alarming the residents at the
same point of time. Building automation system (BAS) coupled with other network technologies help
in enabling the easy installation and bringing efficient building operations. Cloud based technology
and wireless technology have great potential over the next seven years primarily owing to growing
awareness of people in using wire free tools and energy efficient technologies, thus achieving smooth
communication system function.
Social and environmental challenges such as power deficits, water shortages, sewage problems and
uncontrolled pollution are expected to drive the demand of smart building market. Increased
urbanization is also a major factor anticipated to fuel the market growth. Government through
adoption of public-private partnership model is trying to bring organizations together who faces
several challenges in construction of smart building, including the lack of finances. The partnership
primarily supports entities to bring easy funding from banks, institutions, and government bodies. It
also helps in bringing construction permits and access of technologies to private companies mainly
regarding smart buildings. Smart buildings are a high potential source of energy savings as current
buildings use more than 30% of the total energy intake of a country. Growing opportunities’ such as
IP based solutions and green building initiatives are expected to bring easy access of work and
pollution free environment in building.
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The smart building market is primarily segmented on the basis of products into safety & security,
heating ventilation & air conditioning (HVAC), monitoring, lighting, energy management, car parking
system and emergency system. Smart building primarily connects normal operations of a building
such as lighting, HVAC, water supply, and fire emergency with building automation system (BAS). It
helps in controlling and monitoring the energy efficiency and energy usage of the building. Growing