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The Asia Pacific Smart Buildings Market would witness market growth of 11.4% CAGR during the forecast period (2021-2027).
Suppliers of smart buildings must consider integrating "use cases" into a single solution. Air quality monitoring can be easily connected into the hardware of connected HVAC, connected lighting, or connected security system vendors, enabling them to address multiple use scenarios with single solution. The current regional and national benefits and laws should be kept in mind by building owners and facilities managers. These are crucial to the financial success of Smart Building projects.
There is a significant unmet need for standardized security solutions. Collaboration of internet of things solutions that combine diverse building systems is projected to gain traction in the smart buildings market in the coming years.
BIM (Building Information Modeling) is a smart 3D model-based process for documenting and displaying a facility's physical and functional characteristics. It was originally used by engineers, architects, and construction professionals, but it has recently gained popularity in the facilities management field. ABB, situated in Switzerland, offers BIM tools that adhere to industry standards and collect information from other ABB devices as part of their extensive product line. This instance of smart building technology would be crucial in future for greater space utilization and building efficiency. BIM techniques would also most likely be used to maintain an ABB smart building.
The Energy Conservation Building Code (ECBC), developed by the Indian government, establishes minimum energy efficiency standards for structures, including the building envelope, ventilation, heating, and air conditioning. As a consequence, the increased use of smart lighting systems may assist the country in conserving energy. Green HVAC technologies are designed to reduce costs and increase energy efficiency. For example, Ice Energy, a well-known energy storage firm based in Glendale, California, recently released the Ice Bear, an ice-powered air-conditioning machine that can chill buildings and, in most situations, lower overall net energy usage.
The China market dominated the Asia Pacific Smart Buildings Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $10,923.3 million by 2027. The Japan market is estimated to grow at a CAGR of 10.7% during (2021 - 2027). Additionally, The India market would witness a CAGR of 12% during (2021 - 2027).
Based on Building Type, the market is segmented into Residential, Industrial, Commercial. Based on Component, the market is segmented into Solution and Services. Based on Solution, the market is segmented into Safety & Security Management, Building Infrastructure Management, Energy Management, Network Management, and Integrated Workplace Management System. Based on Safety & Security Management Type, the market is segmented into Access Control System, Video Surveillance System, and Fire & Life Safety System. Based on Building Infrastructure Management Type, the market is segmented into Parking Management System, Smart Water Management System, and Elevator & Escalator Management System. Based on Energy Management Type, the market is segmented into HVAC Control System, and Lighting Management System. Based on Services Type, the market is segmented into Implementation, Consulting, and Support & Maintenance. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Honeywell International, Inc., ABB Group, Siemens AG, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Intel Corporation, Hitachi, Ltd., Johnson Controls International PLC, and PTC, Inc.
By Buildings Type
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