DALLAS — The global smart building market is forecast to grow at a compound annual growth rate (CAGR) of 11.9 percent from 2015 to 2019, with rapid urbanization being one of the major market growth drivers, according to a new report available from ReportsnReports.
A smart building connects a building automation system (BAS) with the normal operations of a building such as HVAC, lighting, water supply, and fire emergency. It monitors and controls the energy usage of the building and helps in improving the energy efficiency of the building.
Increased urbanization, according to the report, is creating social and environmental challenges like water shortages, power deficits, pollution and waste water, and sewage problems. To combat these challenges, governments of emerging and developed economies are focusing on smart buildings to provide the best integrated solutions. The report also draws attention to some of the challenges facing construction of smart buildings, including lack of financing in developing countries.
The adoption of the public-private partnership model is helping to bring organizations together who are struggling to find funding for smart buildings. This public-private partnership model ensures that private companies easily receive the construction permits associated with smart buildings and public organizations get access to the advanced technology and expertise offered by private companies.
For more information on the report, Global Smart Building Market 2015-2019, click here.
Publication date: 6/22/2015