The market for smart building components will grow 38% worldwide by 2020, according to a report published by MarketsandMarkets.
Demand for energy efficiency, ease of telecommunications and advanced automation systems is expected to increase as power costs rise and government regulations and incentives increase, the report said.
For builders and owners of hotels, hospitals, homes, and institutional and industrial buildings, the promise of lower power bills and operating costs is driving demand for cutting-edge smart technologies and networks, the report said. But in the commercial sector — and at airports in particular — a focus on safety and security is the leading reason why smart building technology is taking off.
As smart building becomes more mainstream, a number of global vendors have entered the market, keeping it competitive. Among the major suppliers of smart building components are: ABB, Cisco, Schneider Electric, Siemens, Delta Controls, IBM and General Electric.