The Business Research Company’s Smart Buildings (Nonresidential Buildings) Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, March 19, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to smart buildings market research, the use of 5G technology is the latest trend in the smart building (nonresidential) market. 5G technology is the upcoming cellular technology that reduces the time it takes for devices over wireless network to communicate with each other. 5G implementation in smart buildings will considerably enhance the usage of wireless edge devices, providing rich multimedia experiences. 5G will also improve the security check applications for a commercial building. For smart hospital buildings, the use of 5G is estimated to improve the wayfinding that will enable smart wheelchairs and beds to move immobile patients. Following the trend in 2019, Ericsson, a Sweden-based networking and telecommunications company, announced that it was investing $100 million to develop a smart factory in Texas implementing 5G technology by 2020. The factory is expected to manufacture advanced antenna system radios to enable rapid 5G deployments. The use of 5G technology is expected to improve the connectivity in smart buildings, thus forming a trend that is witnessing a huge capital investment by the major players in the smart building market.
Other smart building market trends include mergers and acquisitions. In 2018, Panasonic, a Japan based electrical equipment company, entered into a definitive partnership with Schneider Electric for building energy management for commercial buildings. Through this partnership Panasonic’s AC Smart Connectivity solution is integrated with Schneider Electric’s EcoStruxture Building Solution and Intelligent Room Controllers to provide smart building solution. The new integrated solution optimizes the energy consumption thus reducing the operating costs for building operators. Schneider Electric is a multinational corporation that is based in France and provides electrical solutions globally.
Major players covered in the global smart buildings market are PCl Construction, Skanska, Arabian Construction Company, Besix, Spire Realty Group, Lendlease, Vinci, Bechtel, Balfourbeatty, Bouygues, The Royal BAM Group, Laing O’Rourke, China State Construction Engineering, L&T Construction, Turner Construction Company, Grupoacs, Hochtief, Bouygues Construction.
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The global smart buildings (nonresidential buildings) market is expected grow from $36.42 billion in 2020 to $42.08 billion in 2021 at a compound annual growth rate (CAGR) of 15.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The commercial smart building market size is expected to reach $59.3 billion in 2025 at a CAGR of 9%.
The global smart nonresidential buildings market is segmented by automation type into intelligent security system, building energy management system, infrastructure management system, network management system, by application into government, airports, hospitals, institutes manufacturing & industrial facilities, others, and by product type into institutional buildings, commercial buildings.
Smart Buildings (Nonresidential Buildings) Market Report – Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides nonresidential smart buildings market overview, forecast nonresidential smart buildings market size and growth for the whole market, nonresidential smart buildings market segments, and geographies, nonresidential smart buildings market trends, nonresidential smart buildings market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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