Smart buildings market to reach $35bn by 2020

A new study from Allied Market Research has predicted that the global smart home and buildings market will grow by 29.5 per cent between 2012 and 2020.

The "Global Smart Homes 2013 - 2020" study concludes market revenue of US$4.8 billion in 2012 is expected to grow up to US$35.3 billion by 2020.

The main drivers for the growth of the market are government regulations, rising energy costs and raising awareness with respect to environmental concerns.

Full access to the report is available here: http://www.alliedmarketresearch.com/smart-home-automated-building-market

Energy efficiency has become a key focus as global energy cost is increasing owing to the ever growing demand and environmental concerns of greenhouse gas (GHG) emission.

The construction business is embracing the energy efficiency trend and using building automation systems to meet the growing demand for energy efficiency in smart homes and buildings.

The revenue of safety and security applications is expected to reach over US$6 billion by 2020 with an expected CAGR of 34.6 per cent from 2013 to 2020.

However, there are some factors such as high upfront cost and lack of standards and interoperability which are expected to act as restraints for the market growth. North America is expected to generate revenue of $12.4 billion by 2020 growing at a CAGR of 25.9 per cent from 2013 to 2020. However the Asia-Pacific is a high-opportunity market that is expected to grow at a CAGR of 37.7 per cent from 2013 to 2020.

The report has profiled some of the key players of the market such as Cisco Systems, Control4 Corporation, Emerson Electric Co. Leviton, Honeywell International, LG Electronics, Schneider Electric, Siemens Buildings Technologies, Smarthome Inc, and United Technologies Corporation (UTC).The report also discusses the key strategies used by these companies to have a sustainable growth in the market.