Smart homes and buildings market to witness the adoption of technologies like HVAC and technological advancements that hopes to improve efficiency and quality of space conditioning
During the past years, technology has transformed the way business is done; in an effort to contain rising energy cost and attain energy efficiency, it has changed the real estate sector. New technologies on making energy-efficient and automated buildings, both across commercial building market, are making gaining traction in the smart buildings market. Increasing adoption of smart homes and buildings technology through well-integrated technologies will ultimately lead to larger goal of “Smart Cities”
Recent estimates in smart homes and buildings market
As per an estimate, buildings contribute to the largest energy end use in the world–about one third of aggregate final energy usage, and at least 50% of global electricity consumption. The staggering data raise significant concerns in the backdrop of rising demand and environmental concerns of greenhouse gas (GHG) emissions. The scenario is more alarming for data consumption by commercial buildings–almost 40% of this energy is consumed by equipment that works in indoor environments, mainly used for heating, cooling, and ventilation purposes. Further as per an estimate by Allied Market Research, energy is expected to increase by 40% during 2010–2040. All these factors have led the construction business to favorably adopt various energy efficiency trends and building automation systems that would boost the growth of smart homes and buildings market. Recently held 2016 Building Energy Summit® on March 16 offered useful insights from experts and professionals related to real estate, energy and technology sectors; the discussions explored the impact of the technology such as HVAC on real estate segment. The key takeaways are useful for policy makers and strategists as well as key stakeholders of real estate industry.
Key takeaways from the 2016 Building Energy Summit to unlock the key to garner high ROI
Building automation as well as integration across commercial building systems is crucial for understanding key industry dynamics in smart homes and buildings market. A centralized network integrated with the building systems responds to the real-time needs of the occupants by sharing data and able to operate at peak efficiencies. This will help in enhanced energy efficiencies, significant cost savings, and great comfort in overall mechanism.
As industry experts noted, growth in smart buildings will not be confined to energy savings alone. This will alleviate overall experience for your employees and boost operational productivity. Smart building technologies help to build more interactive and innovative workplace.
Since the technologies and monitoring devices in smart homes and building market can collect massive amounts of real-time data, data management and governance is fast gaining traction across commercial building sector. Adopting important data standards such as OSCRE and Haystack may prove very useful for business owners to leverage the benefits of smart buildings in the commercial segment.
Market growth prospects
As per a recent report by Allied Market Research titled “Global Smart Homes, Buildings (Energy Efficient, Automated) Market (Applications, Technologies, Products and End-User”, the global smart home and buildings market is expected to grow at a CAGR of 29.5% during 2012 and 2020; the key factors boosting the market growth are favorable government regulations, containment measures related to energy costs and mounting environmental concerns on emission of greenhouse gases.
