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The global smart building industry is being driven by the increasing use of IoT enabled management systems. Additionally, the rising concerns of major players to diminish energy consumption and the development of green HVAC systems are further contributing to the industry growth. On the basis of building type, the commercial building sector accounts for a significant share in the global smart building industry owing to the rising private investments to develop and modernise commercial buildings and enrich the experience of the consumers. Region wise, the Asia Pacific is projected to grow considerably in the forecast period owing to the growing penetration of smart devices and the use of innovative technologies such as cloud computing, IoT, and big data storage, among others. Moreover, the governments across the nations are taking favourable initiatives to transform traditional buildings into green buildings to conserve more energy, thus, aiding the market.
The growing innovations by the leading players in the industry are further facilitating the market growth. In March 2017, Huawei Technologies Co. (SHE: 002502), one of the key players in the industry, announced to collaborate with Honeywell International Inc. (NYSE: HON), another major player in the industry. The partnership is aimed at developing IoT enabled smart building with advanced technologies to make building more secure and energy efficient. Such collaborations are expected to significantly boost the industry growth over the forecast period.
Market Analysis by Component, Type, Building Type, and Region:
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The major players in the global smart building market are ABB Ltd., Honeywell International Inc., Siemens AG, Huawei Technologies Co., Ltd., Schneider Electric, Legrand, and Cisco Systems, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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