What is currently an $8 billion smart building market globally is expected to increase to more than $42 billion in the next six years.
So says a report by the Dallas-based Adroit Market Research, a business analytics and consulting firm, which says that the “major factor driving smart building market growth is the growing energy usage concerns.”
The report, Global Smart Building Market, also notes that “since the number of commercial complexes that consume major amounts of power and other types of energy has doubled, the requirement for automation systems has boosted and is expected to grow in the coming years.”
In the U.S., the smart building movement has been additionally facilitated by cities such as Boston, New York, and Philadelphia, which have established energy benchmarks for structures in their ordinances.
Those ordinances, in turn, are requiring the owners and developers of thousands of commercial buildings to track and report their energy consumption.
Although Europe currently dominates the smart building market, industry analysts are predicting a double-digit increase in U.S. smart building development and construction in the next decade.
By Garry Boulard
Get stories like these right to your inbox. Sign up for our newsletter