“The smart building market is in high demand due to government initiatives and the rising cost of energy. It is expected that energy demand would increase by 40% between 2010 and 2040, which is likely to enhance the growth of this market as it plays a vital role in contributing to energy saving. Smart building helps tackle the energy crisis problems in developing and developed countries. With the increasing demand of energy management solutions implementation in building, major players are also investing a major portion of their revenue in the research and development of new and innovative products related to the market. Key government initiatives include the regulation of Commercial Building Initiatives (CBI) by the U.S. government to make commercial buildings completely energy independent by 2025.
The smart building market is expected to grow from $7,260.0 million in 2015 to $36,398.7 million by 2020, at a Compound Annual Growth Rate (CAGR) of 38.0% from 2015 to 2020. The key players in this market include ABB, Cisco, Delta controls, Schneider Electric, Siemens, General electric, IBM, Accenture, Johnson Controls, and Honeywell.
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