Research titled Smart Building Market by Building Automation System expects energy demand to increase by 40% between 2010 and 2040, which is likely to enhance the growth of smart building market as it plays a vital role in contributing to energy saving.
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. According to this report, 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 report also provides an in-depth analysis of the smart building market across the types, applications, and regions. The market has also been segmented by region into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. Among all the regions, Europe holds the largest market size, whereas APAC is expected to be the fastest-growing region.
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