Construction Industry Overview

The hearth market consists of sales of hearth by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing hearth and related products. A hearth is defined as the floor of a fireplace. A hearth is a brick or stone-lined fireplace that might have an oven occasionally and is used for heating the room and for cooking or heating water. It is made from a non-combustible material and is used for protecting the floor from sparks, burning logs, radiant heat, and flying embers that may roll out of the fireplace. The main type of hearths are fireplace, stove, and insert. A fireplace is a framed opening made in a chimney to hold an open fire. The heat sources for hearth and fireplaces are gas, electricity, wood, and pellet. A stove is a free-standing structure producing heat by burning renewable cord wood or fuel pellets made of condensed biomass materials like wood chips and sawdust. Inserts are usually a stove, wood or gas that is designed to be inserted into an existing fireplace. The hearths can be indoor, outdoor and portable, and is used for commercial, residential, and other applications. The global hearth market is expected to grow from $11.68 billion in 2020 to $12.10 billion in 2021 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to growing demand for hearth as they are considered a convenient and energy-efficient option for room heating. The hearth market is expected to reach $14.91 billion in 2025 at a CAGR of 5.4%. Increasing adoption of hearths, particularly in countries with extremely cold weather conditions is expected to drive growth for the hearth market. A hearth is a convenient option for heating in rooms and it also helps in lowering electricity bills as compared to other space heating systems in countries with extreme cold temperatures. According to the Tyndall Centre of Climate Change Research, the top countries where the mean temperature is less than 10 degrees Celsius are the UK, China, Russia, Germany, Ukraine, and Poland. Hearths are widely used in these countries in residential spaces, cafes, restaurants, and other indoor places for heating rooms and cooking. Therefore, cold weather conditions across various geographies and high adoption of a hearth in these areas would boost the market growth in the forecast period. The stringent regulations and the government focus to reduce pollution could restrain the hearth market in the forecast period. There are a number of Environmental Protection Agency (EPA) standards like the New Source Performance Standards (NSPS) for residential wood heaters that hearth manufacturers have to comply with in order to reduce pollution and make environmentally responsible products. The stringent performance standards would require higher engineering budgets and more additional costs which could act as a restraint for the hearth market in the future. The launch of advanced eco-friendly hearth and related products is gaining significant popularity in the hearth market. Key companies operating in the market are continuously involved in developing new eco-friendly products with advanced features such as low emissions and reduced fuel consumption to meet the requirements of end-users and expand the product portfolio of the company. For instance, In April 2020, Stove Builder International Inc., a Canada-based family-owned business engaged in designing, building, and marketing residential heating products launched the Everest II wood-burning fireplace under its Osburn brand. The new fireplace offers advantages such as reduced fuel consumption and low emission. In another instance, in May 2020, Hearthstone Stoves introduced TruHybrid stoves, their first eco-friendly fireplace product which features ultra-clean combustion that surpasses 2020 EPA clean air standards and offers high efficiency of up to 30 working hours. In February 2019, Beckner Clevy Partners and Harbert Management Corporation acquired International Hearth Holdings (IHH) and its business – Innovative Hearth Products (IHP) for an undisclosed amount. The acquisition aimed at the continuous growth of IHP and its business within the remodeling and residential building markets, including hearths. Both the companies plan to focus on improving the manufacturing process, superior customer service, and new product development through increased efficiencies. IHP is a USA-based manufacturer of outdoor and indoor fireplaces, venting products, gas log sets, inserts, stoves, and accessories for residential use, specialty retail, and industrial markets. Major players in the hearth market are HNI Corporation, Pacific Energy, Empire Comfort Systems Inc., Napoleon Products, FPI Fireplace Products International Ltd., Innovative Hearth Products LLC, Travis Industries Inc., Montigo, GHP Group Inc., Glen Dimplex, Stove Builder International (SBI), Hearthstone Quality Home Heating Products Inc., RH Peterson Co., Barbas Bellfires, BFM Europe Ltd., Boley, Stellar Hearth Products Inc, Element4, Hearth Products Controls Co., European Home, and Wilkening Fireplace. North America was the largest region in the hearth market in 2020. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the hearth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global hearth market is segmented - 1) By Product: Fireplace, Stove, Insert 2) By Fuel Type: Gas, Electricity, Wood, Pellet 3) By Design: Tradtional, Modern 4) By Placement: Indoor, Outdoor, Portable 5) By Application: Commercial, Residential, Others

The container houses market consists of sales of houses developed using shipping containers. Container house manufacturers utilize shipping containers to construct sustainable and affordable high-quality houses. These houses are considered environment friendly homes as these homes are made from used containers, which reduces the use of metal. The container houses market covered in this report is segmented by construction type into fixed, movable. The container houses market is also segmented by end user into residential homes, recreational homes, emergency homes, nursing homes and by architecture type into duplex/bungalow, tiny house, multistory building/apartments. The global container houses market is expected to grow from $47.75 billion in 2020 to $51.3 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The container houses market is expected to reach $64.48 billion in 2025 at a CAGR of 5.9%. The space constraint issues and resulting rise in housing prices in most of the major cities across the world is driving the growth in the container houses market. Container houses make use of the old shipping containers to build their houses and require very less space compared to conventional houses, thus saving space. According to Discover containers, every time a 40-foot container is recycled and reused to construct a house close to 3500 kilograms of steel can be used again, which would otherwise be melted down. Moreover, people in urban areas are opting for container houses in order to afford a cheaper living, as container houses costs less compared to tradition houses. The affordable housing program in Alberta received a funding of $10 million from the US federal government. The program is aimed at using repurposed shipping containers to build houses. The container houses market is expected to benefit from increasing space constraints and housing prices during the forecast period. High possibility of corrosion is restraining the growth of the market for container houses. The life span of the container house is highly dependent on the climate in which the shipping container is located. Container houses corrode faster in coastal areas due to a large amount of salt in the air. For instance, according to the Confoot report, the average lifespan of a heavily used container house is close to 10-15 years if high maintenance is applied. For container houses that are not used as often can last up to 25 years, after which, it can no longer be used. This dependence of container houses on climatic factors and high vulnerability to corrosion is restraining the growth of the market. Companies in the container houses market are increasingly adopting artificial intelligence (AI) into manufacturing of container houses, in order to develop better designs for the houses. AI can be used in detecting and resolving any constructional issues before starting the manufacturing process. AI is an essential sketch platform that helps in generating many innovative layouts or designs. This helps companies to reduce the manufacturing cost and time and improve constructional safety. With the use of artificial intelligence, customers can also accurately correlate the size of the area to the number of goods or appliances that will fit in that respective area. The container houses market is regulated by various regulatory bodies and gaining permission for the construction of container houses is a complex process. A container house cannot be constructed anywhere, as there are certain zoning regulations and building codes restricting such construction. According to zoning regulations, all the similar construction houses are built together at one place. Whereas the building codes state the standards to be followed for the construction of a container home. Building codes include information on the type of formation to be used, the square foot requirements of each room, minimum insulation required and other specifications. CRS Temporary Housing merged with Klein & Company on November 30, 2018. Founded in 1995 and based in Colorado, USA, Klein & Co. provides total hotel accommodations and fully furnished temporary housing for families who have been displaced from their homes. This merger will further solidify the position CRS has as one of the market leaders in the industry. Major players in the container houses market are Giant Containers, SG Blocks, Inc., Gaint Containers, Anderco Pte Ltd., and Container Homes USA. The regions covered in the container houses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the container houses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global container houses market is segmented - 1) By Construction Type: Fixed, Movable 2) By End User: Residential Homes, Recreational Homes, Emergency Homes, Nursing Homes 3) By Architecture Type: Duplex/Bungalow, Tiny House, Multistory Building/Apartments

The multi-family residential green buildings market consists of sales of multi-family residential green buildings and related services for occupation or rentals by households. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact, throughout a building's life-cycle from siting to design, construction, operation, maintenance, renovation, and deconstruction. The multifamily housing green buildings market covered in this report is segmented by type into new constructions remodelling projects. The global multifamily housing green buildings market is expected grow from $40.93 billion in 2020 to $42.71 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The multi-family residential green buildings market is expected to reach $55.54 billion in 2025 at a CAGR of 7%. Customers are more informed of the benefits and cost savings in the long run from sustainable and net-zero homes. Homebuyers are now well informed and are acknowledging the reference to healthier homes, quality construction, and high performance. As per a report by The National Association of Home Builders’ (NAHB) authoritative, multi-family builders and remodelers said operating efficiency and long-term utility cost savings are the reason customers are convinced to invest in green construction of homes. Therefore, customer awareness on factors such as environmental impacts, sustainability, and long-term cost savings is driving the growth of the multi-family residential green building market. Higher costs hinder the buyer and the supplier to invest more in multi-family residential green buildings. Green buildings cost higher than conventional homes and requires more initial investment. High costs to construction firms would result in high costs to the buyers. As per a report of the National Association of Home Builders (NAHB), building green homes costs 5% to 10% more than traditional homes to the builders. However, more than one-third of the remodelers reported costs higher than 10%. In addition to this, the majority of owners rent these homes and the renters enjoy the benefits of a green home for no additional premium. This perception is further restraining the homeowners to expend more on green buildings. Consumers and builders are targeting towards achieving more sustainable homes with a focus on minimizing carbon footprint by promoting self-sustainable homes, termed as Net-zero homes. A Net Zero home produces energy through various domestic renewable energy technologies such as solar panels, micro wind turbines, sinkholes, compost gas for its requirements. It aims to produce at least as much energy as it consumes. Net zero home stock is projected to rise from 57,800 homes in 2019 to 534,500 homes in 2028. Around 36% of multi-family home builders are building their homes green, 80% of them are dedicated green home builders with more than 90% of their projects green. The green builders are expected to grow to 47% by 2022 and are investing more in this segment. These statistics show us an increasing trend of net-zero homes in the residential construction market. In October 2018, Structure Tone Inc., a New York-based green construction company, has acquired Ajax Building Corporation for an undisclosed amount. The acquisition was aimed to help Structure Tone expand construction services to a global base and this acquisition expands its reach into the southeast US. Ajax Building Corporation is a construction company that offers services to build design, construction management, and building information modelling. Major players in the multi-family residential green buildings market are Turner Construction Co., Clark group, AECOM, Swinerton, Hensel Phelps, Skansa, Lendlease, Holder Construction, Webcor, and Walsh Group. The regions covered in the multi-family residential green buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the multi-family residential green buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global multifamily housing green buildings market is segmented - 1) By Type: New Construction, Remodelling

The single-family housing green buildings market consists of construction, sales and maintenance of sustainable (green) single-family residential buildings, and related services for households. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact throughout a building's life-cycle (design, construction, maintenance, operation, renovation and deconstruction). The single-family housing green buildings market covered in this report is segmented by type into new constructions remodeling projects. The global single-family housing green buildings market is expected grow from $105.91 billion in 2020 to $113.54 billion in 2021 at a compound annual growth rate (CAGR) of 7.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The single-family housing green buildings market is expected to reach $164.62 billion in 2025 at a CAGR of 10%. Greater consumer interest has contributed to the growth of single-family residential green buildings. Customers, particularly millennials, are showing more interest in sustainable and net-zero energy homes considering the environmental concerns as sustainable (green) building design include the use of natural and renewable sources. The increased awareness of the benefits associated with sustainable green practices such as less exposure to toxins and contaminants from building materials, reduced air pollution inside the residence, and improved environmental health/quality is propelling the market growth. Higher costs, in general, hinder the buyer and the supplier to invest more in any market. The same applies to single-family homes which are very expensive compared to other homes. The high cost associated with green features and practices is a potential barrier to the expansion of the green building market. Green features and practices add 5 to 10% to construction costs and also increase remodeling costs by more than 10 percent. Additionally, meeting high energy efficiency regulations can increase costs by $600 to $1,000 per unit. On top of these, obtaining green building certifications can also add significantly to the cost. Therefore, addressing the high costs for green features and practices will be essential to ensure that green building practices continue to expand. Consumers and builders are targeting towards achieving more sustainable homes and are focusing on minimizing carbon footprint by developing self-sustainable homes, termed as Net-zero homes. A Net-zero home produces its own energy locally and should aim to produce at least as much energy as it consumes. According to the Net- Zero Energy Coalition, in 2019, there were 5,000 net-zero energy single-family home in USA. These statistics show a trend of Net-zero homes in the residential construction market. H.I.G. European Capital Partners (“H.I.G.”), the European arm of leading global private equity investment firm H.I.G. Capital, has completed the acquisition of a majority stake in the Austro-German Hanlo Group through the newly founded Green Building Group. The aim of the Green Building Group GmbH is to become a European leader in environmentally friendly prefabricated construction through internal growth and further acquisitions. Hanlo is a market leader in prefabricated construction in the German-speaking region with a turnover of over EUR 60 million. As a pioneer in its sector, the company benefits from over 35 years of experience. Major players in the single-family housing green buildings market are Turner Construction Co., Clark Group, AECOM, Hensel Phelps, Holder Construction, Whiting-Turner Contracting Co., The, Gilbane Building Co., Skanska USA, Structure Tone, and Webcor Builders. The regions covered in the single-family housing green buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the single-family housing green buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global single-family housing green buildings market is segmented - 1) By Type: New Constructions, Remodeling Projects

Smart Buildings (Nonresidential Buildings) Market Definition

The smart buildings (nonresidential buildings) market consists of sales of smart buildings (nonresidential buildings) by entities (organizations, sole traders and partnerships) which are involved in the construction of nonresidential smart buildings and related services. Smart buildings have automated processes and increase the operational efficiency of non-residential buildings, including those used for commercial and industrial purposes. A smart building is a structure that uses automated processes which can automatically control one or many of the building’s operations including heating, ventilation, air conditioning, lighting, security, and other systems with the help of sensors, actuators, and microchips. Smart building infrastructure helps owners, operators and facility managers improve asset reliability and performance, which reduces energy use, optimizes use of space and minimizes the environmental impact of buildings.

The single-family modular and prefabricated housing construction market consists of sales of single-family modular and prefabricated houses and related services that are used in residential, commercial, and industrial sectors. Modular construction is a method in which, through managed plant circumstances, a building is developed off-site using the same resources and constructing the same codes and specifications as conventionally designed structures but in about half the time. All modular buildings are prefabricated, but all prefabricated buildings might or might not be modular. The global single-family modular and prefabricated housing construction market is expected grow from $62.52 billion in 2020 to $79.61 billion in 2021 at a compound annual growth rate (CAGR) of 27.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $112.09 billion in 2025 at a CAGR of 9%. The single-family modular and prefabricated housing construction market covered in this report is segmented by type into permanent; re-locatable. The significant focus on cost savings is a key factor driving the growth of the single-family modular and prefabricated housing construction market. Modular design can minimize project deadlines by as much as 50% as well as costs by 20%. They lead to increased productivity, lower employment expenses associated with purchasing units along a production line. According to a report on modular construction, in Europe and the US, the modular market value in new real-estate construction is expected to reach $130 billion by 2030 delivering an annual cost saving of $20 billion. Therefore, the significant cost saving is expected to drive the growth of the single-family modular and prefabricated housing construction market. The risks associated with transportation is a key factor impacting the growth of the single-family modular and prefabricated housing construction market. As modules are prefabricated in a factory away from the worksite, they must either be transported specifically to the construction site or assembled in a surrounding venue and then set up. The transporters and operators must be extremely cautious with each module, if one fails during transportation the entire module may require major repairs or replacements. So, it is necessary for transport and rigging businesses to make a serious effort to trace the routes and plan the mechanics to transfer the modules along their path. For instance, a construction project in Philadelphia had modular arrived, positioned, and set relatively smoothly but interior drywall was cracked due to the raising of the modules. In 2020, GS Engineering & Construction (E&C), a global construction company based in South Korea agreed to acquire Danwood SA, a wooden modular housing company in Poland for a deal amount of $155 million from an Enterprise investor. Through this acquisition, GS E&S plans to enter the European modular housing market by utilizing the strengthen, networks, and technology of Danwood SA. Danwood SA is a pioneer in wooden single-family houses. The major players covered in the global single-family modular and prefabricated housing construction market are Red Sea Housing Services, Skanska AB, Bouygues Construction, ACS Actividades de Construcción y Servicios SA, Lindal Cedar Homes Inc., Kiewit Corporation, Balfour Beatty Plc., Taisei Corporation, System House R & C Co. Ltd, Larsen & Toubro Limited, Algeco Scotsman, Skyline Champion Corporation, Kirby Building Systems LLC, Butler Manufacturing, Astron Buildings, Modular Engineering, Niko Prefab Building Systems Pvt Ltd, Par-Kut International, Schulte Building Systems Inc., United Partition Systems Inc., Vardhman Pre-Engineered Building Systems, Laing O'Rourke, Palomar Modular Buildings, Guerdon Enterprises LLC, JL Modular Inc., Julius Berger Nigeria PLC, Katerra, Speed House Group of Companies, Supertech Industries LLC, Tempohousing, Cavco Industries Inc. The countries covered in the global single-family modular and prefabricated housing construction market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global single-family modular and prefabricated housing construction market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global single-family modular and prefabricated housing construction market is segmented - 1) By Type: Permanent, Re-locatable 2) By Material: Steel, Wood, Concrete, Others 3) By Application: Residential, Commercial, Industrial

The smart apartments market consists of sales of smart apartments and related services. Smart apartments have connectivity to smart amenities such as smart lights, smart locks, integrated services like home cleaning within an apartment. The smart apartment comprises smart devices such as smart locks, smart thermostats, smart lights, smart TVs, blinds, cameras and kitchen appliances. A smart apartment also involves the use of technology that can be reprogrammed frequently based on the resident's lease agreements. The global smart apartments market is expected grow from $1.67 billion in 2020 to $1.87 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.68 billion in 2025 at a CAGR of 9%. The smart apartments market covered in this report is segmented by product into building management system (BMS); heating, ventilating, and air conditioning (HVAC); lighting control; security and access control; emergency alarm and evacuation system; audio and visual effects. The smart apartments market is driven by the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine. IoT involves sending and receiving data by a network of sensors, appliances, meters and other devices. The IoT-enabled sensors and devices are used to increase the efficiency of the appliances in a smart apartment making it more efficient, sustainable, safer such as a few IoT-enabled sensors are capable of automatically turning the lights on after sensing the presence in a room thus adding a distinctive attribute to the smart apartments. Thus, the increased adoption of IoT technology boosts the growth of the smart apartments market. For instance, the global spending on IoT across markets was estimated to be more than $1 trillion in 2020. Thus, the increased demand for IoT devices that help ease the lifestyle boosts the growth of the smart apartments market. The risk of potential cyber-attack leading to a breach in privacy restricts the growth of the smart apartments market. A smart apartment uses a complex network of devices connected over the internet that uses sensors and controllers which are used to control the ventilation systems, heating systems, lighting, water, video surveillance systems, alarms, and other critical functions. Thus, any security breach caused due to malicious cyber-attack affects the remote monitoring of temperature, system performance, and other variables of a smart building and intruding privacy of the residents. Any breach in cybersecurity of a smart apartment may result in the exploitation of remote access privileges to gain access to the facility. For instance, in 2019, a lawsuit was filed against Ring, a USA-based Amazon-owned provider of home security and smart home, where the plaintiff claimed that his Ring smart video doorbell was hacked by a hacker from outside. The hacker used it to communicate with the plaintiff's family members. The incident raises issues regarding the safety of smart appliances installed in smart residential buildings. Thus, the growth of the smart apartments market is restricted by the risk of cyber-attack causing privacy breach. The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartments market. In the apartment as a service concept (AaaS), fully furnished smart apartments are rented for very short to long periods of stays. It helps to offer a cost-effective solution for tenants to live in a smart apartment. Using apartment as a service enables the rental operators to streamline their operations and costs thus enhancing the resident’s experience and discovering new revenue streams for the owner. For instance, there are more than one million serviced apartment units in the world. Also, as reported by Entrata, a USA based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology was installed in an apartment. In 2019, Control4 Corporation, a USA-based provider of automation and networking systems for homes and businesses, acquired NEEO for an undisclosed amount. Through the acquisition, Control4 Corporation aims to expand its product line by adding remotes, touch panels, keypads, and other smart home devices from NEEO’s product portfolio. NEEO is a Switzerland based provider of home automation, electronics, consumer electronics, and smart home automation. The major players covered in the global smart apartments market are Pulte Group, Meritage Homes, Shea Homes, Lennar Homes, Metricon, Porter Davis, Henley, Carlisle. The countries covered in the global smart apartments market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global smart apartments market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global smart apartments market is segmented - 1) By Product: Building Management System (BMS), Heating, Ventilating, And Air Conditioning (HVAC), Lighting Control, Security And Access Control, Emergency Alarm And Evacuation System, Audio And Visual Effects 2) By Application: Residential, Hotel, Other

The smart buildings (nonresidential buildings) market consists of sales of smart buildings (nonresidential buildings) and related services. Smart buildings have automated processes and increase operational efficiency of a non-residential, commercial as well as industrial buildings. The smart building (nonresidential buildings) involves the use of sensors, actuators, microchips to automatically control the processes of the building such as heating, ventilation, air conditioning, lighting, security and other systems. The global smart buildings (nonresidential buildings) market is expected grow from $36.42 billion in 2020 to $42.08 billion in 2021 at a compound annual growth rate (CAGR) of 15.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $59.3 billion in 2025 at a CAGR of 9%. The smart buildings (nonresidential buildings) market covered in this report is segmented by automation type into intelligent security system; building energy management system; infrastructure management system; network management system. The smart building (nonresidential) market is driven by the increasing demand to automate tasks by using IoT (Internet of Things) devices. IoT involves sending and receiving data by a network of sensors, appliances, meters and other devices in a smart building. The IoT enabled sensors and devices are used to increase the efficiency of the appliances in a smart building making it more efficient, sustainable, safer such as a few IoT enabled sensors are capable of automatically turning the lights on sensing the presence in a room thus adding a distinctive attribute to the smart building. Thus, the increased adoption of IoT technology boosts growth of the smart building market. For instance, the IoT-based connected devices used in smart commercial buildings was an estimated of 151 million units. Thus, the increased use of IoT devices in smart building increases the growth of the smart building market. The risk of potential cyber-attack restricts the growth of the smart buildings (nonresidential) market. A smart building uses a complex network of devices connected over internet that uses sensors and controllers used to control the elevators, ventilation systems, heating systems, lighting, water, video surveillance systems, alarms, and other critical functions. Thus, any security breach caused due to malicious cyber-attack affects the remote monitoring of temperature, system performance, and other variables of a smart building as a whole thus restraining the smart buildings market. Any breach in cyber security of a smart office building may result in the exploitation of remote access privileges to gain access to the facility. For instance, the cyber attackers used false emails to gain access to the software network of German steel mill and eventually destroyed the production management software by destroying human machine interaction points, the blast furnace systems causing significant operational damage. Further, as reported by Kaspersky, in 2019, in Italy 48.5% of all smart buildings were affected by cyberattacks leading to the loss of control over the computers that control smart building automation systems. Thus, the growth of smart buildings (nonresidential) market is restricted by the risk of cyber causing operational damage. The use of 5G technology is the latest trend in the smart building (nonresidential) market. 5G technology is the upcoming cellular technology that reduces the time it takes for devices over wireless network to communicate with each other. 5G implementation in smart buildings will considerably enhance the usage of wireless edge devices providing rich multimedia experiences. 5G will also improve the security check applications for a commercial building. For smart hospital buildings, the use of 5G is estimated to improve the wayfinding that will enable smart wheelchairs and beds to move immobile patients. Following the trend in 2019, Ericsson, a Sweden-based networking and telecommunications company, announced investing $100 million to develop a smart factory in Texas implementing 5G technology by 2020. The factory is expected to manufacture advanced antenna system radios to enable rapid 5G deployments. The use of 5G technology is expected to improve the connectivity in smart buildings thus, forming a trend that is witnessing a huge capital investment by the major players in the smart building market. In 2018, Panasonic, a Japan based electrical equipment company, entered into a definitive partnership with Schneider Electric for building energy management for commercial buildings. Through this partnership Panasonic’s AC Smart Connectivity solution is integrated with Schneider Electric's EcoStruxture Building Solution and Intelligent Room Controllers to provide smart building solution. The new integrated solution optimizes the energy consumption thus reducing the operating costs for building operators. Schneider Electric is a multinational corporation that is based in France and provides electrical solutions globally. The major players covered in the global smart buildings (nonresidential buildings) market are PCl Construction, Skanska, Arabian Construction Company, Besix, Spire Realty Group, Lendlease, Vinci, Bechtel, Balfourbeatty, Bouygues, The Royal BAM Group, Laing O'Rourke, China State Construction Engineering, L&T Construction, Turner Construction Company, Grupoacs, Hochtief, Bouygues Construction. The countries covered in the global smart buildings (nonresidential buildings) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global smart buildings (nonresidential buildings) market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global smart buildings (nonresidential buildings) market is segmented - 1) By Automation Type: Intelligent Security System, Building Energy Management System, Infrastructure Management System, Network Management System 2) By Application: Government, Airports, Hospitals, Institutes Manufacturing & Industrial Facilities, Others 3) By Product Type: Institutional Buildings, Commercial Buildings