Smart Buildings Market to Witness Promising Growth Opportunities and Forecast upto 2030
Smart buildings are intelligent buildings that automate the processes of infrastructure using internet-enabled, interconnected appliances and devices. Smart buildings work on a technology system capable of making buildings more sustainable, efficient, and safer. It automates processes such as heating, ventilation, air conditioning, security systems, and lighting. Infrastructure can be controlled automatically per environmental situation, pre-set & variable conditions, and other emergency incidents.
The global smart buildings market was valued at USD 72.78 billion in 2021 and is expected to grow at a CAGR of 10.8% during the forecast period.
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The initiative taken by the government and their focus on smart city projects is augmenting the growth of the smart buildings market. Increasing awareness of space utilization and rising demand for energy-efficient systems are accelerating market growth. Smart buildings have the ability to collect data that is accessible through on premise sensors, user devices, services, and systems. Key factors such as rising urbanization and energy demand are driving the market’s value.
Smart Buildings Market: Growth Drivers
Introduction of cloud-based platforms and technological developments drive the growth of the smart buildings market. The growing population and rapid urbanization have led to the increased energy demand, which is expected to boost industry growth. The rising adoption of smart buildings in different regions, coupled with the rising requirement for better resource management in urban areas, is augmenting market growth.
A surge in the adoption rate in the real estate sector is expected to propel the market’s demand across the world during the forecast period. The growing investment by leading market players in the developments of new intelligence coupled with the adoption of IoT services is flourishing the market development. For instance, in March 2022, Nexans Telecom launched a new service for inter-connecting future intelligent buildings services. SMARTCONVERGE would allow the installation of a true software-enabled cabling connection system.
Smart Buildings Market: Report Segmentation
Insight by Component
By component, the service segment is expected to dominate the market growth with the most significant revenue share. This segment is primarily driven by the need for proper pre-and post-consulting, implementation, and overall management of solutions in the smart buildings. smart building services provide advantages such as better building performance, lower energy consumption, and lower OPEX. These factors are fueling the segment growth in the market.
Geographic Overview: Smart Buildings Market
Based on geography, North America witnessed the largest revenue share in the global smart buildings market. This progress can be attributed to surging investments in green building technology by the US government and private construction companies. Also, rising government initiatives to improve energy efficiency are another key factor augmenting the market growth in the region.
Furthermore, Asia Pacific is projected to account for a high CAGR in the global smart buildings market. This can be attributed to the rising population in India and China. Also, rapid urbanization and expanding infrastructure are anticipated to accelerate market growth during the forecast period.
Major players operating in the global market include ABB Ltd., Cisco Systems, Inc., Emerson Electric Co., Endeavor Business Media, Hitachi Ltd., Honeywell International Inc., IBM Corporation, Johnson Controls, Legrand SA, Schneider Electric SE, and Siemens AG, among others.
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- In September 2021, Legrand India, a global leader in electronics and electrical building infrastructure, launched Living Now, a revolutionary range of electric controls. Living Now design is distinguished by its extreme purity of design and the accuracy of its geometric shapes to fit any home.
- In April 2021, Johnson Controls, a provider of smart, healthy, and sustainable building solutions, announced a partnership with a Connected IoT Device service provider subsidiary of Arm to accelerate innovation in connectivity, security, and intelligence at the edge for Johnson Controls OpenBlue technology.
Smart Buildings Market: By Component Outlook
- Safety and Security Management
- Access Control System
- Video Surveillance System
- Fire And Life Safety System
- Energy Management
- HVAC Control System
- Lighting Management System
- Building Infrastructure Management
- Parking Management System
- Smart Water Management System
- Elevator and Escalator Management System
- Network Management
- Wired Technology
- Wireless Technology
- Operations and Services Management
- Real Estate Management
- Environment and Energy Management
- Facility Management
- Capital Project Management
- Support and Maintenance
Smart Buildings Market: By Building Type Outlook
Smart Buildings Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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