Smart Building Market: Segmented: by Component (Solution, Consulting and Services); by Building type (Residential and Commercial); by Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) - Analysis of market share, size & trends for 2016-19 and forecasts to 2030.
Smart Building Market size was USD 61.2 billion in 2021 and is projected to reach USD 150.6 billion in 2030 with a CAGR of 10.9% during the forecast period of 2020-2030
Smart buildings comprise a sophisticated control system that uses sensors, actuators, and microchips to control building operations such as ventilation, air conditioning, heating, lighting, and others. It leverages advanced and integrated building technology to enhance occupants' health, comfort, and efficiency, including building automation, advanced telecommunications systems, fire protection equipment, and facility management System.
Smart Building Market is expected to project a CAGR of 10.9% during the forecast period, 2021-2030
The Smart building market is to grow on the back of the following reasons. Innovative building architecture helps to reduce operating costs, tenant management, security management, and performance management. Moreover, organizations have implemented smart building technology to increase facilities personnel efficiency, promote sustainability programs, strengthen building operations, and enhance organizational-wide decision-making.
During the forecast period, the Solutions segment is expected to accelerate the smart building market.
The solution segment held the largest market share in 2018 and is anticipated to continue growing during the forecast period. The rising growth of the smart building market is growing to the increasing demand for smart infrastructures across the real estate sector. Furthermore, the upsurge in the use of IoT-based smart building solutions and the increasing awareness among industries to implement energy-efficient solutions provide new opportunities for key players in the global smart building market. Among the solution segment, energy management retained the largest market share in 2019 as it helps reduce and track the energy usage of the house. Moreover, holding running costs small is a continuous task for owners and managers of multi-story homes, schools, or building complexes that can be accomplished through a smart building energy management solution.
Based on building type, the commercial segment is expected to lead the Smart building market
Based on the type of building, the commercial segment is projected to lead the market from 2020 to 2030. The growth of this segment can be attributed to the need for suitable and tailor-made solutions for optimized energy efficiency to minimize the energy consumption of buildings without sacrificing comfort or safety and improving the energy performance of commercial buildings, as these buildings consume more energy and therefore produce more carbon and other solid waste.
Growing Adoption of IoT-Enabled Building Management System to Aid the Growth of the Market
The Increasing costs of energy and issues related to the environment such as carbon emission and pollution are encouraging the builders to transfer from traditional buildings to smart buildings. A range of building systems are managed, controlled, and monitored, from heating and air conditioning to lighting and security systems through IoT connectivity, IoT Smart buildings leverage sensors, and cloud technology. The buildings are transformed into more energy-efficient and sustainable buildings through smart buildings. For example, various major players such as Gemalto NV offered monetization and embedded solutions to manage and protect IoT software and solutions that are being used in smart building infrastructure.
Rising Government Initiatives and Regulations for Smart City to lift Market Growth
The governments of several countries are imposing diverse laws and regulations to boost current and future operation, construction, and usage of buildings more logically, without compromising the aspect of sustainability. Several directives have been established by the European Union (EU) to enhance the energy performance of buildings and to meet their goal of constructing new zero-energy buildings (NZEB) by the end of 2020. The UK government's focus has been shifted towards constructing smart buildings to reduce the carbon footprint and control energy consumption from the building sector. Moreover, the government is recognizing the benefits of incorporating IoT into smart cities. Thus, with the rise in government initiatives, market growth has seen a boost. Eco-friendly and green buildings with a variety of intelligent features are gaining attraction in the market.
The global smart building market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Smart Building Market size was estimated at USD 61.2 billion in 2021 and is expected to reach USD 150.6 billion in 2030.
Schneider Electric, Cisco Systems, Inc., United Technologies, IBM Cooperation, Delta Controls, Building IQ, Johnson Controls,Honeywell, Legrand, Thales Group, Hitachi, Ltd., Accenture, Emerson Electric Co.
the Solutions segment and the commercial segment are anticipated to hold the Smart Building Market
Drivers Growing Adoption of IoT-Enabled Building Management System to Aid the Growth of the Market
Smart buildings comprise a sophisticated control system that uses sensors, actuators, and microchips to control building operations such as ventilation, air conditioning, heating, lighting, and others.
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