The global smart building market size was US$ 69.8 billion in 2021. The global smart building market size is forecast to reach US$ 182.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.3% during the forecast period from 2022 to 2030.
A smart building is a structure that employs IoT and automated technology to regulate various building systems, including lighting, security, heating, ventilation, and air conditioning. A smart building uses sensors, actuators, and microchips to gather and handle data in accordance with the operations and services of an organization (or household). These smart infrastructure solutions help building owners, operators, and facility managers increase the dependability and performance of their assets, reduce their energy consumption, make better use of their available space, and lessen the negative environmental effects of their structures.
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Factors Influencing Market Growth
The increasing need for better building utilization and the rising demand for better resource management in urban environments drive the global market.
The growing demand for public safety and security boosts the global market growth.
The protection troubles associated with smart buildings, limited funding, and lack of infrastructure may slow down the overall industry growth.
The advent of artificial intelligence in smart buildings and the increasing IoT market & its application in smart buildings is forecast to offer lucrative opportunities for the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. On the other hand, it is anticipated that the resumption of in-office work in commercial buildings would enhance the demand for sophisticated solutions for a secure environment. These buildings employ smart technologies to control routine cleaning and sanitization, proper workplace ventilation, smart entrance control, temperature monitoring devices, and sophisticated social distancing techniques.
In post-pandemic circumstances, it would unquestionably raise the demand for innovative construction solutions. Additionally, it is anticipated that the market for these smart buildings will continue to grow and benefit from constant technical innovation.
Regional Insights
North America accounted for a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the high investments in green building technology by the US government and private construction firms. In addition, the increasing adoption of smart building solutions is driving government initiatives to enhance energy efficiency. For example, Canadian government initiatives emphasize energy conservation mainly through smart buildings.
The Asia Pacific region is forecast to have a lucrative growth rate over the projected period. As a result of the growing population in China and India. In addition, growing urbanization and developing infrastructure drive the region’s growth. As part of its energy conservation efforts, the Indian government created the Energy Conservation Building Code (ECBC), which covers the built environment, ventilation, heating, and air conditioning. As a result, the rising adoption of smart lighting systems may help in conserving energy, which will further boost market growth.
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Leading Competitors
The leading prominent companies profiled in the global smart building market are:
ABB Ltd.
Cisco Systems Inc.
Emerson Electric Co.
Hitachi, Ltd.
Honeywell International Inc.
Johnson Controls
IBM Corporation
Legrand
Schneider Electric SE
Siemens
Intel Corporation
Other Prominent Players
Scope of the Report
The global smart building market segmentation focuses on Component, Solution Type, Building Type, and Region.
Segmentation based on Component
Solution
Service
Segmentation based on Solution Type
Building Infrastructure Management
Security and Emergency Management
Energy Management
Network Management
Workforce Management
Waste Management
Segmentation based on Building Type
Residential
Commercial
Industrial
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Building market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Building market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Building market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Building business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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