Smart Building Market Size, Share, Trends, Growth, Analysis, Research, Analysis and Forecast 2023-2028
The ‘Global Smart Building Market Trends, Size, Share, Report and Outlook 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart building market, assessing the market on the basis of its segments like component, building type, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 10.40%
Increasing population worldwide and rapid urbanisation are leading to various governments investing in smart city initiatives and intelligent infrastructures, driving the growth of the smart building market. The demand for smart buildings is anticipated to increase during the forecast period as investments in smart city projects increase. Rapid technological developments aimed at ensuring building safety and environmental sustainability are also anticipated to accelerate market expansion. Several loT security providers are assisting the sector in overcoming cyber issues by creating affordable loT security products. Due to these factors, the market for smart buildings is expected to grow during the forecast period.
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Rising concerns regarding sustainable energy consumption are leading to a demand for infrastructure and technologies that are more energy efficient, thereby increasing the demand for the smart building market. Laws and regulations implemented by various governments and initiatives regarding green building programmes aiming at lowering energy consumption are surging the demand for smart buildings. Energy management solutions of smart buildings are aimed at assisting in lowering and monitoring the energy usage of buildings. Building owners and construction companies are inclining towards these solutions as they can reduce operational costs. These advantages of energy management solutions are anticipated to boost the smart building market globally and enhance the demand of these systems.
Smart Building Industry Definition and Major Segments
Smart buildings refer to infrastructural buildings that are equipped with latest technologies such as Internet of Things (IoT) devices, sensors, and online connectivity that aid in overall management of the building. The various components of the smart building system aid in monitoring building parameters, energy efficiency, usage of systems such as HVAC, and using the data to generate insights. Smart buildings have a centralised management system, enabling streamlined management and long-term lower costs.
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On the basis of component, the market is divided into:
- Building Infrastructure Management Solution
- Energy Management Solution
- Workforce Management Solution
- Network Management Solution
- Services
Based on building type, the market is classified into:
- Commercial
- Residential
- Industrial
By region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Smart Building Market Trends
A key trend in the smart building market is the growing adoption of smart building systems in the commercial sector, in applications such as healthcare, hotels, corporate offices, and retail. The use of smart buildings results in overall improved management of the building infrastructure and cohesive operations of various systems such as HVAC.
The energy savings and overall operational savings offered by smart buildings are leading to their enhanced adoption in the commercial sector. In healthcare and hotel settings, smart building provide greater comfort for visitors, increasing the appeal of such commercial organisations. Particularly in healthcare, stable environments can aid in patient recovery and improved outcomes.
Advancements in technology, particularly in IoT devices with real-time transmissions supported by fast networks such as 5G, are further augmenting the smart building market. Reduced costs of implementing smart building solutions, due to lower costs of individual components, are a crucial trend that is providing impetus to the market growth of smart buildings.
Regionally, North America accounts for a leading share in the market for smart buildings, fuelled by increasing investments by industries in the region towards smart building infrastructure. Strong presence of key market players and increased penetration of leading technologies in countries such as the United States are further bolstering the regional market growth of smart buildings in North America.
Key Market Players
The major players in the global smart building market report are:
- Honeywell International Inc.
- Cisco Systems, Inc.
- Siemens AG
- Hitachi, Ltd.
- Schneider Electric SE
- Huawei Technologies Co., Ltd.
- Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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