Smart Buildings Market anticipated to surpass USD 304.3 Billion by 2032, with a sustained CAGR of 15.8% | Market.us Report
The expansion of the smart building market is predicted to create possibilities for technology providers, system integrators, and service providers, as well as encourage partnerships and collaborations among various stakeholders to provide comprehensive smart building solutions.
New York, April 18, 2023 (GLOBE NEWSWIRE) — In 2022, the global smart buildings market accounted for USD 72.8 billion and is expected to reach USD 304.3 billion in 2032, this market is estimated to register a CAGR of 15.8% between 2023 to 2032. The global smart building market for buildings that use advanced technologies like the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), to improve their energy efficiency, security, comfort, and operational efficiency. This market has three types of buildings residential, commercial, and industrial. Inside this market have various systems like lighting, HVAC, security, and energy management.
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- By component, the solution was holding the largest market share.
- By end-user, the commercial segment is estimated to dominate the global smart buildings market with 56.1%.
- In 2022, North America is currently dominating the global smart building market with 43%.
- APAC is anticipated to have the biggest CAGR among all the regions.
Factors affecting the growth of the smart buildings market
There are a few factors that are affecting the growth of the smart building market, including:
- Increasing demand for energy-efficient buildings: Smart building solutions offer energy benefits such as the use of advanced HVAC, lighting, and energy management systems, which can significantly minimize energy consumption and operating costs.
- Growing awareness about the benefits of smart building solutions: Building owners, developers, and facility managers are becoming more aware of the benefits of smart building solutions like improved occupant comfort, enhanced security, and better operational efficiency.
- Government initiatives and regulations: Governments around the world are promoting the use of smart building solutions to meet their energy saving targets and minimize carbon emissions. Regulations and policies are building codes and energy efficiency standards, are also driving the adoption of smart building solutions.
- Technological advancements and innovation: Rapid technological advancements and innovations in the smart buildings industry are leading to the development of new and improved smart building solutions, which are more profitable, cost-effective, and user-friendly.
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The smart building market is expected to witness significant growth in the upcoming years because of various factors such as increasing demand for energy-efficient buildings, growing awareness about the benefits of smart building solutions, advancements in IoT and AI technologies, and government initiatives and regulations. The growth of the smart building market is also expected to make opportunities for technology providers, system integrators, and service providers, as well as promote partnerships and collaborations between different stakeholders to offer integrated smart building solutions.
With a market share of 43% and a projected CAGR of 30% throughout the projection period, North America is predicted to be the most attractive market for smart buildings globally. Due to the existence of significant technological players, the high rate of smart building solution adoption, and government measures for energy saving. Due to its sizable population, high rate of urbanization, and strong economic growth, The US is anticipated to lead the market in this region. Throughout the projected period, the market for global smart buildings is expected to grow at the fastest rate in the Asia-Pacific region.
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Scope of the Report
|Market Value (2022)||USD 72.8 billion|
|Market Size (2032)||USD 304.3 Billion|
|CAGR (from 2023 to 2032)||15.8%|
|North America Revenue Share||43%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The demand for energy-efficient buildings is increasing owing to the increased awareness about environmental sustainability and the need to minimize energy consumption and operating costs. Smart building solutions offer numerous benefits through the use of advanced HVAC, lighting, and energy management systems. Building owners, developers, and facility managers are increasingly aware of the benefits of smart building solutions. Smart building solutions offer occupant comfort, enhanced security, and the highest operational efficiency. The increasing urbanization and population growth are leading to the construction of more buildings, which is making significant demand for smart building solutions to define the challenges of energy consumption & operational efficiency.
The deployment of smart building solutions requires significant capital investment, which could act as a barrier for small and medium-sized enterprises and hinder the growth of the smart buildings market. The implementation of smart building solutions needs a skilled workforce with expertise in different domains like IoT, AI, and data analytics. The shortage of skilled workforce could limit the adoption and deployment of smart building solutions. The payback period for smart building solutions could be relatively long, which could discourage building owners and managers from investing in such solutions. The integration of different smart building systems and technologies could pose interoperability challenges, which could limit the effectiveness and efficiency of smart building solutions.
Smart building solutions can be integrated with smart city initiatives, such as smart transportation and energy management, to create more sustainable and efficient urban environments. The adoption of cloud-based platforms for smart building solutions can offer several benefits, such as scalability, flexibility, and cost-effectiveness Emerging markets, such as Asia-Pacific and Latin America, offer significant growth opportunities for smart building solutions due to the increasing demand for energy-efficient buildings and government initiatives to promote sustainable development.
As the global population continues to grow, there will be growing demand for new buildings and infrastructure in emerging markets. Smart building technologies can help to make more efficient and sustainable buildings in these markets, which could create significant growth opportunities.
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Segmentation of the Smart Buildings Market
In the global market for smart buildings, the solution sector is anticipated to be the most profitable with a CAGR of 15%. The solution type of smart buildings will generate 56% of all income in 2022. Demand for smart building solutions and services is starting driven by growing awareness of the benefits of smart building technologies like raised energy efficiency, maximizing occupant comfort and safety, and decreased operating costs. Because of this, it is anticipated that there will be a rise in demand for smart building services and products in the years to come.
With a projected CAGR of 15% and the highest revenue share of 56.1% in the worldwide market for smart buildings, the commercial segment is anticipated to be the most profitable. Commercial refers to structures used for business or commerce, such as office buildings, retail stores, hotels, hospitals, and other public structures. Homes, apartments, and other dwellings used for habitation are included in the term “residential.” Industrial facilities used for production or manufacturing include factories, warehouses, and other industrial buildings.
Recent Development of the Smart Buildings Market
- In January 2021, Siemens Smart Infrastructure announced the introduction of its new smart building solution, Desigo Control Point, which allows building operators to monitor and control multiple building systems from a single interface.
- In February 2021, Honeywell announced that it has launched a lasted range of connected building solutions, including the Honeywell Forge Energy Optimization, which uses machine learning to optimize energy consumption in buildings.
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Based on Component
- Building Infrastructure Management
- Security and Emergency Management
- Energy Management
- Network Management
- Workforce Management
- Waste Management
- Support and Maintenance
Based on End-User
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The global smart buildings market is highly competitive with many established players and the latest entrants competing for market share. The market is characterized by the presence of lots of multinational corporations as well as small and medium-sized enterprises that specialize in providing specific products & services. In addition to these established players, there are also a number of start-ups and emerging companies that are entering the market with innovative products & solutions. These companies are focused on developing and improving new technologies that can help building owners and operators improve their operations and decrease costs.
Some of the major players include:
- ABB Ltd.
- Cisco Systems Inc.
- Emerson Electric Co.
- Hitachi Ltd.
- Honeywell International Inc.
- Johnson Controls
- Legrand SA
- Schneider Electric SE
- Siemens AG
- IBM Corporation
- Other Key Player
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