USD 82.77 billion
Report ID: SQSG45H2014 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 142 | Figures: 77
Smart Building Market size was valued at USD 82.77 billion in 2021 and is poised to grow from USD 103.91 billion in 2022 to USD 538.45 billion by 2030, growing at a CAGR of 25.3% in the forecast period (2023-2030).
A complex control system manages building activities such as ventilation, air conditioning, heating, lighting, and other systems made up of sensors, actuators, and microchips in smart buildings. A smart building employs technology to simplify complex things to make it easier to maintain, more efficient, and safer. The growing trend of smart cities plays an important role in creating new chances for the smart building business. Because of advancements in digital technology, sensors, and telecommunications, buildings can now be monitored and controlled significantly more effectively than in the past.
Smart buildings rely on a variety of IoT sensors and computer networks to automate solutions like lighting, heating, and elevator management, as well as fire detection, video surveillance, and badge access. Building Automation Systems (BAS) and these sensors collaborate to provide a wealth of informative and useful information on building safety and performance. BAS and IoT sensors, on the other hand, are vulnerable to intrusions because they usually lack essential cybersecurity skills.
Furthermore, buildings have increased chances to play a significant part in self-generation or grid-supplied energy, boosting the demand for non-carbon or low-carbon building energy management systems. Artificial Intelligence (AI) and Machine Learning (ML) may be used to analyse building data in order to improve the performance of various building activities as well as the building's income production capabilities. In today's fast-changing world driven by uncertainty, these systems can acquire the required data to translate it into meaningful information, and apply the new knowledge to the aims of companies.
According to the United States-China Economic and Security Review Commission, Chinese government investment in smart city programmes would top $38.92 billion by 2023. These developments also reflect a country's tendency to employ energy-saving technology.
US Smart Building Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 82.77 billion
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Global Smart Building Market is segmented based on the component, system, technology, application, and region.
Based on component, the market is segmented into solutions and services. Solution segmented is further segmented into safety and security management (access control system, video surveillance system, and fire and life safety system), energy management (HVAC control system and lighting management system), building infrastructure management (parking management system, smart water management system, and elevator and escalator management system), IWMS (operations and services management, real estate management, environment and energy management, facility management, and capital project management), services. Services is further segmented into (consulting, implementation, and support and maintenance).
Based on system, the market is segmented into parking management system, physical security system, BEMS, and others. Based on technology, the market is segmented into wireless technology, bus technology, and others. Based on application, the market is segmented into commercial (retail, hotel, healthcare, and others), residential, industrial. Global Smart Building Market is divided into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Analysis by Application
The commercial category held 55.1% of the market in 2022 and is predicted to dominate by 2030. Advanced IoT sensors are put in smart commercial buildings to collect data from various building systems and subsystems. This data may be used by the building operator to automate and improve building operations and maintenance. Furthermore, building operators may utilise this data to improve building controls and automate critical building-management tasks like heating and lighting, as well as identify operational inefficiencies in their structure.
These advantages of sophisticated technology in commercial buildings will push a huge demand for smart buildings even more throughout the predicted period.
During the projection period, the residential category is predicted to develop at a significant CAGR. The surge in demand for smart home lighting, HVAC management, smart door lock security systems, and smart metres to manage and monitor the building's mechanical and electrical systems might be contributed to the segment growth.
Analysis by Component
During the forecast years, the services segment is expected to grow rapidly. This factor is a result of the increasing deployment of intelligent building technologies. Professional services such as consulting, system integration, deployment, support, and maintenance are in high demand.
The solutions segment is dominated by building infrastructure management, security & emergency management, and energy management. Energy management is predicted to increase fast as green construction programmes and government rules on energy usage become more stringent. Shanghai's New Development Bank (NDB) deployed intelligent building systems to control indoor lighting, electric curtains, and windows, resulting in a 15% reduction in energy consumption.
The security and emergency management solution are likely to achieve the most market share. Security systems, surveillance systems, sophisticated building operation services, and smart workspace solutions are in high demand in commercial buildings. This aspect is expected to propel the security emergency management solutions segment. It is further divided into three types: access control systems, video surveillance systems, and safety systems.
Building infrastructure management is predicted to expand steadily as the problems of managing big commercial building operational expenses increase. It is further divided into three categories: parking management systems, smart water management systems, and elevators and escalators systems.
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North America dominated the global market in 2022, accounting for 33.3% of the total market share. The expanding governmental and private investments, as well as the developing digitization, can be contributed to regional growth.
Furthermore, numerous end-use segments in the United States are turning their present workplaces into smart offices. Because of increased expenditures in green building technologies, the United States dominated the regional market. For example, the Duke Energy Center in the United States, a 51-story tower skyscraper, obtained the highest green rating from LEED Platinum after implementing intelligent building infrastructure.
According to Schneider Electric's Smart Working study, commercial real estate in the United States consumes around USD 179 billion in energy each year. This aspect is projected to increase demand in the region for energy-efficient smart infrastructure.
Following North America, Europe is expected to account for a considerable market share. The increasing focus of European Union on deploying efficient energy-saving technology in residential and commercial buildings is predicted to propel the global market. By obtaining the WELL Building Standard certification, businesses in Europe are focusing on employee well-being and safety. As a result, the growing number of smart office buildings is expected to expand market prospects.
Due to the increased internet penetration, high urbanisation, and a shift in consumer focus toward remote management services via Internet of things (iot) Asia Pacific is predicted to be the fastest growing regional market at a notable CAGR. Moreover, shifting consumers’ attention toward converting existing buildings into smart buildings is boosting the regional market growth. Furthermore, the expanding population in China and India is likely to boost urban space management technologies. Additionally, expanding government initiatives to construct smart commercial spaces, retail malls, and neighbourhoods to cut energy usage is likely to support the market expansion.
The Middle East and Africa is witnessing a rapid expansion as a result of rising demand for energy-efficient smart building solutions. Furthermore, the government is working to cut carbon emissions by implementing smart technology to accomplish it.
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Consumer interests and vendor investments for technology to encourage the market growth
Increase in number of cyberattacks and security leaks to impede the adoption
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Increased strategic acquisitions and collaborations to strengthen key players' market position, as to increase their market share, the leading companies in the smart building industry are proactively entering into partnerships and alliances. To assure the safety and quality of smart solutions, the players also collaborate with various rating and evaluation certification providers. The players are acquiring local players across nations to boost their worldwide reach. Furthermore, industry participants are constantly investing in the development and introduction of new intelligent systems and services for controlling commercial and residential building operations.
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According to Global Smart Building Market report analysis the global market is expected to boom in the coming years as automation technologies are deployed in the construction industry. Use of sensor technology and emphasis on user experience in the building, and internet of things-enabled devices have created robust market opportunities.
|Market size value in 2021||USD 82.77 billion|
|Market size value in 2030||USD 103.91 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Smart Building Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Building Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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