Global Smart Building Market

Global Smart Building Market Size, Share, Growth Analysis, By Component(Solutions, ( Safety), By System(Parking Management System, Physical Security System), By Technology(Wireless Technology, Bus Technology), By Application(Commercial (Retail, Hotel) - Industry Forecast 2024-2031


Report ID: SQMIG45H2056 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 142 | Figures: 77

Global Smart Building Market Regional Insights

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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FAQs

Smart Building Market size was valued at USD 82.77 billion in 2019 and is poised to grow from USD 103.91 billion in 2023 to USD 538.45 billion by 2031, growing at a CAGR of 25.3% in the forecast period (2024-2031).

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. 'Siemens AG', 'Honeywell International Inc.', 'Schneider Electric SE', 'Johnson Controls International plc', 'ABB Ltd.', 'Cisco Systems, Inc.', 'United Technologies Corporation', 'IBM Corporation', 'Delta Controls Inc.', 'Crestron Electronics, Inc.', 'Lutron Electronics Co. Inc.', 'Legrand SA', 'BuildingIQ Inc.', 'Hitachi, Ltd.', 'Huawei Technologies Co. Ltd.', 'Panasonic Corporation', 'Philips Lighting Holding B.V.', 'Siemens Building Technologies', 'Toshiba Corporation', 'Emerson Electric Co.'

Consumers' increased interest in building technology that saves running costs, as well as individuals' growing knowledge of the need for energy consumption are the major drivers driving the industry's revenue development. 

Increasing urbanisation to fuel the adoption of smart building industry: Rapid urbanisation is predicted to fuel the growth of the global smart building industry in the coming years. According to a high-level ExpForum 2019 assessment, 70% of the world's population is predicted to migrate to cities by 2050. This aspect will increase the need for structures and places to support livelihood and employment needs.

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. 

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Global Smart Building Market

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