Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global smart building market size is expected to gain momentum by reaching USD 328.62 billion by 2029 while exhibiting a CAGR of 22.2% between 2022 to 2029. In its report titled “Smart Building Market Trends, 2022-2029,” Fortune Business Insights mentions that the market stood at USD 67.60 billion in 2021.
Smart buildings comprise building operations and control systems sensors, microchips, and other components. The building offers low operational costs, building performance, efficient security management, tenant management, and performance management. Smart city projects and the emergence of 5G technology are expected to boost technology adoption. Furthermore, rising smart city projects are expected to boost adoption. These factors are likely to fuel the market development in the coming years.
Industry Development
- May 2021 – Siemens AG collaborated with Telefónica Tech to develop intelligent building solutions and services in the Spanish market. By this collaboration, both companies are also focusing on other projects such as smart lighting, predictive maintenance, smart parking, de-escalation monitoring, and environmental monitoring, occupancy, and capacity management to provide users with an enhanced living experience.
- February 2021: Honeywell International Inc. engaged in collaboration with IDEMIA for the development of intelligent building solutions. The companies work together for the development of secure contactless building engagement solutions.
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What does the Report Provide?
The Smart Building Market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 22.2% |
| 2029 Value Projection | USD 328.62 billion |
| Base Year | 2021 |
| Smart Building Market Size in 2021 | USD 67.60 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Smart Building Market Growth Factor | Increasing Focus on Energy Saving to Propel Smart Building Solution Demand |
| Surge in Demand for Safe and Healthy Workplace to Fuel Market |
Drivers and Restraints
Increasing Energy Consumption to Fuel Market Development
Increasing concerns regarding energy consumption are expected to fuel energy-efficient technology and energy adoption. For example, IBM Corporation’s IoT and Smart Building 2019 report mentions that real estate and commercial buildings utilize 50% hydro energy. Further, the report mentions that the buildings are expected to adopt maximum energy by the end of 2025. Also, stringent government investments and rising green building projects are expected to boost the product adoption. Additionally, improving lifestyles and rapid digitization are expected to bolster the technologies’ demand. These factors are likely to drive the smart building market trends.
However, increasing cyber-attacks in connected buildings are expected to hamper industry development.
Regional Insights
Rising Adoption of Intelligent Building Solutions to Fuel Market Progress in North America
North America is expected to dominate the smart building market share due to rising adoption of intelligent building solutions. The market in North America was valued at USD 26.88 billion in 2021 and is expected to grow considerably in the coming years. Further, the rising product adoption by commercial real estate in the U.S. boosts industrial development.
In Europe, the rising focus on implementing energy-efficient technologies in residential and commercial buildings is expected to fuel the industry progress. Further, rising smart workplace buildings are expected to bolster growth.
In Asia Pacific, the growing focus on developing infrastructural projects is expected to foster the product adoption. This factor may propel the market growth.
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COVID-19 Impact
Surging Demand for Healthy and Safe Workplace to Foster Industry Growth
This Smart Building Market Trends is expected to grow positively during the COVID-19 pandemic due to the surging demand for a safe and healthy workplace. The sudden spike in COVID-19 is expected to boost the demand for the technology. The opening of commercial buildings and the adoption of smart technologies in smart infrastructure are expected to boost the building’s adoption. Furthermore, the adoption of smart technology is expected to bolster industry development. These factors may propel the market development.
Segments
Component, Application, and Region are Studied
By component, the market is segmented into solutions and services. Based on application, it is classified into commercial and residential. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Competitive Landscape
Manufacturers Launch Novel Technologies to Boost Brand Image
The prominent companies operating in the market announce novel technologies to bolster brand image. For example, Endeavor Business Media announced intelligent building technology to integrate smart solutions for new and commercial buildings. This development may boost the companies’ brand image. Furthermore, companies invest heavily in research and development to improve offerings and enhance their annual revenues. Additionally, the adoption of expansions, mergers, acquisitions, and collaborations may enable companies to boost their market position.
Companies Profiled in the Global Smart Building Market Report
- Cisco Systems, Inc. (U.S.)
- Siemens AG (Germany)
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Endeavor Business Media (U.S.)
- IBM Corporation (U.S.)
- Legrand SA (U.S.)
- Honeywell International Inc. (U.S.)
- Johnson Controls Inc. (U.S.)
- Hitachi, Ltd. (U.S.)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Smart Building Key Players Market Share Insights and Analysis, 2021
- Global Smart Building Market Trends Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Building Infrastructure Management
- Parking Management System
- Smart Water Management System
- Elevators and Escalators System
- Security and Emergency Management
- Access Control System
- Video Surveillance System
- Safety System
- Energy Management
- HVAC Control System
- Lighting Control System
- Building Infrastructure Management
- Services
- System Integration and Deployment
- Support and Maintenance
- Consulting
- Solution
- By Application (USD)
- Residential
- Commercial
- Hotel
- Healthcare
- Retail
- Corporate Offices
- Others (Apartments, Condos etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Smart Building Market Trends Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Europe Smart Building Market Trends Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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