Smart Building Market to Hit USD 577.97 Billion by 2030 owing to Advancements in IoT and Connectivity Coupled with Increasing Sustainability Demands | Research by SNS Insider

According to SNS Insider, the growth of the smart building market has been powered by a convergence of technological innovations, sustainability demands, and the pursuit of optimized experiences and cost-efficiency.

Pune, Aug. 07, 2023 (GLOBE NEWSWIRE) -- “The Smart Building Market had a valuation of USD 87.92 billion in 2022, and it is projected to reach USD 577.97 billion by 2030, exhibiting a remarkable compound annual growth rate (CAGR) of 26.54% during the forecast period from 2023 to 2030, as per the SNS Insider report.”

Smart Building Market Overview:

Smart buildings represent a revolutionary leap in the realm of urban living. Through the seamless integration of technology, automation, and data-driven decision-making, these buildings prioritize sustainability, user comfort, and efficiency. As cities embrace this transformative concept, the smart building movement is poised to shape a more sustainable, interconnected, and intelligent future for generations to come. By harnessing the power of technology and design, we can forge a path toward a smarter and more harmonious coexistence between humans and their built environments.

Market Analysis

The growth of the smart building market has been powered by a convergence of technological innovations, sustainability demands, and the pursuit of optimized experiences and cost-efficiency. As the world becomes increasingly interconnected and urbanized, the demand for intelligent, sustainable, and efficient buildings will continue to rise. To capitalize on this trend, stakeholders must remain attentive to the evolving needs of occupants, advancements in technology, and the regulatory landscape, ensuring that smart buildings continue to shape the future of modern construction and urban development. Collaborative efforts between tech giants, property developers, and building management firms have resulted in the rapid development and adoption of scalable and versatile smart building technologies.

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Major Players Included in this Report are:

  • Schneider Electric SE
  • Siemens
  • Emerson Electric Co.
  • Hitachi, Ltd.
  • Honeywell International Inc.
  • Telit
  • INTEL Corp.
  • Cisco Systems Inc.
  • Endeavor Business Media
  • Johnson Controls
  • ABB Ltd.
  • KMC Controls
  • LG Electronics
  • Legrand.
  • Sierra Wireless.
  • Softdel System
  • Spacewell & Other Players

Impact of Recession on Smart Building Market Growth & Opportunities

While recessions can initially disrupt the smart building market, this industry has displayed remarkable resilience and adaptability. The emphasis on sustainability, energy efficiency, and occupant well-being, combined with technological innovations, provides a strong foundation for its recovery and continued growth. As economies recover from the effects of recessions, the market is expected to regain momentum and play a pivotal role in shaping the future of sustainable infrastructure.

Smart Building Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 87.92 Bn
Market Size by 2030  US$ 577.97 Bn
CAGR   CAGR of 26.54% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Smart Building Market: Key Segmentation • By Solution (Safety & Security Management, Energy Management, Building Infrastructure Management, Others)
• By Service (Consulting, Implementation, Support & Maintenance)
• By Building Type (Residential, Commercial, Industrial)
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Impact of the Russia-Ukraine War

The Russia-Ukraine War has undoubtedly impacted the smart building market, causing disruptions in supply chains, investment constraints, and market uncertainties. However, it has also fueled technological innovation, stimulated interest in energy efficiency, and reshaped geographical preferences. As the geopolitical situation evolves and stabilizes, the smart building industry is likely to adapt and capitalize on emerging opportunities.

Key Regional Developments

The smart building market's regional dynamics are diverse and shaped by a combination of economic, regulatory, and social factors. While North America and Europe continue to lead the way with mature smart building infrastructures, the Asia-Pacific region holds tremendous promise for future growth. Latin America and the Middle East are gradually catching up, showcasing a growing appetite for sustainable and energy-efficient building solutions.

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Key Takeaway from Smart Building Market Study

  • The Energy Management segment is at the forefront of the smart building revolution, championing the cause of sustainability and energy efficiency. With a growing focus on environmental preservation and the need to curb greenhouse gas emissions, organizations and building owners are embracing energy management solutions to optimize their energy consumption.
  • The Residential segment is rapidly gaining traction as homeowners recognize the value of smart home technologies in enhancing comfort, convenience, and security. Smart home devices allow residents to control lighting, HVAC systems, appliances, and security systems remotely through their smartphones or voice-activated assistants.

Recent Developments Related to Smart Building Market

  • In a groundbreaking move that promises to reshape the landscape of smart buildings, industry-leading companies Spacewell and TCM IP have announced their strategic partnership, combining their expertise to deliver cutting-edge solutions for the built environment.
  • In a strategic move towards sustainability and energy efficiency, Tata Power, India's leading integrated power company, has announced a groundbreaking partnership with 75F, an innovative technology solutions provider for smart buildings.

Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Smart Building Market Segmentation, By Solution

9. Smart Building Market Segmentation, By Service

10. Smart Building Market Segmentation, By Building Type

11. Regional Analysis

12. Company Profile

13. Competitive Landscape

14. USE Cases and Best Practices

15. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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