Portland, OR , Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Asia-Pacific smart building market generated $17.56 billion in 2020 and is projected to reach $78.72 billion by 2030, exhibiting a CAGR of 16.1% from 2021 to 2030. The report offers an in-depth analysis of the market size, future estimations, emerging and current trends, and key players.
The surge in the need for energy-efficient infrastructure, compatible standards and regulations for buildings smart buildings, and the increase in adoption of IoT-enabled building management systems propel the growth of the Asia-Pacific smart building market. On the other hand, high initial investment and complicated interoperability hamper market growth. On the contrary, the integration of artificial intelligence in smart buildings and the rise in smart cities campaigns across the Asia-Pacific will create several market opportunities.
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COVID-19 scenario:
- The COVID-19 pandemic has moderately impacted the progress of the smart buildings market. Many commercial and residential smart buildings projects are paused because of rise in the number of COVID-19 patients in the Asia-Pacific.
- Several key market players have introduced different solutions to minimize the impact of the COVID-19 outbreak and to boost the market share.
- Due to the lockdown imposed by governments in most of the countries and the closure of organizations across the globe, the market is expected to witness a downfall for a short period.
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The report segments the Asia-Pacific smart building market on the basis of component, building type, solution type, and country.
Based on the component, the solution segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the services segment is estimated to witness the fastest CAGR of 17.6% from 2021 to 2030.
Based on the solution type, the security & emergency management segment contributed to the highest market share in 2020, contributing to more than one-third of the total market share. On the other hand, the energy management segment is expected to manifest the fastest CAGR of 19.1% from 2021-2030.
Based on country, China contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, India is expected to portray the fastest CAGR of 22.3% during the forecast period. Key players of the Asia-Pacific smart building industry analyzed in the research include ABB Ltd., Honeywell International Ltd, Intel Corporation, BOSCH, Siemens AG, Huawei Technologies Co. Ltd., Schneider Electric S.E., Hitachi Ltd, Cisco Systems, Inc., and IBM Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Asia-Pacific Smart Building Market
