Pune, India, March 09, 2022 (GLOBE NEWSWIRE) -- The global smart building market size was USD 67.60 billion in 2021. The market is expected to grow from USD 80.62 billion in 2022 to USD 328.62 billion by 2029, exhibiting a CAGR of 22.2% during the forecast period. Growing smart city projects, the emergence of smart 5G technology, and increasing smart city projects are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Smart Building Market Revenue, 2021-2028.”
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.
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COVID-19 Impact
Surging Demand for Healthy and Safe Workplace to Foster Industry Growth
This Smart Building Market 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.
Report Coverage
The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market's key players.
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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 growth.
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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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.
Industry Development
- 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.
Major Key Players 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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List of Tables: Global Smart Building Market Report
Table 1: Global Smart Building Market Size Estimates and Forecasts, YoY Growth Rate, 2018 – 2029
Table 2: Global Smart Building Market Size Estimates and Forecasts, by Region, 2018 – 2029
Table 3: North America Smart Building Market Size Estimates and Forecasts, 2018 – 2029
Table 4: U.S. Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 5: Canada Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 6: Europe Smart Building Market Size Estimates and Forecasts, 2018 – 2029
Table 7: Europe Smart Building Market Size Estimates and Forecasts, By Building Infrastructure Management, 2018 – 2029
Table 8: U.K. Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 9: Germany Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 10: France Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 11: Italy Smart Building Market Size Estimates and Forecasts, By Services, 2018 – 2029
Table 12: Denmark Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 13: Asia Pacific Smart Building Market Size Estimates and Forecasts, 2018 – 2029
Table 14: Asia Pacific Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 15: India Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
Table 16: India Smart Building Market Size Estimates and Forecasts, By Solution, 2018 – 2029
Table 17: South Africa Smart Building Market Size Estimates and Forecasts, By Solution, 2018 – 2029
Table 18: South Africa Smart Building Market Size Estimates and Forecasts, By Services, 2018 – 2029
Table 19: Latin America Smart Building Market Size Estimates and Forecasts, 2018 – 2029
Table 20: Latin America Smart Building Market Size Estimates and Forecasts, By Component, 2018 – 2029
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