Pune, India, July 10, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Europe Smart Building Market Size was valued at USD 4.40 billion in 2022 and is projected to grow from USD 5.27 billion in 2023 to USD 18.59 billion by 2030, exhibiting a CAGR of 19.7% during the forecast period. The growth is propelled by increasing concerns associated with privacy and security. There has been an increasing demand for smart security devices, considering the rise in crimes such as burglary and theft in commercial or residential properties. Fortune Business Insights™ provides this information in its research report, titled “Europe Smart Building Market Forecast, 2023-2030. Surging Adoption of Access Control System to Propel the Demand for Security Systems.
Key Industry Development:
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Key Takeaways
- Growing Demand for Access Control Door Solutions Uplifted the Market During Pandemic
- ABB rolled out the ABB Ability Building Analyzer to Strengthen Industry Footing
- Rising Number of Smart City Projects in European Countries is a Crucial Trend
- By Application Analysis: Rising Product Adoption in Hotel Industry to Boost the Commercial Segment Growth
- Companies are Investing in Acquisitions, Product Launches, and R&D Activities to Strengthen their Presence
Discover the Leading Players Featured in the Report:
“Companies leading the Europe Smart Building Market Are Novoferm GmbH (Germany), Bosch GmbH (Germany), GEZE GmbH (Germany), Johnson Controls (Ireland), Hormann (Germany), Schüco International (Germany), ZKTeco Europe, S.L. (Spain), Dormakaba (Switzerland), SALTO (Spain), SimonsVoss (Germany), Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19.7% |
| 2030 Value Projection | USD 18.59 Billion |
| Base Year | 2022 |
| Europe Smart Building Market Size in 2022 | USD 4.40 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 80 |
| Segments covered | Solution, Application and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/europe-smart-building-market-105128
Drivers and Restraints:
Growing Adoption of Access Control Solutions in the Hospitality Sector to Boost Market Expansion
One of the key factors propelling the Europe smart building market growth is the escalating adoption of the product in secure access control systems across the hospitality industry. The technology is being adopted for hotel management and operations to cut costs and streamline processes.
However, the industry expansion could be hampered by the high prices of smart door locks and associated technical issues.
Segments:
By Solution
- Security System
- Access Control System
- Smart Door Lock
- Biometric Door Locks
- Smart Card Door Locks
- Electric Strike Door Locks
- Others
- Safety System
- Others
By Application
- Residential
- Commercial
- Hotel
- Healthcare
- Retail
By Country
- U.K.
- Rest of Europe
Regional Insights:
Germany to Lead Owing to Growing Investments in Digital Technology
Germany accounts for a major valuation in the Europe smart building market share. The industry expansion is impelled by the increasing investments by German businesses in digital technology for building home-grown platforms.
The U.K. market is estimated to expand at a substantial rate over the forecast period. The rise is propelled by the growing deployment of smart solutions in buildings.
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Competitive Landscape:
Key Companies Ink Partnership Deals to Strengthen Market Foothold
Leading industry participants are forging collaborations, partnerships, and merger agreements for strengthening the positions of their businesses. Some of the additional initiatives comprise acquisitions, the formation of alliances, and others. Many companies are also focusing on research and development activities for the launch of new products.
FAQ’s
How big is the Europe Smart Building Market?
Europe Smart Building Market size was USD 4.40 billion in 2022.
How fast is the Europe Smart Building Market growing?
The Europe Smart Building Market will exhibit a CAGR of 19.7% during the forecast period, 2023-2030
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