Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global smart building market size was valued at USD 80.60 billion in 2022 and is projected to grow from USD 96.96 billion in 2023 to USD 408.21 billion by 2030, exhibiting a CAGR of 22.8% during the forecast period. Increasing Smart City Projects to Drive the Market Growth. Fortune Business Insights™ mentioned this in a report titled Smart Building Market Forecast, 2023-2030. Smart buildings contain an advanced control system that controls building operations, such as air conditioning, lighting, ventilation, heating, and other systems, consisting of sensors, microchips, and actuators.
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Key Industry Development:
November 2022: Qualcomm Technologies, Inc. in partnership with Siemens Smart Infrastructure for 5G networks for smart buildings. This partnership focuses on advancement of digitization of building automation by developing new and smarter smart devices in the future.
Key Takeaways
- Surge in Demand for Safe and Healthy Workplaces to Fuel Market Development
- Increasing Smart City Projects to Surge Market Opportunities
- By Application Analysis: Growing Investment in Smart Technologies to Enhance Commercial Building Operational Efficiency
- Growing Energy Consumption Concerns to Propel the Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Smart Building Market are 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.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.8% |
| 2030 Value Projection | USD 408.21Billion |
| Base Year | 2022 |
| Smart Building Market Size in 2022 | USD 80.60 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Application and Geography |
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SEGMENTATION
By Component
- Solution
- Parking Management System
- Smart Water Management System
- Elevators and Escalators System
- Access Control System
- Video Surveillance System
- Safety System
- HVAC Control System
- Lighting Control System
- Building Infrastructure Management
- Security and Emergency Management
- Energy Management
- Services
By Application
- Residential
- Commercial
- Hotel
- Healthcare
- Retail
- Corporate Offices
- Others (Apartments, Condos)
By Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
Drivers & Restraints
Rising Energy Consumption Concerns to Propel Market Growth
Increasing concerns about rising energy consumption globally are anticipated to support advanced and energy-efficient technology. For instance, as per the IoT and smart building 2019 report of IBM Corporation, real estate and commercial buildings use 50% of energy and water. The report further states that commercial buildings are anticipated to consume maximum energy by the year 2025. As per the study of IBM Corporation report, implementing advanced technology, such as IoT, AI, and others, has reduced energy usage by 40% and 10%-30% maintenance costs.
However, subsequent barrier to the growth of the market is the rise in the number of cyber-attacks which may sometimes led to access to personal information and confidential information.
Regional Insights
Growing Adoption of Intelligent Building Solutions to Boost the North America Market
North America is estimated to lead the regional revenue share during the projected period. To boost workplace operations, prominent companies in North America are shifting toward intelligent building solutions.
Europe will stand second with a subsequent market share following North America. The increasing focus on implementing efficient energy-saving technologies in commercial and residential buildings is anticipated to drive the smart building market share.
Asia Pacific is estimated to gain notable growth during the projected period. The increase in government initiatives in developing smart commercial places, localities to reduce energy consumption, and shopping malls, to minimize energy consumption is predicted to fuel the smart building market growth.
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Competitive Landscape
Increasing Strategic Collaborations and Advancement to Drive the Market Growth
The key players in the market are deliberately entering into collaborations and partnerships to expand their market share. Such players are gaining local players across countries to grow their global presence. For managing residential buildings and commercial operations, the market players continuously invest in developing and launching new intelligent solutions and services.
FAQ’s
How big is the Smart Building Market?
Smart Building Market size was USD 80.60 billion in 2022.
How fast is the Smart Building Market growing?
The Smart Building Market will exhibit a CAGR of 22.8% during the forecast period, 2023-2030.
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Smart Cities Market Size, Industry Share
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