Selbyville, Delaware, May 02, 2023 (GLOBE NEWSWIRE) --
The smart building market valuation is anticipated to be worth USD 500 billion by 2032, as reported in a research study by Global Market Insights Inc.
The commendable rise in investments in smart city projects may decently boost market growth. Several governments globally have been emphasizing developing smart cities to optimize city operations and stimulate economic growth while leveraging smart technologies and data analysis to improve the quality of life for citizens. For instance, the Indian Ministry of Finance allocated a sum of US$ 868 million (Rs. 6,450 crores) to the Smart Cities Mission under Union Budget 2021-22. Besides, the rapid integration of cutting-edge technologies in building solutions will depict a favorable impact on the market deamd.
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The smart building market from the commercial segment accounted forUSD 55 billion in 2022, owing to rising adoption of IoT sensors in smart commercial buildings to collect data from various building systems and subsystems. Building operators can utilize this data to automate and enhance building operations & maintenance. Moreover, this data can also be used to improve building controls, automate important building-management duties, including heat & lighting, and detect operational inefficiencies in businesses.
The smart building market from the residential application segment is predicted to cross USD 200 billion by 2032, due to the rapid adoption of intelligent building solutions to manage energy consumption, smart maintenance, and safety and security. The increasing demand for smart home lighting, smart door & locking systems, HVAC monitoring, and smart meters is expected to surge the industry growth in residential applications.
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Asia Pacific smart building market will surpass USD 100 billion by 2032, credited to the increasing public awareness about energy saving and escalating government initiatives towards developing smart buildings in several regional economies, such as India. Additionally, energy consumption in buildings across all sectors is controlled and successfully managed owing to the adoption of smart & eco-friendly structures and environment-friendly infrastructure, which will positively influence the industry landscape.
Major players involved in smart building market are Microsoft Corporation, Intel Corporation, ABB Limited, Huawei, Hitachi Ltd., IBM, and Johnsons Controls. The companies operating in the market are focusing on partnerships, acquisitions, and releasing new smart building solutions in the industry to gain a competitive edge. For instance, in November 2021, Rexel acquired Mayer, a major electrical product distributor operating in the eastern part of the U.S., to expand its footprint in the country.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart building industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 - 2032
2.3 Regional trends
2.4 Component trends
2.5 Application trends
Chapter 3 Smart Building market Insights
3.1 Impact of COVID-19 outbreak
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Impact analysis of Russia-Ukraine war
3.3 Impact of China-US trade war
3.4 Impact on value chain
3.5 Smart building industry ecosystem analysis
3.5.1 Hardware providers
3.5.2 Automation and technology providers
3.5.3 Clous services providers
3.5.4 Distribution channel analysis
3.5.5 End-users
3.5.6 Vendor matrix
3.6 Technology & innovation landscape
3.6.1 AI/Machine learning
3.6.2 IoT
3.6.3 BIM
3.6.4 Blockchain
3.6.5 Edge analytics
3.6.6 Digital twin
3.7 Smart building architecture
3.8 Evolution of smart building
3.9 Profit margin analysis
3.10 Regulatory landscape
3.10.1 North America
3.10.2 Europe
3.10.3 Asia Pacific
3.10.4 Latin America
3.10.5 MEA
3.11 Patent analysis
3.12 Key initiatives & news
3.13 Industry impact forces
3.13.1 Growth drivers
3.13.1.1 Growing IoT and AI integration in building solutions
3.13.1.2 Government initiatives to reduce energy consumption
3.13.1.3 Increasing investment in smart city projects
3.13.1.4 Increasing focus on occupant comfort and safety
3.13.1.5 Rising interest to achieve sustainable goals
3.13.2 Industry pitfalls and challenges
3.13.2.1 High cost of investment
3.13.2.2 Government policies for data privacy
3.14 Growth potential analysis
3.15 Porter's analysis
3.16 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
