Westford, USA, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Global Smart Buildings Market size was valued at USD 80.25 billion in 2022 and is poised to grow from USD 89.08 billion in 2023 to USD 205.3 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).
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Smart buildings used technology to streamline complicated things so that it becomes easier to maintain and is safe. The rising trend of smart cities also plays a crucial part in developing new opportunities for the smart building market. With the advancement of digital technologies, sensors, and telecommunications, it has become easier to monitor and control buildings more efficiently than before. Smart buildings highly depend on various types of IoT sensors and computer networks for automating solutions such as heating, elevator management, and lighting. These sensors also help in detecting fire, video surveillance, and control access to the building. Building management systems (BAS) and the amalgamation of these sensors offers massive amount of data and information on building safety and performance. BAS and IoT sensors also maintain the security of the building by stopping the entrance of any intruders and immediately informing to the owner or responsible person. These smart buildings also play a part in self-generation or grid-supplied energy, driving the demand for non-carbon or low-carbon building energy management systems. AI and ML are utilized to analyse the building data to enhance performance of different building activities along with building’s income production abilities.
Browse in-depth TOC on the "Smart Buildings Market"
- Pages - 157
- Tables - 142
- Figures – 767
Pest Control Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 89.08 Billion |
| Estimated Value by 2031 | $ 205.3 Billion |
| Growth Rate | Poised to grow at a CAGR of 11 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Solution and Building Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increasing demand for sustainable buildings |
| Key Market Opportunities | Growing urbanization to increase the demand for buildings |
| Key Market Drivers | Rapid advancements in AI and IoT to improve safety |
Rising Demand of Smart Buildings to Optimize Energy Consumption
With the rising price of energy and increasing concern for the environment the focus on energy efficiency in buildings growing. Smart buildings have the potential to optimize energy consumption by automatically adjusting lighting, heating, and cooling. These temperatures are adjusted according to the occupancy, weather conditions, and similar other factors. The rapid growth of urbanization is also resulting to an increasing demand for smart buildings that can accommodate large number of people. These buildings provide and comfortable, sustainable, and efficient environment. Smart buildings technologies can also assist to enhance space utilization, minimize energy consumption, and increase safety & security. These factors are boosting the market constantly.
Development in IoT & AI Technologies to Improve Smart Building Operations
The emergence of Internet of Things and artificial intelligence have provided more and new opportunities for the smart building automation. Innovations like cameras, sensors, and similar other devices can be utilized to gather data on building performance and user behavior. This information can be analyzed and used for improving building operations and enhance the comfortability and safety of the occupants. Building owners and operators are also becoming more aware about the advantages of smart building technologies. These includes cost saving, enhanced occupant comfort, and improve sustainability. These are some of the factors due to which people are investing in these technologies to enhance the performance of their building.
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Growth of Digitalization to Further Bolster Market of North America
In recent times, North America is witnessing a surge in the smart buildings market. This is primarily due to the increasing public and private investments. Growth of digitalization is also progressing the market further. Moreover, government facilities are also taking immense initiatives to increase digital infrastructure for propelling US towards a strong digital economy, contributing to the growth of smart buildings.
Smart Buildings Market Insight
Drivers:
- Increasing demand for energy-efficient buildings
- Advancement of AI and IoT to optimize smart building operations
- Growing urbanization to increase the demand of buildings
- High demand for automation in buildings to improve energy efficiency
Restraints:
- High expense of installation and maintenance
- Increasing concern related to data privacy and security
- Shortage of skilled workforce to install such advanced devices
- There is limitation of standard data format for communication in the smart buildings
Key Players in the Smart Buildings Market
The following are the Top Smart Buildings Companies
- Cisco (US)
- IBM (US)
- Honeywell (US)
- Siemens (Germany)
- Johnson Controls (Ireland)
- Huawei (China)
- Intel (US)
- PTC (US)
- ABB (Switzerland)
- Hitachi (Japan)
- Schneider Electric (France)
- Telit (UK)
Key Questions Answered in the Smart Buildings Market Report
- What are the major factors driving the market growth?
- Who are the key players operating in the market?
- What are the latest trends in the market?
- What are the primary drivers of the smart buildings market?
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This report provides the following insights:
- Analysis of key drivers (Rising demand for energy-efficient buildings and advancements of AI and IoT to improve smart buildings operations), restraints (High expense of installation & maintenance and shortage of skilled workforce), opportunities (Growing urbanization and high demand for automation in buildings), and challenges (Increasing security and privacy concern and limitation of standard data format) influencing the growth of smart buildings market
- Market Penetration: Comprehensive information on the product offered by the top players in the smart buildings market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart buildings market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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