October 20, 2021

Smart Building Market Anticipated to Record 12.5% CAGR Through 2027

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Smart building applies sensors, microchips, and actuators to control and regulate air-conditioning, ventilation, lighting, heating, and other systems. It leverages integrated and advanced building technologies that include advanced telecommunications systems, building automation, facility management system, and fire safety equipment to improve the comfort, safety, the productivity of occupants. It can automatically manage the building systems as per the environmental condition, pre-set & variable schedules, and emergency events. Energy efficiency stays at the front of IoT Smart Building trends.

As per the Analysis, the smart building market was valued at US$ 49.35 Billion in 2020 and is projected to reach around US$ 127.09 Bn by 2027. It is likely that the smart building market is expected to expand at a CAGR of 12.5% from 2020 – 2030.

The report provides the overall revenue of the global smart building market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

Growth Factors

Several laws and regulations imposed by the government of different countries have encouraged the smart usage of the buildings without compromising their safety and sustainability. The European Commission has submitted its nearly zero-energy buildings national plans, under which it describes its intention to increase the NZEBs by 2020. Furthermore, the UK government has also issued a directive under which it had planned to reduce the energy consumption in government building by 20%.This initiative was mainly focused towards reducing the carbon footprint along with energy consumption in building sector. Similarly, Asian countries and other regions government are take strong initiative for transforming traditional buildings into green building. For instance, Singapore has started zero energy building that is running entirely on solar power.

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Report Scope:

Report Coverage Details
Market Size US$ 127.09 Bn by 2027
Growth Rate CAGR of 12.5% from 2021 to 2027
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2027
Segments Covered Component, Application
Regional Scope North America, Europe, APAC, Latin America, MEAN

Report Highlights

  • North America led the global smart building market in 2019 owing to emergence of smart building offering using advanced technologies such as big data, IoT, data analytics, cloud computing, artificial intelligence, and deep learning. Moreover, the U.S. and Canadian governments are significantly investing in smart building solutions to enhance energy efficiency and deliver smarter, sustainable, and safer buildings.
  • Asia Pacific exhibits the fastest growth during the forecast period owing to rapid penetration IoT-enabled smart devices in the region. In addition, rising public awareness towards energy conservation laws and smart and reliable solutions for buildings and infrastructures are driving the market growth.
  • Solutions segment led the global smart building market with remarkable revenue share in 2019. Rising popularity for smart building infrastructure management solutions are uplifting the segment growth. For instance, demand for smart and automated elevators and escalators have conquered nearly 60% of the revenue share in building infrastructure management segment.
  • By application, commercial building held the major revenue share in the global smart building market in 2019 owing to initiatives taken by real estate sector and builder to modernize the commercial spaces to enhance public experience. On the contrary, residential sector expected to exhibit the fastest growth over the forecast period. The prime factor attributed to this is augmented awareness for energy conservation among public along with aesthetic and smart featured solutions trending in the market.

Regional Snapshots

North America dominated the global smart building market in 2019 and projected to augment the market in the coming years. The prime factor attributed for its growth is technological advancement in the region along with government initiatives supporting smart and sustainable buildings & infrastructure. In addition, rising investment for the smart infrastructure in the region is another important factor accelerating the growth of the region. In March 2019, InnerSpace, an IoT-based smart building solution platform, announced that BDC Capital’s Women in Technology had funded USD 3.2 Mn in the company.

Asia Pacific projected as the most opportunistic region during the forecast period. The prime factor attributed to this is proliferating penetration of smart devices and advanced technologies in the region such as IoT, big data, and other new technologies. In 2019, the Asia Pacific expected to be the global leader in IoT spending with around 36% of the total spending across the globe. This in turn will exhibit the smart building market growth in the region.

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Key Players & Strategies

The global smart buildingmarket is highly competitive owing to development and investment by established market players. In March 2019, Advantech Co. Ltd announced to introduce two new routers for smart building solution that are LTE Cat-M1 router and ICR-3211B. These routers are significantly applicable for energy management, building automation, and remote SCADA application. Besides this, market players are also engaged in merger and collaboration to develop next level smart building solutions. For instance, in March 2017, Huawei, a chinese technology provider announced its collaboration with Honeywell for developing smart building solutions using IoT that makes building more secure, sustainable, and energy efficient.

Some of the prominent players in the smart building market include:

  • Siemens AG
  • Schneider Electric
  • ABB Ltd.
  • Cisco Systems Ltd.
  • IBM Corp.
  • United Technologies
  • Delta Controls
  • Building IQ
  • Johnson Controls
  • Honeywell International Inc.
  • Legrand
  • Hitachi Ltd.
  • Thales Group
  • Accenture
  • Emerson Electric Company

Click Here to Browse Full Report Table of Contents

Segments Covered in the Report

This research report analyzes and predicts growth of market size at global, regional, and country levels. It also offers comprehensive study of the up-to-date industry developments in all of the sub-segments from 2017 to 2027. In order to study thoroughly this research study classified global smart building market depending upon different parameters such as component, application and region:

By Component

  • Solution
    • Security & Emergency Management
      • Video Surveillance System
      • Safety System
      • Access Control System
      • Others
    • Building Infrastructure Management
      • Elevators & Escalators System
      • Parking Management System
      • Smart Water Management System
      • Others
    • Energy Management
      • Lighting Control System
      • HVAC Control System
  • Services
      • Support & Maintenance
      • System Integration & Deployment
      • Consulting

By Application

  • Commercial
    • Retail
    • Hotel
    • Healthcare
    • Others
  • Residential

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

Why Buy this Report?

The purpose of Precedence Research’s smart building market market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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