Smart Building Market Analysis
The global Smart Building Market will touch USD 25,725.0 million at a 17.44% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. A smart building, put simply, is a structure which uses automated processes to control different building operations automatically like ventilation, energy management, security, heating, air conditioning, and other systems. It is equipped with different forms of smart devices and electronic components like microprocessors, microcontrollers, microchips, and sensors for collecting and processing pertinent data and managing them in controlling operations of the building automatically.
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Various factors are fuelling the global smart building technology market growth. As per the recent MRFR market estimates, such factors include the growing adoption of IoT-enabled building management system, growing awareness about space utilization, rising industry standards and regulations, increasing need for energy-efficient buildings, rising government initiatives to encourage smart infrastructure, and emergence of 5G technology.
On the contrary, lack of infrastructure and technical expertise in developing countries, lack of coordination and cooperation among standard bodies, the COVOID-19 impact, and increasing concerns on data privacy and security may limit the global smart building market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global smart building market based on automation and application.
By automation, the global smart building market is segmented into network management system, infrastructure management system (parking management system, smart water management system, and elevators and escalators management system), building energy management system (lighting control system, HVAC control system, and energy management system), and intelligent security system (emergency management system, access control system, and video surveillance system). Of these, the building energy management system segment will lead the market over the forecast period.
By application, the global smart building market is segmented into residential, government and public infrastructure, industrial, and commercial. Among these, the commercial application segment will dominate the market in the forecast period.
Regional Analysis
By region, the global smart building market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, & the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. Reduction in management costs, growing awareness for energy and water management, safety and security, emergence of latest smart building solutions which leverage new technologies like artificial intelligence, deep learning, data analytics, cloud computing, big data, and IoT for saving energy, increasing occupancy comfort, reducing operational expenditures, and meeting increasingly strict global regulations and sustainability standards, technological developments in Canada and the US, heavy investments being made by US organizations into smart building measures like building systems integration and building controls for leveraging energy storage and energy efficiency and also deliver safer, more sustainable, and smarter buildings, and the Canadian government taking initiatives for supporting the countries commitment to safeguard the environment and its resources via making federal buildings highly energy efficient and cutting down greenhouse emissions are adding to the global smart building market growth in the region.
Key Players
The eminent players profiled in the global smart building market report include Huawei Technologies Co. Ltd, (China), Legrand SA (France), Schneider Electric SE (France), Siemens AG (Germany), ABB Group (Switzerland), Overkiz (France), GEZE GmbH (Germany), Emerson Electric Co. (US), Honeywell International, Inc. (US), Cisco Systems (US), IBM Corporation (US), Sony Corporation (Japan), Hitachi Ltd (Japan), Johnson Controls International PLC (Ireland), Advantech Co. Ltd (Taiwan), Panasonic Corporation (Japan), HCL Technologies Limited (India), United Technologies Corporation (US), and Control4 Corporation (US), among others.
The smart building market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Industry Updates
May 2021- Infosys, RXR Realty will soon deploy smart building health & wellness solutions.
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