The global smart building market size is expected to reach around US$ 160 Billion by 2026 growing at a noteworthy CAGR of 15.3% from forecast period 2019 to 2026.
The smart building refers to the structure where all the control operations including heating, ventilation, air conditioning (HVAC), lighting, and security among others are controlled by the automated processes. A smart building uses microchips, actuators, and sensors for collecting and managing data as per the requirement. Smart building infrastructure helps owners, operators and facility managers to improve the performance and reliability of the assets, which efficiently uses the spaces, reduces energy uses and subsequently minimizes the environmental impact of buildings. The smart buildings make the residents more comfortable with lighting, thermal comfort; air quality, physical security, and sanitation. Various types of facilities are incorporated into a smart building, which includes video surveillance system, access control system, emergency management system, energy management platform, have control system, lighting control system, parking management system, smart water management system, and elevators and escalators management system. In addition, various types of services are provided by the global players for the accomplishment of a smart building project such as consulting, system integration, deployment, support, and maintenance services. Apart from these, smart buildings have applications across commercial buildings, residential buildings, government & public infrastructure facilities, educational institutions and others.
The rising adoption of IoT enabled building management systems across the globe is driving market growth. Rising awareness among the residents about space utilization owing to the increasing population is propelling the market growth. Increasing industry standards and regulations for building construction is further accelerating the market value. The continuously growing need for energy-efficient building solutions across the globe is stimulating the demand in the market. Increasing smart city trends in emerging economies across the globe are favoring the demand in the market. In addition, increasing government initiatives toward smart infrastructure especially in developed and developing economies are also supporting the market growth.
However, the lack of cooperation among standard bodies is likely to hamper the growth over the forecast period. Lack of skilled professionals and rising privacy and security concern with the use of connected solutions is projected to be the major challenges to market growth. Furthermore, the emergence of 5G technology across the world is expected to create potential opportunities over the forecast period.
On the basis of building type, commercial buildings are expected to dominate the segment over the forecast period. The segment is also experiencing positive growth owing to the increasing need for energy-efficient solutions for reducing energy consumption without compromising comfort and security. The advantages associated with the smart building, such as less energy consumption, improve building efficiency, predictive maintenance, increased productivity, and better use of resources are further bolstering the demand of smart building in the regional market. In addition, increasing regulations on commercial infrastructure for reducing the generation of carbon and other solid wastes are further supporting the segment growth.
The market research study on “Smart Building Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global smart building market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global smart building market, its solution, product, building type, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global smart building market size and volume, and segment markets by solution, product, building type, and geography along with the information on companies operating in the market. The smart building market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
By region, North America is expected to lead the global smart building market during the forecast period. The region is considered as a developed and technologically advanced country, which is a major reason of regional growth. The region is experience growth owing to the use of latest technology solutions including data analytics, IoT, cloud computing, big data, deep learning, and artificial intelligence, for increasing occupancy comfort, saving energy, reducing operational expenditures, and meeting increasingly stringent global standards for sustainability. The governments of prominent countries including the US and Canada are investing in smarter, safer, and more sustainable buildings solutions is further propelling the regional market value. In addition, the Canadian government is taking initiatives for protecting the environment and its resources is further supporting the regional market growth.
The players profiled in the report Siemens, Honeywell, Schneider Electric, Johnson Controls, United Technologies, Cisco, Control4, Delta Controls, Emerson, IBM and Others. The major players are involve in adopting key strategies including mergers & acquisition, partnerships and new product development for expanding the product portfolio and market share.
Market By Solutions
Market By Product
Market By Building Type
Market By Geography