Smart Building Market to Hit USD 265.37 Billion by 2028 With leading players Cisco Systems, Inc., Siemens AG, ABB Ltd., Schneider Electric SE, Endeavor Business Media, IBM Corporation

The global smart building market size is expected to gain momentum by reaching USD 265.37 billion by 2028 while exhibiting a CAGR of 21.6% between 2021 to 2028. In its report titled "Smart Building Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 57.30 billion in 2020.

Due to the increasing population and rapid urbanization, energy demand has increased in recent years. However, the increased usage of non-renewable energy sources has led to the depletion of many resources along with causing an environmental crisis. Therefore, major players in the market, such as Honeywell International Inc., are developing sustainable and green building projects. Recently, the company launched cloud-based Forge Energy Optimization to manage energy consumption. This project aims to reduce energy consumption and lower carbon footprints. Such environment-friendly initiatives taken by prominent market players are expected to boost the market growth in upcoming years.

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List of the Key Companies Profiled:

• Cisco Systems, Inc. (California, United States)
• Siemens AG (Munich, Germany)
• ABB Ltd. (Zürich, Switzerland)
• Schneider Electric SE (Rueil-Malmaison, France)
• Endeavor Business Media (Tennessee, United States)
• IBM Corporation (New York, United States)
• Huawei Technologies Co. Ltd (Shenzhen, China)
• Legrand SA (Limoges, France)
• Honeywell International Inc. (North Carolina, United States)
• Johnson Controls Inc. (Cork, Ireland)
• Hitachi, Ltd. (Tokyo, Japan)
• Emerson Electric Co. (Missouri, United States)
• Robert Bosch GmbH (Gerlingen, Germany)

COVID-19 Impact

The ongoing COVID-19 pandemic situation has adversely impacted the market. However, the reopening of commercial buildings for in-office work is expected to drive the need for smart technologies for a safe environment. These buildings use smart technologies such as managing regular cleaning and sanitization, proper office ventilation, smart entry control, temperature measuring devices, space optimization for social distancing. This is likely to accelerate the demand for advanced building solutions in post-pandemic situations. Furthermore, the continuous innovation in technologies and rapid development is expected to fuel the demand for these smart buildings in the long term.

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Driving Factor

Growing Energy Consumption Concerns to Drive the Market Growth

The growing demand for energy worldwide has caused concerns about energy sources. For instance, as per IoT and smart building 2019 report published by IBM Corporation, 50% of water and energy is consumed by commercial and real estate buildings. The report further mentions that, by the end of 2025, buildings are expected to consume maximum energy.

Another report by Schneider Electric Whitepaper, states that 36% of carbon emission comes from buildings. Therefore, governments worldwide are investing heavily in green building initiatives. This is expected to propel the smart building market growth during the forecast period.

What does the Report Provide?

The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.

Market Segmentation:

By component, the market is bifurcated into solutions and services. By application, it is segmented into residential and commercial.

• Based on the solution, the building infrastructure management sub-segment held a share of 32.9% in 2020. This is attributable to rising challenges in maintaining large commercial buildings at operation cost, including parking, smart water management system, and elevators & escalators system. These factors are expected to boost the segment's growth in the upcoming years.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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Regional Insights

North America to Dominate Backed by Investment on Green Building Projects

North America is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to the increasing investments done by the U.S. government and private construction firms on green building technology. For instance, as per the Smart Working report of Schneider Electric, commercial real estate of the country utilizes USD 179 billion in energy every year. This is likely to drive the regional market. The region's market stood at USD 22.59 billion in 2020.

Asia Pacific is expected to show significant smart building market share due to the increasing population in India and China. Moreover, rapid urbanization, coupled with the growing infrastructure in the region, is expected to promote the market.

Competitive Landscape

The global market contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market.

Industry Developments

May 2021 - Siemens AG collaborated with Telefónica Tech to develop intelligent building solutions and services in the Spanish market. By this collaboration, both companies are also focusing on other projects such as smart lighting, predictive maintenance, smart parking, de-escalation monitoring, and environmental monitoring, occupancy, and capacity management to provide users with an enhanced living experience.

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