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Smart Building Market Size Predicted to Increase at a Positive CAGR | ABB Ltd., Cisco Systems Inc.,

01-25-2023 02:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Report Ocean

Smart Building Market Size Predicted to Increase at a Positive

The global smart building market size was US$ 69.8 billion in 2021. The global smart building market size is forecast to reach US$ 182.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.3% during the forecast period from 2022 to 2030.

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A smart building is a structure that employs IoT and automated technology to regulate various building systems, including lighting, security, heating, ventilation, and air conditioning. A smart building uses sensors, actuators, and microchips to gather and handle data in accordance with the operations and services of an organization (or household). These smart infrastructure solutions help building owners, operators, and facility managers increase the dependability and performance of their assets, reduce their energy consumption, make better use of their available space, and lessen the negative environmental effects of their structures.

Factors Influencing Market Growth
The increasing need for better building utilization and the rising demand for better resource management in urban environments drive the global market.

The growing demand for public safety and security boosts the global market growth.

The protection troubles associated with smart buildings, limited funding, and lack of infrastructure may slow down the overall industry growth.

The advent of artificial intelligence in smart buildings and the increasing IoT market & its application in smart buildings is forecast to offer lucrative opportunities for the global market.

Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. On the other hand, it is anticipated that the resumption of in-office work in commercial buildings would enhance the demand for sophisticated solutions for a secure environment. These buildings employ smart technologies to control routine cleaning and sanitization, proper workplace ventilation, smart entrance control, temperature monitoring devices, and sophisticated social distancing techniques.

In post-pandemic circumstances, it would unquestionably raise the demand for innovative construction solutions. Additionally, it is anticipated that the market for these smart buildings will continue to grow and benefit from constant technical innovation.

Regional Insights
North America accounted for a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the high investments in green building technology by the US government and private construction firms. In addition, the increasing adoption of smart building solutions is driving government initiatives to enhance energy efficiency. For example, Canadian government initiatives emphasize energy conservation mainly through smart buildings.

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The Asia Pacific region is forecast to have a lucrative growth rate over the projected period. As a result of the growing population in China and India. In addition, growing urbanization and developing infrastructure drive the region's growth. As part of its energy conservation efforts, the Indian government created the Energy Conservation Building Code (ECBC), which covers the built environment, ventilation, heating, and air conditioning. As a result, the rising adoption of smart lighting systems may help in conserving energy, which will further boost market growth.

Leading Competitors

The leading prominent companies profiled in the global smart building market are:
ABB Ltd.
Cisco Systems Inc.
Emerson Electric Co.
Hitachi, Ltd.
Honeywell International Inc.
Johnson Controls
IBM Corporation
Schneider Electric SE
Intel Corporation
Other Prominent Players

Scope of the Report

The global smart building market segmentation focuses on Component, Solution Type, Building Type, and Region.

Segmentation based on Component

Segmentation based on Solution Type
Building Infrastructure Management
Security and Emergency Management
Energy Management
Network Management
Workforce Management
Waste Management

Segmentation based on Building Type

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Segmentation based on Region
North America
The U.S.
Western Europe
The UK
Rest of Western Europe
Eastern Europe
Rest of Eastern Europe
Asia Pacific
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Saudi Arabia
South Africa
Rest of MEA
South America
Rest of South America

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market's future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players' products and the competitive landscape.
Key questions answered in the global market report are:

-- How does a global company acquire markets?
-- What are its core strategies and policies?
-- What factors will influence the market over the forecast period?
-- What are the factors driving and restraining the market?
-- What are the leading competitors in the global market?
-- Which region is growing at a higher pace in the global market?

Full Report Description, TOC, Table of Figure, Chart, etc.-

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

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