Press release
Smart Buildings (Nonresidential Buildings) Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | China State Construction Engineering Co., Ltd., VINCI, Bechtel Corporation, Skanska AB, Turner Construction Company
Smart Buildings (Nonresidential Buildings) Global Market Report
The Business Research Company presents an extensive market research report on the Smart Buildings (Nonresidential Buildings) Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The smart buildings (nonresidential buildings) market size has grown rapidly in recent years. It will grow from $62.95 billion in 2023 to $70.52 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low interest rate environment, increase in internet penetration, favorable government initiatives and technology development.
The smart buildings (nonresidential buildings) market size is expected to see rapid growth in the next few years. It will grow to $112.47 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to increased urbanization, increasing iot, evolving smart cities and increasing demand for energy efficiency will drive the growth. factors that could hinder the growth of the smart buildings (nonresidential buildings) market in the future include workforce shortage, decreasing affordability, falling consumer demand and covid-19 pandemic. Major trends in the forecast period include adopting artificial intelligence and robotics to assist in construction activities, utilizing predictive analytics techniques to improve risk scans and reduce production costs, adopting iot technologies to increase operational efficiencies, investing in security solutions to safeguard consumers, investing in smart switches and displays to provide a seamless user experience, adopting green construction and energy efficient techniques to develop environmentally-friendly smart nonresidential buildings, using living or green roofs to enhance efficiency of the green buildings, implementing low-emittance windows or smart glasses for better functioning of green commercial spaces.
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Key Market Players:
Major companies operating in the smart buildings (nonresidential buildings) market report are China State Construction Engineering Co., Ltd., VINCI, Bechtel Corporation, Skanska AB, Turner Construction Company, Jacobs Engineering Group Inc., The Whiting-Turner Contracting Company, PCL Construction, AECOM, BESIX Group, Shanghai Construction Group (SCG), SGS Group, Larsen & Toubro, GMR Group, Hindustan Construction Company, GVK Group, Kajima Corporation, Shimizu Corporation, Shanghai Intelligent Building Technology (SIBT), Obayashi Corporation, Taisei Corporation, Balfour Beatty, Bouygues, Royal BAM Group, Laing O`Rourke, ACS Group, EllisDon Corporation, Aecon Group Incorporated, Ledcor Group of Companies, Gilbane Building Company, Empresas ICA SAB de CV, Carso Infraestructura y Construcción S.A.B., Clark Group, Swinerton, Hensel Phelps, Lendlease, Arabian Construction Company, WBHO Construction (Pty) Ltd., Stefanutti Stocks (Pty) Ltd, WK construction, Redcon Construction Company, Estim Construction Co. Ltd, Eco-Beam, Ecomo, TSAI design studio
Market Drivers:
The smart building (non-residential) market is driven by the increasing demand to automate tasks using IoT (Internet of Things) devices. IoT involves sending and receiving data by a network of sensors, appliances, meters, and other devices in a smart building. IoT enabled sensors and devices are used to increase the efficiency of the appliances in a smart building, making it more efficient, sustainable, and safer. For example, a few IoT enabled sensors are capable of automatically turning the lights on and off, sensing the presence in a room, thus adding a distinctive attribute to the smart building. Thus, the increased adoption of IoT technology boosts the growth of the smart building market. For instance, the installed base of connected devices in the commercial smart building vertical is expected to rise from 1.7 billion in 2020 to approximately 3 billion by 2025, indicating a 10.8% CAGR. Thus, the increased use of IoT devices in smart buildings increases the growth of the smart building (non-residential) market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/smart-buildings-nonresidential-buildings-global-market-report
The smart buildings (nonresidential buildings) market covered in this report is segmented -
1) By Automation Type: Intelligent Security System, Building Energy Management System, Infrastructure Management System, Network Management System
2) By Product Type: Institutional Buildings, Commercial Buildings
3) By Type: New Constructions, Remodeling Projects
4) By Application: Government, Airports, Hospitals, Institutes Manufacturing & Industrial facilities, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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