Smart Building Market Worth $152.93 Billion by 2029 - by Meticulous Research®

According to a new market research report titled, 'Smart Building Market by Offering (Solution (Energy Management, Infrastructure Management, Safety & Security Management, Network Management) & Services), End User (Residential, Commercial & Industrial) and Geography - Global Forecasts to 2029', the smart buildings market is projected to reach $152.93 billion by 2029, at a CAGR of 11.2% from 2022 to 2029.
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A smart building is any structure that uses automated processes to automatically control the building's operations, including heating, ventilation, air conditioning, lighting, security and other systems. A smart building uses its intelligence to collect actionable data from user devices, sensors, systems, and services on the premises. Applying that data using artificial intelligence and machine learning (AI/ML) makes the building both programmable and responsive to the needs of the users and the building manager.

The growth of this market is mainly driven by the increasing demand for energy-efficient buildings, rising green city projects and shifts towards green and smart buildings, and the rising number of connected devices in buildings. In addition, the proliferation of smart cities, rapid urbanization in emerging countries and government initiatives & incentives for green buildings are expected to offer significant opportunities for the growth of this market. However, high implementation costs restrain the growth of this market to some extent.

Impact of COVID-19 on the Smart Buildings Market

By March 2020, COVID-19 had spread to most countries, and the WHO declared it a global pandemic. Governments worldwide imposed lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted many businesses, including smart buildings.

The COVID-19 pandemic has dramatically affected operations and business activities in the building technologies industry; however, most segments of this industry bounced back in the first quarter of 2021. Heating, ventilation, and air conditioning (HVAC) equipment, sensors, and controls; building automation system controls; light-emitting diode (LED) lighting; and fire safety and security systems suffered significant negative impacts due to shutdowns, supply chain disruptions, and acute drop in consumer demand caused by lockdowns and closures of commercial and industrial buildings around the world. According to CABA intelligent buildings and COVID-19 report, the key segment of the building technologies industry is facilities management, which normally contributes 70 percent of overall industry revenue. It witnessed a decline due to the pandemic in the first half of fiscal year (FY) 2020.

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However, in the later period, the pandemic has also positively impacted the global smart buildings market as smart building technology enables more efficient facilities management and helps support a safe and healthy environment. Real estate companies collaborate with software companies to implement smart building management solutions for visitor management, smart security, and integrated technological solutions. The focus on residential properties and the upgradation of homes are rising due to more time spent indoors during the pandemic. According to a recent Honeywell report, Rethinking Buildings Post-COVID-19, as of 2021, 75% of surveyed U.S. facility managers say COVID-19 has caused them to rethink how their facility operates permanently. Nearly 60% are more likely to invest in indoor air quality optimization and other healthy building solutions, rising to 70% who are willing to invest in smart building solutions that help drive efficiency and support sustainability efforts.

The key players in the market are creating products that suit the customers' needs and offering better industrial solutions in automation and high-end commercial and residential properties. Hence, some companies are collaborating to strengthen their offerings further and keep making. For instance, in 2020, the latest version of Metasys building automation system, Metasys 11.0, by Johnson Controls (Ireland), improved cybersecurity capabilities and system performance. Despite the adverse effect on the smart buildings market, it is expected to recover quickly during the forecast period.

The smart buildings market is segmented based on offering (solution (energy management, infrastructure management, safety & security management, network management) & services), end user (residential, commercial, and industrial) and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the smart buildings market is segmented into solution and services. In 2022, the solution segment is expected to account for the largest share of the global smart building market. The large share of this segment is mainly attributed to the rising shift towards smart buildings and associated technologies, favorable government policies and support for green buildings, improved cost-effectiveness through energy saving, and increased use of efficient and energy-efficient systems.

However, the services segment is projected to register the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end-user experiences is expected to drive the adoption of smart building services. Furthermore, technical support and up gradation of smart buildings solutions are also necessary to ensure optimum utilization of these solutions, supporting the growth of the smart buildings services market.

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Based on end user, the smart building market is broadly segmented into residential, commercial and industrial. In 2022, the commercial segment is expected to account for the largest share of the global smart building market. The growth of this segment is attributed to the increasing focus by stakeholders such as developers and owners of commercial real estate (CRE) on intelligent buildings to reduce operational costs. Governments of several countries are scrutinizing CRE to significantly invest and improve energy-saving building procedures.

However, the residential segment is projected to record the fastest growth rate throughout the forecast period. The increasing demand for smart home lighting, HVAC monitoring, smart door and locking system, and smart meters are expected to boost the growth of this segment.

Based on geography, the smart buildings market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the smart buildings market. With growing energy costs and environmental awareness, an increasing number of people in the region are searching for connected, smart, and automated building solutions. With the inclusion of safety and alarm system capabilities, surveillance, fire safety, and security are the most commonly installed goods.

However, Asia-Pacific is projected to register the highest CAGR during the forecasted period. A surge in government initiatives to promote energy-efficient building systems, an increasing number of smart city projects, and increasing investments by the government in public infrastructure are increasing the growth of Asia-Pacific. Shifting consumers' focus toward converting their existing buildings into smart buildings is boosting the growth of this market.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the smart building market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Endeavor Business Media (U.S.), IBM Corporation (U.S.), Legrand SA (France), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), Intel Corporation (U.S.), PTC Inc. (U.S.), Telit (U.S.), Robert Bosch GmbH (Germany), KMC Controls (U.S.), Verdigris Technologies (U.S.), Auqicore (U.S.), BuildingIQ, Inc. (U.S.), and Entouch (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-building-market-5372

Scope of the report:

Smart Building Market, by Offering

Solution
Building Energy Management
HVAC Control System
Buildings Management System
Building Infrastructure Management
Parking Management system
Elevator & Escalator Management System
Smart Water Management System
Smart Waste Management System
Safety & Security Management
Access Control System
Video Surveillance System
Fire & Life Safety System
Network Management
Connectivity
Data Management
Telecommunication Management
Services
Consulting
System Integration & Deployment
Support & Maintenance

Smart Building Market, by End User

Residential
Commercial
Industrial

Smart Building Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Denmark
Netherlands
Sweden
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Singapore
Australia & New Zealand
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa

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This release was published on openPR.