Global Smart Buildings Market 2024-2033: Size, Share and Analysis Forecast by TBRC

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.

Market Overview -
Smart buildings (non-residential Buildings) construction is the process of building, altering, repairing, improving, or demolishing any non-residential smart home using a detailed design and plan. Smart homes are futuristic buildings equipped with advanced electronics and wireless devices. The smart home system requires a web portal or smartphone application to interact with the automated system as a user interface.

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Rising IOT Adoption Drives Smart Non-Residential Building Market Growth
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.

Competitive Landscape -
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

5G Technology Revolutionizes Smart Non-Residential Buildings
The use of 5G technology is the latest trend in the smart building (non-residential) market. 5G technology is the upcoming cellular technology that reduces the time it takes for devices over a wireless network to communicate with each other. 5G implementation in smart buildings will considerably enhance the usage of wireless edge devices, providing rich multimedia experiences. 5G will also improve security check applications for commercial buildings. For smart hospital buildings, the use of 5G is estimated to improve the wayfinding that will enable smart wheelchairs and beds to move immobile patients. Mobile operators are expected to invest more than $600 billion in their 5G networks between 2022-2025. The factory is involved in the manufacturing of advanced antenna system radios to enable rapid 5G deployments. The use of 5G technology is expected to improve the connectivity in smart buildings, thus forming a trend that is witnessing a huge capital investment by the major players in the smart building (non-residential) market.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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