Global Smart Building Market: Key Highlights
- The Global Smart Building Market is estimated to reach USD 1,30,422.37 Million by 2027 at a CAGR of 11.9% during the review period.
- The global smart buildings market is segmented by components, solutions, and end-user.
- On the basis of end-user, the market has been segmented into residential, commercial, and industrial. The commercial segment is further segmented into office, retail, hotels & restaurants, healthcare, transportation, educational institutes, and others. Commercial held highest market share in the end-user segment accounting for 51.4% in 2019. Due to rapidly rising construction of the commercial smart buildings, growing adoption of smart building for hospitals and hotels to offer higher comfort is driving the market growth.
- On the bases of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America dominated the global smart building market in 2020 accounting for 37.9% valued for USD 22,492.4 million. Increasing investment in building automation for higher energy efficiency drives the market growth in North America.
- Top players that account for the major share include Johnson Controls International PLC, Schneider Electric, ABB, Cisco, and among others
Global Smart Building Market: Key Market Dynamics
- Increasing need for more efficient energy usage especially for HVAC, lighting, and others is driving the growth of smart building market.
- Rising privacy and security concerns regarding the crucial data obtained from the sensors, cameras, software & other automated technologies is hampering the market growth.
- Pipeline project for development of smart cities across the globe acts as a growth opportunity for the smart building market.
- With emergence of 5G Technology, resulting into better wireless edge devices and richer multimedia experiences creates a growth window the smart building market.
- High initial investment and inadequate skilled workforce acts as roadblock to the smart building market growth.
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Global Smart Building Market: Regional Overview
- North America region is further divided into US, and Canada. In 2019, North America accounted for 38.2% of the global market share in smart building market. U.S dominated the Smart building market across North America.
- Increasing construction of technology advanced construction projects to reduce the overall energy usage & promote occupant comfort is driving the market growth in North America.
- As per the Energy Efficiency Indicator survey by Johnson Controls, over 75% of U.S. companies and organizations are interested in investing in smart building technology with building systems integration.
- Favorable support through legislation across United States for promoting smart building through Smart Building Acceleration Act, further promotes the market growth.
- Federal Smart Building Program along with Department of Energy (DOE) aims to implement smart building technology in federally owned buildings for analysing the cost and benefits. In 2019, the program including analysis of smart building efficiently was granted an appropriation of USD 3 million.
- Asia Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia Pacific region is expected to grow at the fastest growth rate of CAGR 14.1% in the review period owing to growing construction projects demanding building automation.
- Increasing adoption of the smart technologies in the building and construction projects with integration of technological capabilities, is expected to push the market growth in the forecast period.
- Increasing awareness regarding energy efficiency, indoor air quality, automated building system, security management among the landlords, tenants and investors are promoting adoption of the smart buildings solutions across the region.
Global Smart Building Market: Key Development
Some of the key players operating in the market include 75F, ABB, CISCO SYSTEMS, INC., HITACHI, LTD., HONEYWELL INTERNATIONAL INC., HUAWEI TECHNOLOGIES CO., LTD., IBM CORPORATION, INTEL CORPORATION, JOHNSON CONTROLS INTERNATIONAL PLC., POINTGRAB INC., PTC, SCHNEIDER ELECTRIC, SIEMENS, SPACEWELL INTERNATIONAL, and TELIT, among others.
Global Smart Buildings Market: Key Developments
- In August 2020, Johnson Controls acquired remaining stakes of Qolsys Inc. to enhance the next generation security and smart building solutions by deploying embedded IP, artificial intelligence and machine learning.
- In June 2020, Schneider Electric has partnered with the Cisco for connecting building management systems to Internet Protocol (IP) networks. These partnership aims to develop, test, and validate the designs for building operational technology along with the IT building management systems especially for the smart buildings.
- In March 2020, ABB acquired 100% stakes of the Cylon Controls Ltd. (Cylon) for expanding the product portfolio of smart building solutions for the commercial buildings and focus on the achieving innovations for enhancing comfort and energy efficiency.
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