Smart Building Market: Summary
The Global Smart Buildings Market is projected to reach a value of USD 1,30,422.37 million by 2027 at a CAGR of 11.9%.
Smart Buildings are enabled with technologies for automated control of the building operations. Such infrastructure reduces human control by enhancing energy efficiency, promotes sustainability, and increase occupant comfort. The global Smart Buildings market is growing at a rapid pace owing to the higher adoption rate of energy-saving technologies to minimize energy usage. Rapid implementation of the Internet of Things (IoT) in the Building Automation Technology for hassles free updates, reducing cost and environmental footprint, with overall facility management is further fueling the market growth. However, constantly escalating privacy and security concerns hamper market growth.
Smart Buildings Market: Market Dynamics
Market Driver:
- Growing Adoption of Energy Saving Technologies
- With the advent of new and novel methods of building planned, constructed, and managed is experiencing a huge shift from the conventional energy-demanding technology towards energy efficient one.
- The smart building is constructed by using information and communication technologies (ICT) for enhancing overall building automation and control.
- It involves smart lighting, smart heating, ventilation, and air conditioning (HVAC) system, automated system optimization, window shading, daylighting controls, smart power strips, and smart plugs, BMS, and others that promote the energy-saving up to 40% compared to conventional buildings
- Increasing issues regarding high energy consumption in the building infrastructure especially the HVAC and lighting across the commercial and residential buildings is driving the demand for smart building.
- As per the Quadrennial Technology Review 2015 by the Department of Energy of the United States of America, major energy consuming areas in the buildings are heating, ventilation, and air conditioning accounting for 35% of total building energy; lighting for 11% of the total building energy
- New legislation by the federal agencies of developed economies for reducing energy use in combination with the rising interest in sustainability is creating higher affinity towards smarter buildings for less operating cost and low energy usage.
- Implementation of IoT Platform In The Building Automation Technology
Market Restraint:
- Rising Privacy and Security Concerns
Market Opportunities:
- Growing Demand for Smart Cities Project Across the Globe
- Implementing smart city design provides numerous energy saving as well as return on investment for its population.
- It includes efficient traffic management, better urban planning with the development of energy-efficient and sustainable infrastructures, among others.
- Due to this factor, the demand for smart cities projects are on the rise worldwide.
- Increased urbanization in the especially in the emerging nations is driving the demand for smart cities. As per the United Nations data, by 2030, 60% of the global population would be residents in cities, with one out of three individuals will live in a city with a population of half a million or more.
- The research report by the U.S.-China Economic and Security Review Commission published in January 2020, states China has around 800 smart cities pilot programs underway or in pipeline accounting for more than half of the total smart cities around the world.
- Owing to favorable investment, technology adoption and increasing urbanization resulting into smart cities projects, in turn, creates immense opportunity for the smart building market.
- Increasing Awareness About Energy Consumption
- The emergence of 5G Technology
Smart Buildings Market: Key Segments
The Smart Buildings market is majorly segmented into components, solutions, and end-user.
On the basis of components, the market is bifurcated into hardware, software, and services. Hardware is segmented into sensors and cameras, controllers, and other devices. Sensors and cameras are sub-segmented into sensors and cameras. Sensors are categorized into temperature sensors, motion /occupancy sensors, electrical current monitoring sensors, humidity sensors, gas/air quality & smoke sensors, and others. In 2019, hardware dominated the component segment and is projected to grow till USD 56,551.3 million by 2027. The growth of the segment is attributed to increasing demand for cameras, controllers, actuators, and sensors for improving occupant comfort.
On the basis of solutions, the market is sub-segmented into building infrastructure management, security and emergency management, and energy management. Building infrastructure management is segmented into smart water management systems, parking management systems, and others. Security and emergency management is classified into access control system, video surveillance system, and safety system. Energy management is sub-segmented into HVAC control system and lighting control system.
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. The office segment dominated the commercial end-user segment accounting for 51.3% in 2019 and is projected to grow at the fastest CAGR of 12.4% between the study period.
Smart Buildings Market: Key Regions
On the basis of region, the market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America dominated the smart building market by accounting for 38.2% of the total market share. Increasing adoption of smart cities with favorable investment for building automation is driving the market growth in North America. The Asia-Pacific emerged as the fastest-growing region growing at a CAGR of 14.1% in the review period, owing to the rising construction of the automated building in China, a prominent contributor in the Asia-Pacific market.
Smart Buildings Market: Report Scope
The report on the smart building market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features
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Specifics
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Historical/Estimated/Forecasted Market Size Years
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2019-2027
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Base Year for Market Calculation
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2020
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Forecasted Period
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2021-2027 (2021 estimated year, forecasted up to 2027)
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Measured Units
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Value (USD Million)
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Segments Included
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Component, Solution, End-User, and Region
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Regional Coverage
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North America, Asia-Pacific, Europe, Middle East & Africa, South America
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Key Companies Covered
- 75F (Company Overview, Financial Overview, Product Synopsis, Key Developments, SWOT Analysis, & Key Strategy)
- 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
- TELIT
- Other Key Companies
Smart Building Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Buildings Market, by Component
- Hardware
- Sensors and Camera
- Sensors
- Temperature Sensors
- Motion / Occupancy Sensors
- Electrical Current Monitoring Sensors
- Humidity Sensors
- Gas/Air Quality & Smoke Sensors
- Others
- Camera
- Controllers
- Other Devices
- Software
- Services
- System Integration And Deployment
- Support And Maintenance
- Consulting
Smart Buildings Market, by Solutions
- Building Infrastructure Management
- Smart Water Management System
- Parking Management System
- Others
- Security And Emergency Management
- Access Control System
- Video Surveillance System
- Safety System
- Energy Management
- HVAC Control System
- Lighting Control System
Smart Buildings Market, by End-User
- Residential
- Commercial
- Office
- Retail
- Hotels & restaurants
- Healthcare
- Transportation
- Educational institutes
- Others
- Industrial
Smart Buildings Market, by Region
- North America
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
Report Audience
- Smart Building Market Providers
- Smart Building Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Smart Building Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Smart Building Market STUDY
