The Saudi Arabia Smart Building Market is expected to grow at a robust CAGR over the forecast period (2020-2027).
The factors driving growth of the Saudi Arabia Smart Building Market includes rising focus on reducing carbon dioxide emissions and pollution levels, growing focus on energy conservation, development of smart cities, increasing popularity of green buildings and improvements in the living standards. For instance, the Saudi Energy Efficiency Center reported the buildings across Saudi Arabia consumes excess amount of electricity, representing almost 80% of the total electricity consumed nationwide, which is expected to push the demand for smart buildings in the approaching years. Moreover, technological advancements in lighting, heating, and cooling systems, increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) based devices in buildings and rapid urbanization, are some of the additional factors supplementing the Saudi Arabia Smart Building Market size. In addition, the increasing investments by leading players on research and development, on-going projects such as Qiddiya entertainment city, Makkah Grand Mosque and King Abdullah Bin Abdulaziz Medical Complexes, and rising disposable incomes, are further contributing towards the market growth.
However, growth of the Saudi Arabia Smart Building Market is hindered due to growing concerns related to data safety and privacy.
The leading players operating in the market are Siemens Saudi Arabia, Johnson Controls, Schneider Electric Saudi Arabia, IBM Corporation, Honeywell Automation, Inc., ABB Saudi Arabia, L&T Electrical & Automation Saudi Arabia Company Ltd., Hitachi Saudi Arabia, Ltd., Intel Corporation, and Telit, among others.
Based on Solution, the Energy Management segment is projected to capture the largest market share during the forecast period
Growing adoption of energy management systems at schools, corporate offices, and multiplex shopping malls, because it helps in reducing energy consumption, is the major factor pushing growth of the segment.
Based on Building Type, the Commercial segment is anticipated to expand at a remarkable CAGR over the forecast period
Increasing adoption of smart building solutions at commercial spaces such as hospitals, airports, and railway stations, rise in Government’s budget on the construction of smart cities and rapid urbanization, are some of the important factors augmenting the segment’s growth.
Key Development
- In 2018, Honeywell Automation, Inc., partnered with the Saudi Arabia-based Advanced Electronics Company (AEC) to focus on business development activities, including the development of smart and connected buildings, smart cities, and critical infrastructure protection (CIP) in Saudi Arabia.
Market Segmentation
Segmentation by Component
- Solutions
- Service
Segmentation by Solution
- Building Infrastructure Management (BIM)
- Parking Management System
- Smart Water Management System
- Elevators and Escalators Management System
- Security and Emergency Management
- Access Control System
- Video Surveillance System
- Safety System
- Energy Management
- HVAC Control System
- Lighting System
- Network Management
- Workforce Management
Segmentation by Service
- Consulting
- Integration and Deployment
- Support and Maintenance
Segmentation by Building Type
- Residential
- Commercial
- Office Buildings
- Retail and Public Assembly Buildings
- Hospital and Healthcare Facilities
- Airports and Railway Stations
- Others
- Industrial
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