According to a research report “Smart Buildings Market by Component (Solution (Safety and Security Management, Building Infrastructure Management, Network Management, and IWMS) and Services), Building Type (Residential, Commercial, and Industrial), and Region — Global Forecast to 2026”, published by MarketsandMarkets™, the Smart Buildings Market size is expected to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period.
The global Smart Buildings Market is gaining traction, owing to factors such as rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy efficient system. The increasing awareness of space utilization is one of the key drivers for smart buildings, Space utilization can be defined as the average square foot held by a single occupant. With a steady decline in space consumption, technologies such as IoT-enabled devices and cognitive computing can collect data and keep track of space utilization throughout the day. The use of smart building technologies would aid in optimizing space planning and utilization and enhancing the energy efficiency of workspaces.
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Smart buildings offer enhanced provide endless opportunities for improved convenience to the occupant and have enhanced capabilities. Although smart building initiatives have been underway for some time in the commercial real estate, the smart building movement has really gained traction with the proliferation of various technology majorly the Internet of Things (IoT) technology. Construction and facilities management professionals realize the cost, efficiency, and energy-saving benefits of installing IoT sensors, switches, and analytics to make buildings digitally smarter.
The scope of this report covers the Smart Buildings Market by component (solutions and services), building type, and region. The energy management solution segment is expected to grow at the highest CAGR during the forecast period. Energy management solutions for smart building help to reduce and monitor the energy consumption of the building. Buildings are becoming more sustainable and energy-efficient through the optimization of the infrastructure using energy management solutions.
The industrial segment in building type is expected to grow at the highest CAGR during the forecast period owing to smart industrial building automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers. The smart industrial building segment of the Smart Buildings Market involves data gathering, analytics, and building operations optimization along with energy savings. Reducing energy expenditure is critical for industrial and manufacturing facilities as it directly contributes to the OPEX and CAPEX of companies and can affect profitability. This has driven the demand for smart building solutions to effectively manage and reduce energy costs.
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By region, North America is estimated to hold the highest market share during the forecast period. This is due to the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence, for saving energy, reducing operational expenditures, increasing occupancy comfort, and meeting increasingly stringent global regulations and sustainability standards. Key vendors, such as Cisco, Johnson Controls, IBM, Honeywell, and Siemens, have been trying to seize these opportunities by expanding their market presence.
Market Players:
The major vendors covered in the Smart Buildings Market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US), Spacewell (Belgium), Gaia (India), eFacility (India).
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Content Source: https://www.globenewswire.com/news-release/2022/06/01/2454506/0/en/Smart-Buildings-Market-Worth-121-6-Billion-By-2026-Report-by-MarketsandMarkets.html
