Smart Building Market Size, Share, and Analysis, By Component (Solutions (Building Infrastructure Management, Safety & Security Management, Energy Management, Network Management, and Others), Services (Consulting, Implementation, and Support & Maintenance

Smart Building Market Size, Share, and Analysis, By Component (Solutions (Building Infrastructure Management, Safety & Security Management, Energy Management, Network Management, and Others), Services (Consulting, Implementation, and Support & Maintenance)), By Application (Residential, Commercial, and Industrial), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

Smart Building Market Size, Share, and Analysis, By Component (Solutions (Building Infrastructure Management, Safety & Security Management, Energy Management, Network Management, and Others), Services (Consulting, Implementation, and Support & Maintenance)), By Application (Residential, Commercial, and Industrial), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

PRODUCT OVERVIEW

Smart Building Market is anticipated to grow at a CAGR of 16.7% in the forecast period (2024-2034), with the market size valued at USD 92.3 billion in 2023 and projected to reach USD 508.1 billion by 2034.

Smart buildings are advanced technologies and integrated systems that are used to improve energy usage and comfort of occupants and simplify several operations. These structures use interconnected sensors and automation systems to collect and analyze real-time data, thus providing informed decision-making and adaptive responses to different conditions. Smart buildings offer notable features such as automated lighting and HVAC systems that automatically adjust based on occupancy and environmental cues, along with centralized control platforms for remote monitoring and management. Furthermore, smart buildings are focused on sustainability initiatives like the integration of renewable energy and resource efficiency to improve their environmental footprint. Therefore, the objective of smart buildings is to elevate functionality and user experience while simultaneously reducing expenses and carbon emissions by integrating technology and infrastructure.

MARKET HIGHLIGHTS

Smart Building Market is anticipated to reach USD 508.1 billion, growing at a CAGR of 16.7% during the forecast period, due to a growing focus on energy efficiency and improvements in Internet of Things technologies. The growth of the smart building market is attributed to several aspects such as the implementation of strict energy regulations and a growing focus on sustainable building practices. Furthermore, government initiatives that promote smart city infrastructure and the development of urban areas are further promoting growth in the market. Industry players such as Siemens AG, Honeywell International Inc., and Johnson Controls International are actively investing in innovative solutions like integrated building management systems and smart sensors to capitalize on new opportunities within the smart building market.

Smart Building Market Segments:

• By Component
• Solution
• Building Infrastructure Management
• Safety and Security Management
• Energy Management
• Network Management
• Others
• Services
• Consulting
• Implementation
• Support & Maintenance
• By Application
• Residential
• Commercial
• Industrial

MARKET DYNAMICS

Growth Drivers

Technological Innovations Will Create a Favourable Environment for the Adoption of Smart Building Solutions

Growing Demand for Sustainability Will Boost the Smart Building Business

Restraint

Initial Investment Costs Can Impede Necessary Market Expansion

Key Players

• IBM Corporation
• Honeywell International Inc.
• Cisco Systems, Inc.
• Siemens AG
• Johnson Controls International plc
• Schneider Electric SE
• ABB Ltd.
• Legrand
• Delta Controls Inc.
• Intel Corporation
• Huawei Technologies Co., Ltd.
• Cisco Systems, Inc.
• BuildingIQ
• Hitachi, Ltd.
• United Technologies Corporation
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Global Laboratory Temperature Control Units Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.

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