Global Smart Building Market Research Report - Forecast to 2030
Smart Building Market is estimated to exhibit a significant CAGR of 19.70% during the review period. Increased reception of the IoT-enabled building management system and awareness about industry principles and regulations are the key market drivers enhancing market development.
Market CAGR for smart building is being driven by the rising developing reception of smart technology and demand for energy-efficient systems. The increasing urbanization is anticipated to fuel the worldwide smart building market development. Government all through the world is investing in smart city projects for improved infrastructure, cleaner transportation, intelligent buildings, and other smart technology keeping as a primary concern the urbanization trend. The increasing concern of rising energy utilization all through the world is anticipated to support advanced and energy-efficient technology.
The developing requirement for improved use of the building and the need for better resource management in metropolitan areas is increasing the reception of smart buildings in different regions. The smart building uses IoT and automated technologies to handle building capabilities like heating, cooling, ventilation, lighting, security, and other systems. There is increased use of advanced technology in smart buildings to collect information and manage them with the use of sensors, actuators, and central processors to provide the capabilities and services of an association. There is a decrease in energy utilization, improved space usage, and limiting buildings' environmental effects with smart infrastructure arrangements. The development of the smart building is likewise fueled by the developing need for public safety and security. The appearance of 5G technology and the development of smart city projects are anticipated to provide profitable chances for the development of the smart building industry.
Market SegmentationBased on solutions, the safety and security management, energy management, building infrastructure management, and others categories make up the segmentation of the global smart building market.
The market is segmented into Consulting, Implementation, and Support & Maintenance based on the services they provide.
Regional InsightsThe North American Smart Building market dominates the market due to the increasing public and private investments and rising digitization, and the government investment in computerized infrastructure to accelerate the US progress towards a computerized economy is giving a positive stance for smart buildings.
Europe exhibits the second-largest market of smart buildings owing to the increasing government investment in projects for the development of the smart city and furthermore the energy-saving and rising inhabitancies solace features of these smart infrastructures.
The Asia-Pacific Smart Building Market is expected to develop at the fastest rate in the future due to the developing government initiatives in developing commercial and residential structures and the use of advanced technology.
Major PlayersMajor players in the Smart Building market are Legrand, Honeywell International Inc., Nexii Building Solutions Inc., Cylon Controls, ABB Ltd., Johnson Controls, Smart Nation, Siemens AG, Cisco Systems Inc., IBM Corporation, Hitachi Ltd., Endeavor Business Media, Softdel System, KMC Controls, and others.
Companies MentionedLegrand
Honeywell International Inc.
Nexii Building Solutions Inc.
Cylon Controls
ABB Ltd.
Johnson Controls
Smart Nation
Siemens AG
Cisco Systems Inc.
IBM Corporation
Hitachi Ltd.
Endeavor Business Media
Softdel System
KMC Controls
and others.
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