The size of the global market for smart building solutions is projected to increase from US$ 59,733 million in 2022 to US$ 1,90,002.1 million in 2032, at a CAGR of 12.3%.
Need of lower operating cost, lower CO2 emissions and scarcity of energy resources are the factor which increases the demand for smart building solutions. The energy monitoring is one of the major solution which help to monitor the energy consumption rate and optimize the energy usage.
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As the smart building market comes under automation and control sector which is rapidly growing it leads to the growth of smart building solution market which is largely driven by electronic security & safety segment due to increasing demand for CCTV and biometrics based security systems in the buildings.
In Heating, Ventilation and Air Conditioning (HVAC) building, increasing the demand for thermostat, zone and climate control, sensors and keypads which supports the growth of smart building market, while emerging carbon dioxide & combine sensors will have significant impact on overall smart building market.
Smart Building Solutions Market: Drivers and Restraints
The initiatives taken by government for building automation is the primary driver in the global smart building solutions market. In addition to this, the concept enables an efficient energy management system of a building which reduces the wastage of energy consumption. Therefore, it drives the demand for smart building solutions.
Furthermore, the connectivity achieved between devices on internet, with the introduction of IoT, will enhance the overall efficiency of smart building. Henceforth, the introduction of IoT will drive the overall growth of global smart building solutions market. The on-going innovation and research for optimizing energy consumption and serving high degree of automation in buildings represents the increasing demand for global smart building solutions market.
High installation and manufacturing cost are the major factors restraining the growth of smart building solutions market.
Global Smart Building Solutions Market Trends
Minimizing the usage of wire and implementing a wireless connection for automation of a building is a key tend followed by major vendors. The trend is majorly implemented in Residential building for integrating various connected devices with each other.
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Global Smart Building Solutions Market Technology Regional Overview
Europe dominates the global Smart Building Solutions market as the government has taken many initiatives in the region, for the same. Europe is expected to be followed by North America and APAC with the increasing awareness in the regions for adopting smart building solutions in their buildings. The availability of resources, innovations in IT and increasing adoption of smart building solutions concept is, furthermore, encouraging new players to step into the market.
Global Smart Building Solutions Market Key Players
Some of the major Smart Building Solutions global players include ABB, Siemens AG, Intel Corporation, Honeywell International Inc., Schneider Electric, Legrand SA, Panasonic Corporation, BuildingIQ, Cisco Systems Inc. and DELTA CONTROLS
Key Segments Profiled in the Smart Building Solutions Market Survey
By Type:
- Automation Software & Services
By Application:
- Manufacturing Facilities
- Residential Buildings
- Commercial Buildings
- University
- School
- Hospital Buildings
- Government & Public Infrastructure
- Others
By Systems:
- Physical Security Systems
- Building Energy Management System
- Building Communication Systems
- Plumbing And Management Systems
- Water Management System
- Elevators
- Escalator Management System
- Parking
- Others
By Region:
- North America
- Latin America
- The Asia Pacific
- MEA
- Europe
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