Pune, India, March 26, 2021 (GLOBE NEWSWIRE) — The global smart building market size is projected to reach USD 109.48 Billion by 2026, exhibiting a CAGR of 12.6% during the forecast period. The new regulations imposed by government authorities for construction operations and usage of buildings without compromising on the sustainability aspect will create new growth opportunities for the smart building market trends. For instance, The European Union (EU) established several directives to enhance the energy performance of buildings and to meet their goal of constructing new zero-energy buildings (NZEB) by the end of 2020. Additionally, the UK government has shifted its focus towards constructing smart buildings to reduce the carbon footprint and reduce energy consumption from the building sector.
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According to the report, published by Fortune Business Insights in a report, titled “Smart Building Market Size, Share & Industry Analysis, By Component (Solution, Services), By Application (Residential, Commercial) and Regional Forecast, 2019-2026” the smart building market size was valued at USD 43.64 Billion in 2018. The smart building industry report executes a PESTEL study and SWOT analysis to reveal the stability, restrictions, openings, and threats in the smart building market. Combined with the market analysis capabilities and knowledge integration with the relevant findings, the report has foretold the robust future growth of the market, and all articulated with geographical and merchandise segments. Moreover, it also shows different procedures and strategies, benefactors and dealers working in the market, explores components convincing market development, generation patterns, and following systems. Additionally, the figures and topics covered in this report are both all-inclusive and reliable for the readers.
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Rising Environmental Concerns to Create Sales opportunities for the Market
The rising awareness regarding the advantages of smart buildings, as it leverages sensors, cloud technology, and IoT connectivity to manage, monitor remotely, and control a range of building systems from heating. This factor will fuel demand, which, in turn, will boost the smart building market revenue during the forecast period. Furthermore, increasing energy costs and environmental concerns such as carbon emissions and pollution is expected to accelerate the potential of the smart building market. The rising focus of companies towards transforming the building into more energy-efficient and sustainable buildings will further create new growth opportunities for the market in the forthcoming years. For instance, Gemalto NV is offering IoT monetization and embedded solutions to remotely manage and protect IoT software and solutions that are used in smart building infrastructure.
Smart Energy Scheme between Siemens and Tarshid to Boost Market Prospects
The contract signed by Siemens Saudi Arabia and the Tarshid, National Energy Services company for reducing carbon emissions by 43,00 tons will augur well for the smart building market. For instance, the partnership between Tarshid and Siemens for the implementation of a holistic building performance and sustainability solution for the National Information Centre (NIC). With the contract, the company aims to achieve the strategic sustainability goal of significant energy saving by 2030.
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Increasing Government Initiatives to Bolster Healthy Growth in Asia Pacific
North America was valued at USD 15.29 Billion in 2018 and is expected to reach USD 34.22 Billion by 2026 owing to the adoption of smart building solutions, including IoT, cloud computing, big data, data analytics, deep learning, and AI. Asia Pacific is predicted to witness significant growth during the forecast period owing to the increasing government initiatives regarding the development of commercial offices, localities, and shopping malls with advance and smart technology and equipment. The growing efforts of key players for the development of IoT-enabled building management systems to enhance smart building services will further aid the smart building market growth in Asia Pacific.
Some of the Major Companies in the Smart Building Market Include:
- Schneider Electric
- Cisco Systems, Inc.
- United Technologies
- IBM Cooperation
- Delta Controls
- Building IQ
- Honeywell International Inc
- Johnson Controls
- Thales Group
- Hitachi, Ltd.
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