Pune, India, May 27, 2021 (GLOBE NEWSWIRE) — The global smart building market size is set to experience dynamic growth from USD 43.64 billion in 2018 to USD 109.48 billion in 2026 owing to the increasing adoption of latest technologies in the building management system, finds Fortune Business Insights™ in its report, titled “Smart Building Market, 2019-2026”, the smart building market stood at USD 51.78 billion in 2020. It is set to exhibit a CAGR of 12.6% during the forecast period.
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In recent years, there has been a significant growth in the number of residential as well as commercial complexes across the world due to the development of infrastructure projects and rapid growth in the investments towards the real estate sector. Nowadays, most of the builders are adopting latest technologies such as Internet of Things (IoT), cloud technology, and others during the construction of smart buildings in order to manage and control the building systems and prevent them from the occurrence of any dangerous incidents such as sudden fire outbreak, and others. This is an important factor responsible for the growth of this market. Further, the development of environment-friendly buildings having several features is gaining huge popularity in the construction industry, which has resulted in the growth of this market.
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On the basis of component, this market is divided into solution – building infrastructure management: parking management system, smart water management system, elevators and escalators system, security and emergency management: access control system, video surveillance system, safety system, energy management: HVAC control system, lighting control system, services – system integration and deployment, support and maintenance, and consulting. By application, the market is classified into residential, commercial, hotel, healthcare, retail, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This research report offers an in-depth study of the driving factors, restraints, and trends related to the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.
Rising Government Initiatives towards Smart City Developments to Propel the Market
Due to the growing number of smart city projects across several regions across the world, there has been a rise in the government initiatives towards the development of smart buildings, which has contributed to this market’s growth. Further, most of the builders are shifting their preference from traditional buildings towards smart buildings owing to the growing energy costs and increasing emission of harmful gases such as carbon dioxide, and others. This is also one of the major factors responsible for this market’s growth. For instance, the need for installing updated security and safety systems is gaining prominence among the builders during the construction of smart city projects, which has led to the growth of this market.
Adoption of Smart Building Solutions to Fuel the North America Market Growth
North America region is anticipated to grow speedily in the smart building market share on account of the increasing adoption of smart building solutions with latest technologies such as cloud computing, Artificial Intelligence (AI), Internet of Things (IoT), and others. Further, the rising implementation of smart infrastructure solutions in order to save energy, decrease operational expenses, and several other reasons are responsible for the growth of this market in this region.
Europe is expected to expand rapidly in this market due to the growing investments by the government in the development of smart city projects.
Asia Pacific region is expected to show a decent growth in this market due to the increasing number of commercial offices, localities, shopping malls, and others which are built with advanced technologies and equipments.
Increasing Focus towards Eco-Friendly Infrastructure Developments by Key Players to Feed Competition
The prominent companies in the smart building market are focusing on the development of eco-friendly and green buildings in order to reduce air pollution and hazardous gas emissions. This has led to an increased competition among key players to develop smart city projects which will help to widen their offerings and establish a strong foothold in this market.
April 2019: Wipro Lighting, one of the divisions of Wipro Limited, collaborated with Cisco Systems to bring together former’s smart and connected lighting systems and latter’s digital building solutions to link different building services through a single converged IP network. This partnership will enable Wipro to build smart automated systems without compromising the maintenance and security.
List of Key Players Covered in Smart Building Market Report:
- Schneider Electric
- Cisco Systems Inc.
- United Technologies
- IBM Corporation
- Delta Controls
- Honeywell International Inc.
- Johnson Controls
- Thales Group
- Hitachi Ltd.
- Emerson Electric Co.
Table Of Content
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