Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Building Market by Offering (Solution (Energy Management, Infrastructure Management, Safety & Security Management, Network Management) & Services), End User (Residential, Commercial, and Industrial) and Geography - Global Forecasts to 2029’.
According to this latest publication from Meticulous Research®, the smart building market is projected to reach $152.93 billion by 2029, at a CAGR of 11.2% from 2022 to 2029. The growth of this market is attributed to the increasing demand for energy-efficient buildings, rising green city projects and shifts towards green and smart buildings, and the rising number of connected devices in buildings. In addition, the proliferation of smart cities, rapid urbanization in emerging countries and government initiatives and incentives are expected to offer significant opportunities for the growth of this market. However, high implementation costs restrain the growth of this market to some extent.
The smart buildings market is segmented by offering and end user. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on offering, the smart buildings market is segmented into solution and services. In 2022, the solution segment is expected to account for the largest share of the global smart buildings market. The large share of this segment is mainly attributed to the shift towards smart buildings and associated technologies, favorable government policies and support for green buildings, improved cost-effectiveness through energy saving, and the increased use of efficient and energy-efficient systems.
However, the services segment is projected to register the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end-user experiences is expected to drive the adoption of smart building services. Furthermore, technical support and up gradation of smart buildings solutions are also necessary to ensure optimum utilization of these solutions, which supports the growth of the smart buildings services market.
Based on end user, the smart buildings market is segmented into residential, commercial and industrial. In 2022, the commercial segment is expected to account for the largest share of the global smart buildings market. The growth of this segment is attributed to the increasing focus by stakeholders such as developers and owners of commercial real estate (CRE) on intelligent buildings to reduce operational costs. Governments of several countries are scrutinizing CREs to significantly invest and improve energy-saving building procedures.
However, the residential segment is expected to record the fastest growth rate throughout the forecast period. The increasing demand for smart home lighting, HVAC monitoring, smart door and locking system, and smart meters is expected to drive this segment’s growth.
Based on geography, the smart buildings market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the smart buildings market. Prominent companies across several industries in North America are shifting toward intelligent building solutions to boost workplace operations. The U.S. accounts for the largest share due to increasing investments in green building technology. For instance, the U.S.-based Duke Energy Center, a 51-floor tower skyscraper, received the highest green certificate from LEED Platinum after implementing intelligent building infrastructure. This factor is likely to surge the demand for energy-efficient smart infrastructure in the region.
However, Asia-Pacific has seen significant growth in the smart buildings market in recent years. It is expected to register the highest CAGR during the forecast period. A surge in government initiatives to promote energy-efficient building systems, an increasing number of smart city projects, and increasing investments by the government in public infrastructure are increasing the market's growth in the region. In addition, the shifting focus of consumers toward converting their existing buildings into smart buildings is boosting the growth of this market. For instance, in January 2022, Singtel (Singapore), a telecommunication company, collaborated with Lendlease (Australia), a real estate group, to convert its comcentre headquarters in Singapore into a smart building with an investment of USD 2.21 billion. These key factors are creating demand for smart buildings in the region.
The key players operating in the smart buildings market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Endeavor Business Media (U.S.), IBM Corporation (U.S.), Legrand SA (France), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), Intel Corporation (U.S.), PTC Inc. (U.S.), Telit (U.S.), Robert Bosch GmbH (Germany), KMC Controls (U.S.), Verdigris Technologies (U.S.), Auqicore (U.S.), BuildingIQ, Inc. (U.S.), and Entouch (U.S.).
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