The increasing global smart building market is driven by energy efficiency and sustainability goals, internet of things (IoT) proliferation during the forecast period 2024-2028 amid rising cost for energy and resources.
According to TechSci Research report, “Global Smart Building Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The Global Smart Building Market is in the midst of a remarkable transformation, reshaping the way buildings are conceived, constructed, and operated. The adoption of advanced technologies is turning conventional structures into intelligent ecosystems that prioritise energy efficiency, security, sustainability, and occupant comfort. Several key factors are propelling the growth of this market. One of the primary drivers is a growing global emphasis on sustainability and energy efficiency.
Building owners and operators are increasingly cognisant of the need to reduce energy consumption and lower operational costs while minimising their carbon footprints. Smart building solutions have emerged as the answer, offering a diverse range of technologies that optimise energy utilisation, from automated lighting and HVAC systems to real-time energy management platforms.
Regulatory compliance and environmental concerns are also exerting significant influence. Governments worldwide are imposing stringent energy efficiency standards and emissions reduction targets. Adhering to these regulations necessitates the adoption of intelligent building systems that can monitor, control, and enhance energy usage. Smart buildings have become an essential tool for addressing these requirements.
The rising need for improved security and occupant safety has further accelerated the integration of smart building technologies. These solutions encompass advanced access control, surveillance, and emergency management systems. They empower building operators to proactively respond to security threats, ensure the well-being of occupants, and provide a secure environment.
The global COVID-19 pandemic has served as a catalyst for the adoption of smart building technologies. It has underscored the importance of health and safety within building environments. As a result, touchless access control, air quality monitoring, and occupancy tracking solutions have gained prominence, ensuring that buildings are not only smart but also responsive to the health and well-being of their occupants.
The global smart building market is segmented into component, service, solution type, building type, and region. Based on component, the market is segmented into solution, services. Based on service, the market is segmented into consulting, implementation. Based on solution type, the market is segmented into building infrastructure management, security and emergency management, energy management, network management, workforce management, waste management. Based on building type, the market is segmented into residential, commercial, industrial. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on solution type, energy management dominated in the global smart building market in 2022. In an era of growing environmental awareness and sustainability concerns, energy management is at the forefront of building owners’ and operators’ agendas. The “Energy Management” segment addresses the pressing need to reduce energy consumption, lower carbon footprints, and enhance energy efficiency within buildings. This focus on sustainability aligns with global goals and regulatory requirements for reduced energy use, making it a priority for both commercial and residential buildings.
Energy costs represent a significant portion of the operational expenses for buildings. Effective energy management solutions provide tangible economic benefits by reducing energy consumption and optimising energy usage. Building owners and operators are drawn to energy management systems for their potential to achieve substantial cost savings, which make them an attractive investment.
Governments and regulatory bodies worldwide have introduced strict energy efficiency standards and regulations. Energy management solutions help buildings comply with these requirements, avoiding penalties and ensuring long-term operational viability. This regulatory compliance is particularly critical in commercial and institutional sectors, where non-compliance can lead to legal issues.
Key market players in the global Smart Building market are: –
- Honeywell International Inc.
- Siemens AG
- ABB Group
- Schneider Electric SE
- Johnson Controls International plc
- IBM Corporation
- Cisco Systems, Inc.
- Huawei Technologies Co., Ltd.
- Intel Corporation
- PTC Inc.
“The Global Smart Building Market is undergoing a significant transformation, driven by a focus on sustainability, energy efficiency, and enhanced occupant well-being. Smart building technologies are becoming integral components of modern construction, offering solutions that optimise energy usage, enhance security, and enable remote monitoring and control,” said Karan Chechi, Research Director with TechSci Research.
“Regulatory requirements for energy efficiency and environmental responsibility are pushing building owners to adopt intelligent systems.
“Additionally, the COVID-19 pandemic has accelerated the adoption of touchless technologies and health-focused solutions. As a result, the Smart Building Market is experiencing sustained growth, positioning itself as a key player in the future of real estate and construction worldwide.”
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.
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