The global smart building market is forecast to reach USD 127.9 billion by 2027, according to a new report by Reports and Data. In smart buildings, actuators, microchips, and sensors are used to gather and manage data in accordance with the services and functions of a business. The infrastructure turns out to be beneficial for operators, facility managers, and operators to enhance asset performance and reliability that optimizes the utilization of space, minimizes energy use and environmental impact on buildings. Various advantages associated with this building is increasing its demand and supporting its market growth. Some of its mentionable benefits are, that it enhances facility staff's productivity, reduces energy costs, and supports efforts of sustainability, and improves building operations. A mentionable feature of this type of building is the categorization of electrical loads from critical to high priority to non-essential. The presence of this feature helps in effective management and supply of electricity as per the requirement in different areas of the building.
Furthermore, the use of cameras and sensors in these buildings helps in gathering essential data about the way in which the building is being used. These data turns out to be beneficial in making critical decisions associated with the building operation. Based on actual data, space utilization can be enhanced as the building automatically generates actionable, living intelligence. The building also provides different opportunities for enhanced capabilities & convenience, which provides the new scope of generating revenues for building managers and developers.
In regards to region, Europe occupies a prominent market position. The market position held by Europe is the resultant of the continuous growth of different industries that enhances the demand for smart buildings to strengthen the functioning of these industries and the expansion of the construction sector.
Key participants Honeywell, IBM, Hitachi, Johnson Controls, Siemens, Schneider Electric, ABB, Intel, Huawei, Larsen & Toubro Technology Services, Pointgrab.
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The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Smart Building Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Smart Building Market.
Further key findings from the report suggest
- The smart building market held a market share of USD 49.90 Billion in the year 2018 and is forecasted to witness a CAGR of 10.9% during the forecast period.
- In context to System, the Building energy management system occupies the largest market share of 40.0% in 2018, with a CAGR of 11.1% during the forecast period. Factors like energy consumption and lighting being an integral part of a building and facilities of energy & lighting control system using IoT like lights can be remote controlled and reduced electricity consumption contributes to the market share occupied by this segment.
- In regards to Service Type, the Support and Maintenance segment is forecasted to witness the fastest growth rate of 11.9% during the forecast period, which occupied 14.0% of the market in 2018. The growth rate experienced by this segment is the resultant of continuously increasing the need for maintenance support after the systems have been deployed in these buildings for ensuring its hindrance-free operation.
- In context to Application, the Commercial & Institutional building segment held the largest market share of 42.0% in 2018, with a CAGR of 10.4% during the forecast period. The market share occupied by the Commercial & Institutional building segment is attributed to high power consumption and carbon emissions from commercial buildings and optimization of energy performance in smart buildings, which have resulted in its high demand in this type of building.
- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 11.5% during the forecast period, which occupied 23.0% of the market in 2018. Growth of the IT sector, rising investments in various industries, and the development of technological infrastructure contributes to the expansion of the market in the APAC region.
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For the purpose of this report, global smart building market according to Device, Technology, System, Service Type, Application, and Region:
Device Type Outlook (Revenue, USD Billion; 2017-2027)
- Electrical power distribution & quality
- HVAC & large appliances
- Life safety, security & surveillance
Technology type Outlook (Revenue, USD Billion; 2017-2027)
System Type Outlook (Revenue, USD Billion; 2017-2027)
- Intelligent security system
- Infrastructure management system
- Network management system
- Building energy management system
Service type Outlook (Revenue, USD Billion; 2017-2027)
- System Integration and Deployment
- Support and Maintenance
Application Type Outlook (Revenue, USD Billion; 2017-2027)
- Commercial & Institutional building
- Residential building
- Industrial Building
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Smart Building Market Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Smart Building industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Smart Building Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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