Smart Buildings Market

Author: Ritvi Kadam

Smart building is created by linking core systems like power meters, lighting, pumps, water meters, fire alarms, heating, chiller plants with sensors, and control systems. Smart building are beneficial for both owner and organizations who work within. Smart building provide benefits like energy saving to productivity gains to sustainability. It also provide benefits like increase productivity of facility staff, help in reducing energy costs, helps in improving building operations, enhance decision making, and supports sustainability efforts across the organization. Smart building is an implementation of connected world. By monitoring energy usage smart building helps in allowing individuals and businesses for saving energy costs. Smart buildings are eco-friendly and reduce carbon footprint. Smart building requires complex monitoring of IoT networks to be effective. Smart building system has ability to determine the data which are gathered from sensors and automatically act on the data. Smart private homes, smart workplaces, smart factories and warehouses, smart offices & commercial buildings, are different types of smart buildings. Smart offices & commercial buildings enable the automated, and centralized control of structure’s water, lighting, electricity, ventilation, heating, parking spaces, security, elevators, waste management, emergency exit, garden, equipment maintenance over an IoT network, and access control to computer systems. Smart building uses automated process to control automatically the operation of buildings like ventilation, heating, lighting, air conditioning, security and other systems. Smart building uses actuators, sensors, and microchips for collecting data & managing it according to business functions and services. However, industrial revolution and rapid growth in urbanization has fueled the target market growth.

The report "Smart Buildings Market, By Building Type (Residential, Industrial and Commercial), By Component (Solution and Services), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032"

Key Highlights:
  • In November 2022, Qualcomm Technology Inc., & Siemens Smart Infrastructure has collaborated on 5G smart building networks. Both the companies are working together for reimagining building automation by applying 5G private network (PN) which is based on Snapdragon X55 5G Modem-RF System in Americas. The joint efforts are testing on 5G PN use in cases for efficient connection of heating, air conditioning (HVAC) and ventilation to meet the growing consumer needs of energy saving, reducing cost of ownership, increase in security, & proactive maintenance.
  • In June 2022, View a smart building proptech has announced the upcoming launch of ‘Smart Building Cloud’ cloud-native, end to end smart building platform. The new platform will able to provide the real estate technology teams all software components which required for connecting, managing, & optimizing portfolio of smart buildings with stronger cyber-security protection & with maximum flexibility.
  • In July 2020, Dahua Technology has launched new product for Intelligent Building. Newly launched products are Face Recognition Access Control & Time Attendance Terminal and Fingerprint Access Control Terminal which help in offering larger face image capacity and also enhanced the recognition speed which takes only 0.3 seconds by enabling uninterrupted rapid passage and also detect real human targets.
  • In March 2020, Siemens Smart Infrastructure has launched the ‘smart building suite’ in India. Newly developed ‘smart building suite’ help in driving the employee productivity & workplace efficiency. Newly developed ‘smart building suite’ will adapt to user needs by improving employee performance and enabling the way to use office space more efficiently & economically.

Analyst View:

The key factor driving the growth of the smart building market is increasing smart city projects, industrial revolution and rate of urbanization. Smart building reduce energy cost by real time adjustment of cooling, heating, lighting & other systems based on building occupancy and change in weather conditions, as they are monitored & adjusted remotely by reducing carbon footprints, and saving money in process. Smart building monitoring & remote control capabilities helps in enabling supervisors to catch problems earlier like plumbing, heating, & other, which will help to prevent them. Smart building uses security systems and surveillance for improving the experience for occupants by providing better, safer protected place for work and living. However, industrial revolution and smart city projects is expected to boosts the Smart Buildings Market growth. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

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Key Market Insights from the report:

Smart Buildings Market accounted for US$ 74.11 billion in 2022 and is estimated to be US$ 746.9 billion by 2032 and is anticipated to register a CAGR of 27.1%. The Smart Buildings Market is segmented based on Building Type, Component and Region.

  • Based on Building Type, Smart Buildings Market is segmented into Residential, Industrial and Commercial.
  • Based on Component, Smart Buildings Market is segmented into Solution and Services.
  • By Region, the Smart Buildings Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Smart Buildings Market:

The prominent players operating in the Smart Buildings Market includes, Johnson Controls, Cisco Systems Inc., Siemens, ABB, Hitachi Ltd., Samsung, Qualcomm Technologies Inc., Sauter AG, Dahua Technology Co. Ltd., KMC Controls and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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