Smart Building Market Size, Share, Growth | Trends [2022-2027]

 

Smart Building Market

The Smart Building Market is anticipated to grow at a significant CAGR during the forecast period (2020-2027).

The factors driving the growth of Smart Building Market includes emerging need to adopt energy saving solutions to save money and the growing adoption of Infrastructure Management System and Intelligent Security System & increasing integration of advanced technologies such as Internet of Things and Artificial Intelligence.  As per Smart Building Market Research, the rising Governments expenditure on infrastructure projects and growing environmental concerns, are pushing the growth of Smart Building Market. As per the report published by Daxue Consulting, China is going to spend approximately, 118.34 billion yuan to complete the 2 billion square meters green buildings project, which will increase the Smart Building Market size. In addition, the growing number of smart cities and increasing security concerns around the world, are further boosting the Global Smart Building Market, for instance, the Government of Indonesia is planning to build 100 Smart cities by 2045 under its “Movement Towards 100 Smart Cities”.

The major players operating in the market are Johnson Controls, IBM, Siemens, Cisco, Schneider Electric, Intel Corporation, Huawei, ABB, Hitachi, Ltd., and Honeywell International Inc. among others.

Solution: Segment Analysis

According to Smart Building Market Forecast, the Energy Management segment is projected to dominate the market over the forecast period. The Smart Building Management systems helps to monitor energy consumption during the day along with their growing use in Schools, malls, Multiplexes and Corporate offices, are some of the factors augmenting the growth of the segment.

Service: Segment Analysis

As per Smart Building Market Trends, the Consulting service segment is anticipated to grow at a faster CAGR during the forecast period due to growing demand for consulting services to design smart buildings and integrate the latest technologies with smart building systems.

Building Type: Segment Analysis

Based on Building Type, the Commercial segment is estimated to grow at a remarkable CAGR over the forecast period due to growing emphasis on enhancing the security systems inside the offices and rising trend of smart airport across the world.

Regional: Segment Analysis

Based on the region, North America is projected to dominate the market during the forecast period attributed to growing demand for automated building solutions, increasing internet penetration and high disposable incomes. In addition, the Canadian government increasing focus on minimizing greenhouse gas emissions by building more energy efficient smart buildings, will enhance the market growth in the region.

Market Segmentation:

Global Smart Building Market by Component

  • Solutions
  • Services

Global Smart Building Market by Solution

  • Building Infrastructure Management (BIM)
    • Parking Management System
    • Smart Water Management System
    • Elevators and Escalators Management System
  • Security and Emergency Management
    • Access Control System
    • Video Surveillance System
    • Safety System
  • Energy Management
    • HVAC Control System
    • Lighting System
  • Network Management
  • Workforce Management

Global Smart Building Market by Services

  • Consulting
  • Integration and Deployment
  • Support and Maintenance

Global Smart Building Market by Building Type

  • Residential
  • Commercial
    • Office Buildings
    • Retail and Public Assembly Buildings
    • Hospital and Healthcare Facilities
    • Airports and Railway Stations
    • Others
  • Industrial

Global Smart Building Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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