The smart building solutions market is projected to experience consistent growth with a Compound Annual Growth Rate (CAGR) of 12.5% from 2023 to 2033. By 2033, it is anticipated to capture a market share of USD 15.6 billion, while in 2023, the market is forecasted to be worth USD 1.35 billion.
The demand for smart building solutions is expected to increase because of the rising need to reduce operational expenses, lower carbon emissions, and address energy resource shortages. Companies like Cisco in the smart building solutions industry offer services that help monitor and optimize energy consumption through energy monitoring.
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The need for lower operating costs, lower CO2 emissions, and scarcity of energy resources are the factor that increases the demand for smart building solutions. Energy monitoring is one of the major solutions that help to monitor the energy consumption rate and optimize energy usage.
As the smart building market comes under the automation and control sector which is rapidly growing it leads to the growth of the smart building solution market which is largely driven by the electronic security & safety segment due to increasing demand for CCTV and biometrics-based security systems in the buildings.
In Heating, Ventilation, and Air Conditioning (HVAC) buildings, increasing the demand for thermostats, zone and climate control, sensors, and keypads which support the growth of the smart building market, while emerging carbon dioxide & combined sensors will have a significant impact on the overall smart building market.
Smart Building Solutions Market: Drivers and Restraints
The initiatives taken by the government for building automation are the primary drivers in the global smart building solutions market. In addition to this, the concept enables an efficient energy management system of a building which reduces the wastage of energy consumption. Therefore, it drives the demand for smart building solutions.
Furthermore, the connectivity achieved between devices on the internet, with the introduction of IoT, will enhance the overall efficiency of smart buildings. Henceforth, the introduction of IoT will drive the overall growth of the global smart building solutions market. The ongoing innovation and research for optimizing energy consumption and serving a high degree of automation in buildings represents the increasing demand for the global smart building solutions market.
High installation and manufacturing costs are the major factors restraining the growth of the smart building solutions market.
Global Smart Building Solutions Market Trends
Minimizing the usage of wire and implementing a wireless connection for automation of a building is a key trend followed by major vendors. The trend is majorly implemented in Residential buildings for integrating various connected devices with each other.
Global Smart Building Solutions Market Technology Regional Overview
Europe dominates the global Smart Building Solutions market as the government has taken many initiatives in the region, for the same. Europe is expected to be followed by North America and APAC with the increasing awareness in the regions for adopting smart building solutions in their buildings. The availability of resources, innovations in IT, and increasing adoption of the smart building solutions concept is, furthermore, encouraging new players to step into the market.
Leading Key Players:
- ABB
- Siemens AG
- Intel Corporation
- Honeywell International Inc.
- Schneider Electric
- Legrand SA
- Panasonic Corporation
- Building IQ
- Cisco Systems Inc.
- DELTA CONTROLS
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Recent Developments in the Smart Building Solutions Market
- Johnson Controls finalized the acquisition of FogHorn, the industry’s top provider of Edge AI software for business and industrial Internet of Things (IoT) solutions, in January 2022.
- Legrand introduced its Living Now design in September 2021. It is distinguished by its exceptional design purity and the accuracy of its geometries to fit all dwellings. With connected smart systems, it can be implemented to demonstrate its revolutionary possibilities.
- Hitachi, Ltd. said in December 2020 that it was creating an IoT platform that might provide buildings with the high-added value necessary for the new normal, including better user comfort and high management efficiency.
- In September 2021, Legrand launched Living Now, which features extreme purity of design and the precision of its geometries to suit all homes. Installing it with connected IoT systems demonstrated its innovative potential.
- Hitachi Ltd., in December 2020, announced the development of an IoT platform that brings buildings the high-added-value required for the upcoming normal. This includes high efficiency of building management and improved comfort for building users.
Smart Building Solutions Market Segmentation:
By Type:
- Automation Software & Services
By Application:
- Manufacturing Facilities
- Residential Buildings
- Commercial Buildings
- University
- School
- Hospital Buildings
- Government & Public Infrastructure
- Others
By Systems:
- Physical Security Systems
- Building Energy Management System
- Building Communication Systems
- Plumbing And Management Systems
- Water Management System
- Elevators
- Escalator Management System
- Parking
- Others
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