Smart buildings incorporate various automated and sensor-based technologies for improving safety, efficiency, and occupant comfort. It helps in enhancing building or facility's operations using automated processes that can control lighting, HVAC, security, and various other systems. The buildings are equipped with sensors, microchips, and software that allows it to communicate and respond actively to inputs from people and the surrounding environment. This allows for remote monitoring and adjustment of systems to optimize energy usage and comfort. The global smart building market is estimated to be valued at US$ 101.23 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Emergence of IoT and sensor technologies: Smart buildings incorporate multiple IoT sensors and devices along with automated controls to manage various building functions centrally. Integration of technologies like occupancy sensors, passive infrared sensors, temperature sensors etc. enables enhanced monitoring and control over key parameters. Growing adoption of IoT-enabled smart home appliances is also driving demand for smart building technologies. For example, Nest thermostats use presence detection to automatically adjust temperatures when occupants enter or leave rooms.
With the advent of 5G networks, IoT connectivity is expected to improve further enabling advanced applications of automation, remote monitoring and predictive maintenance in buildings. This is anticipated to drive higher adoption of smart building technologies during the forecast period. However, issues around data privacy and security continue to hamper the market growth to some extent.
SWOT Analysis
Strength: The smart building market enjoys several strengths. Smart technologies enable properties and assets to be managed more efficiently, saving on operating costs. Buildings can be made more sustainable through energy and water optimizations. Occupants gain a better experience through automated comfort and convenience features.
Weakness: Transitioning existing buildings to become smart involves significant upfront capital expenditures and operational changes. Technical staff with skills to manage smart systems may not be readily available. Data security and privacy risks arise from greater interconnectivity within buildings and to external networks.
Opportunity: Rapid urbanization and the growing construction sector provide opportunities to incorporate smart building technologies from new build planning stages. The COVID-19 pandemic has accelerated demands for contactless operations, air quality control and space utilization optimization within commercial real estates. The market is supported by continual advancements in IoT, cloud, analytics and other digital technologies that improve building experience.
Threats: Competition from newer entrants offering novel smart solutions poses threats. Changing regulations regarding data privacy and cybersecurity pose compliance challenges. Budgetary constraints during an economic downturn slow down investments in smart retrofitting and upgrades.
Key Takeaways
The Global Smart Building Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by a CAGR of 13%. With rising urban populations and continued commercial real estate expansion mainly in Asia Pacific and North America, demand for smart and sustainable building technologies is on the rise.
Regional analysis: North America currently dominates the market with the largest share owing to early technology adoption rates and presence of major solution providers in the US and Canada. Asia Pacific is touted to be the fastest growing region driven by the booming construction industry in major country level real estate markets such as India and China.
Key players: Key players operating in the smart building market are Abbott, Hologic Inc., Becton, Dickinson and Company, Southwest Precision Instruments, LLC, F. Hoffmann-La Roche Ltd, Sysmex Corporation, Thermo Fisher Scientific Inc., Danaher, Life Technologies Corporation, Merck KGaA, Koninklijke Philips N.V., Perkin Elmer, and Trivitron Healthcare. The market witnesses considerable consolidation as top players seek to enhance their smart building solution portfolios through strategic acquisitions and partnerships.
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https://www.newsstatix.com/smart-building-market-size-share-growth-outlook-2023/
COVID-19 Impact Analysis on Smart Building Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Smart Building Market include Advantech Co. Ltd, Honeywell International Inc., ABB Ltd., IBM Corporation, Siemens AG, Schneider Electric SE, Johnson Controls International PLC, Hitachi Ltd, Sony Corporation, IBM Corporation, and Cisco Systems..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Smart Building Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/smart-building-market/download-sampleMarket SegmentationThe broad Smart Building Market has been sub-grouped into the Component, Building Type and Region.
The report studies these subsets with respect to the geographical segmentation.
Industry OVERVIEW OF Smart Building MARKET 2020 TO 2026:The market intelligence report on the Global Smart Building Market offers accurate insights into the industry relating to the leading segments, product types, applications, and the leading geographic regions studied in this report, along with the market value, capacity, production, consumption, gross revenue, market dynamics, and forecast until the year 2026.
The Global Smart Building Market is expected to deliver a steady growth rate in the forecast duration from 2020 to 2026.
Additionally, the report also gives a historical analysis of the market to use that data to predict future growth trends.The smart building market is forecasted to grow at a rate of 10.9% during the forecast period and reach USD 121.90 Billion in 2026.This report covers the recent COVID-19 incidence and its impact on 777.
This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.Fill in your details to get your hands on an Exclusive Sample of this Report @ https://www.reportsanddata.com/sample-enquiry-form/2161In market segmentation by manufacturers, the report covers the following companies-Honeywell, IBM, Hitachi, Johnson Controls, Siemens, Schneider Electric, ABB, Intel, Huawei, Larsen & Toubro Technology Services, Pointgrab.Furthermore, the research report projects the changes in the supply-demand dynamics, market value, market competition, leading market players, and market estimations from 2020 to 2026.
The report has been created after analyzing its essential information in the overall Global Smart Building market 2020, the vital market aspects influencing the market growth in the coming years.
Our team of expert analysts has scrutinized the Smart Building market report by referring to the data provided by leading companies.In market segmentation by types of Smart Building, the report covers-Device Type Outlook (Revenue, USD Billion; 2020-2026)Electrical power distribution & qualityLightingHVAC & large appliancesLife safety, security & surveillanceOthersTechnology type Outlook (Revenue, USD Billion; 2020-2026)WiredWirelessOthersSystem Type Outlook (Revenue, USD Billion; 2020-2026)Intelligent security systemInfrastructure management systemNetwork management systemBuilding energy management systemService type Outlook (Revenue, USD Billion; 2020-2026)System Integration and DeploymentConsultingSupport and MaintenanceIn market segmentation by applications of the Smart Building, the report covers the following uses-Commercial & Institutional buildingResidential buildingIndustrial BuildingDo you have questions about the Report or want to inquire about a Discount?
