November 3, 2024
Smart Building Market
Ict

Integrated Building Solutions are the largest segment driving the growth of Smart Building Market

The global Smart Building Market is estimated to be valued at US$ 87.87 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Smart buildings incorporate integrated systems for controlled heating, ventilation, air conditioning, lighting, security, and other building functions. They leverage advanced technologies and connected devices that help in improving energy efficiency, enhancing security and safety, monitoring assets and reducing operational costs.

Market key trends:

One of the major trend gaining traction in the smart building market is the growing emphasis on sustainability and green building initiatives. With rising environmental concerns, there is increasing focus towards developing energy efficient smart buildings which can substantially reduce carbon footprint through optimized usage of resources like energy and water. Smart buildings leverage technologies like automated lighting, efficient HVAC systems, smart meters and energy management systems to minimize consumption of utilities. This helps in reducing carbon emissions and contributes towards achieving sustainability goals of organizations.

Market key trends:

The key trend in the global smart building market is the integration of Internet of Things (IoT) technologies. Smart buildings leverage IoT sensors, connectivity, and data analytics capabilities to automate various functions like temperature and lighting controls, security systems, energy management, and more. This improves operational efficiency, lowers energy costs, enhances occupant experience, and enables remote monitoring and control. The growing adoption of smart home devices and connectivity standards like Wi-Fi and Bluetooth has accelerated the IoTization of the built infrastructure.

SWOT Analysis

Strengths: Ability to optimize resource usage, improve energy efficiency, enhance occupant experience and productivity. Real-time operational control and remote monitoring capabilities add more strengths.

Weaknesses: High initial investments and costs associated with retrofitting existing buildings. Technology upgrades needed periodically.

Opportunities: Growing construction of green buildings provides major opportunities. Adoption of smart city initiatives by governments worldwide will further drive the market.

Threats: Cybersecurity threats can compromise smart building systems. Lack of standards and interoperability between different solutions pose challenges.

Key Takeaways

The Global Smart Building Market Size is expected to witness high growth, exhibiting CAGR of 24% over the forecast period of 2023 to 2030, driven by increasing investments in green buildings and adoption of smart solutions to optimize resource usage.

The Asia Pacific region is estimated to grow at the fastest pace during the forecast period owing to rapid urbanization, increased construction activities, and smart city projects underway in major countries like China and India. Countries in this region are focusing on developing resource-efficient and smart infrastructure to support their growing urban populations.

Key players operating in the smart building market include Softdel (A UNIDEL Company), ABB Ltd., Hitachi Ltd., Honeywell International, Avnet Inc., Siemens AG, Legrand SA, Schneider Electric SE, Johnson Controls Inc., Huawei Technologies Co. Ltd., Cisco Systems, and IBM Corporation. Major players are focusing on introducing advanced integrated solutions and establishing partnerships to strengthen their positions in the fragmented market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →