[180 Pages Report] The Smart Building Market size was estimated at USD 32.68 billion in 2023 and expected to reach USD 39.54 billion in 2024, at a CAGR 23.01% to reach USD 139.38 billion by 2030.
The smart building market encompasses integrating advanced technology systems, automation solutions, and IoT devices to optimize the performance, efficiency, and functionality of modern infrastructure. The primary applications of smart building technologies include energy management, lighting control, HVAC control, safety and security management, predictive maintenance, waste management, and space optimization. The increasing government initiatives for smart infrastructure development and the growing need for energy-efficient and sustainable buildings globally are major factors enhancing the market growth. The surge in IoT-enabled building management systems (BMS) adoption is also improving the demand for smart building solutions worldwide. However, the capital-intensive implementation and privacy concerns associated with the smart building infrastructure may limit the product adoption in the forecast period. The limited technological expertise and alignment issues also pose challenges for market growth. Furthermore, the emerging advancements of smart cities worldwide are expected to enhance the demand for smart building solutions. The ongoing development and adoption of 5G technology in smart buildings are also unlocking new opportunities to enhance overall building performance.
Services in the smart building industry refer to the various offerings provided by companies to optimize building performance using real-time data and analytics. Consulting services help organizations plan, design, and implement customized solutions tailored to specific requirements. Support and maintenance services in the smart building market ensure implemented systems function smoothly throughout their lifecycle. Support and maintenance services include proactive monitoring of system performance to identify issues before they escalate into critical problems. System integration and deployment services are vital for seamless interconnectivity between various components, including HVAC controls, lighting systems, security mechanisms, occupancy sensors, and energy management platforms.
Smart building solutions enable stakeholders to monitor, control, and manage various aspects of a building's infrastructure in real time through innovative technologies and intelligent systems. Building infrastructure management is a centralized platform for monitoring and controlling a building's mechanical, electrical, and plumbing (MEP) systems. Elevators and escalator management systems are used to improve the efficiency and safety of vertical transportation systems while reducing wait times and energy consumption. Parking management systems help optimize space utilization, enhance security, and provide real-time information on available parking spots for seamless navigation within the premises. Smart water management systems monitor water usage patterns across the building for efficient water consumption management. Energy management aims to collect real-time data on energy consumption patterns. HVAC systems are crucial to maintaining indoor air quality and regulating temperature. Automated lighting systems are designed to optimize illumination levels based on occupant presence, natural light availability, and energy efficiency goals. An efficient network management system ensures seamless communication between various smart building components. Security and emergency management prioritize the safety of occupants by employing multiple layers of security measures, including access control systems, video surveillance systems, intrusion detection devices, and fire safety equipment. Access control systems are advanced authentication methods such as biometrics, facial recognition technology, or RFID-based solutions that restrict unauthorized access to sensitive areas within the building. Comprehensive safety solutions encompass fire detection and suppression equipment and emergency communication systems that ensure timely alerts during critical situations. Video surveillance systems continuously monitor activities throughout the premises to deter unwanted behavior and detect potential threats in real-time. Workforce management supports workforce optimization using advanced analytics tools to assess occupancy patterns and space utilization across various zones.
Commercial smart buildings integrate cutting-edge technology to improve energy efficiency, lower operating costs, and enhance the comfort and productivity of occupants. Commercial smart buildings rely on advanced HVAC systems, automated lighting controls, security systems, and building management software. The industrial segment encompasses manufacturing facilities, warehouses, logistics centers, research labs, and other specialized facilities requiring advanced automation systems to optimize production processes and ensure worker safety. Residential smart buildings prioritize enhancing the comfort, security, and convenience of occupants through automated systems such as smart thermostats, lighting controls, and security cameras. Key need-based preferences for residential smart buildings include energy-efficient technologies that reduce utility bills, user-friendly interfaces for easy management of connected devices, and customizable automation features to cater to individual preferences.
The Americas region has highly developed infrastructure for smart buildings due to increased focus on energy efficiency, building automation, and evolving IoT technologies. Countries, including the United States and Canada, are promoting stringent energy-efficiency regulations and government incentives to promote sustainable development, contributing to the market growth in the region. European Union (EU) countries have adopted policies that support the deployment of smart buildings as part of their commitment to promote energy-efficient housing and commercial facilities. The Middle East region is witnessing significant investments in smart city projects emphasizing sustainability and digitalization. In the APAC region, important countries such as China, Japan, and India invest massively in building infrastructure and rapid urbanization, driving the demand for smart building solutions. The growing focus on energy conservation and sustainability in new construction projects in the region also enhances the demand for smart building solutions in the APAC region.
The FPNV Positioning Matrix is pivotal in evaluating the Smart Building Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Building Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Siemens Smart Buildings Portfolio Accredited by WiredScore
Siemens obtained accreditation from WiredScore for its Smart Building portfolio. This accreditation is a testament to the company's commitment to digital preparedness and infrastructure. Siemens is dedicated to delivering cutting-edge and industry-leading digital solutions for buildings. This recognition underscores the excellence and quality of Siemens' smart building offerings. [Published On: 2023-09-12]
Smart Building Platform Andorix Raises USD 40 Million in Debt and Equity
Andorix, a Toronto-based neutral host network provider and smart building systems integrator for real estate properties, recently secured USD 40 million in debt and equity financing. With the funding obtained, Andorix plans to expedite the deployment of its fiber-based converged network across more than 250 buildings in North America. Additionally, the equity funding aims to support the expansion of the company's operations and the growth of its workforce. [Published On: 2023-08-29]
SmartCon Solutions Acquires Sentient Buildings, Expanding Its Leadership in Smart Building Technology
SmartCon Solutions, a smart building solutions provider, has recently acquired Sentient Buildings, an intelligent building management system company. This strategic acquisition combines SmartCon Solutions' extensive expertise with Sentient Buildings' state-of-the-art technology and loyal customer base. With this acquisition, SmartCon Solutions aims to solidify its position as a trusted industry player, offering unparalleled smart building solutions to meet the evolving needs of its clients. [Published On: 2023-08-21]
The report delves into recent significant developments in the Smart Building Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aquicore, Inc. by Information Grid Ltd., Arup Group Limited, Buildings IOT Inc., Cisco Systems, Inc., CohesionIB, Inc., CopperTree Analytics Inc. by Dar Al-Handasah Consultants Shair and Partners Holdings Limited, EcoEnergy Insights by Carrier Global Corporation, Google LLC by Alphabet Inc., Hewlett Packard Enterprise Development LP, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Infineon Technologies AG, Intel Corporation, International Business Machines Corporation, Johnson Controls International PLC, KMC Controls, Inc., L&T Technology Services Limited, Legrand S.A., Metrikus Limited, Microsoft Corporation, Mitsubishi Corporation, Mode Green Integrated Building Technology, mySmart Pty Ltd., Nippon Telegraph and Telephone Corporation, PointGrab Inc., PTC Inc., Robert Bosch GmbH, Schneider Electric SE, Siemens AG, SMART Building Specialists Pty Ltd, Verdigris Technologies, Inc., Verizon Communications Inc., and Wipro Limited.
This research report categorizes the Smart Building Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Services
- Consulting
- Support & Maintenance
- System Integration & Deployment
- Solution
- Building Infrastructure Management
- Elevators & Escalators Management System
- Parking Management System
- Smart Water Management System
- Energy Management
- HVAC Control System
- Lighting System
- Network Management
- Security & Emergency Management
- Access Control System
- Safety System
- Video Surveillance System
- Workforce Management
- Building Infrastructure Management
- Services
- Building Type
- Commercial
- Industrial
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Smart Building Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Building Market?
- What are the technology trends and regulatory frameworks in the Smart Building Market?
- What is the market share of the leading vendors in the Smart Building Market?
- Which modes and strategic moves are suitable for entering the Smart Building Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Smart Building Market, by Component
- Smart Building Market, by Building Type
- Americas Smart Building Market
- Asia-Pacific Smart Building Market
- Europe, Middle East & Africa Smart Building Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 20]
- List of Tables [Total: 646]
- List of Companies Mentioned [Total: 35]
In the era of rapid urbanization and technological innovation, the concept of smart buildings has emerged as a cornerstone of the broader vision for smart cities. As urban populations continue to grow, cities face unprecedented challenges related to sustainability, efficiency, and quality of life. The governments in Brazil, India, Africa, China and other countries are introducing the smart cities mission initiative to provide sustainable infrastructure and smart solutions to citizens for a better quality of life. In December 2023, the Brazilian government announced that it would hold G20 Working Group meetings in 15 smart cities: BrasÃlia, Belém, Belo Horizonte, Fortaleza, Maceió, Manaus, Porto Alegre, Rio de Janeiro, São Paulo, Salvador, São LuÃs, Teresina, Foz do Iguaçu, Cuiabá, and Recife. Smart cities are urban environments that leverage technology and data to improve the quality of life for residents, enhance sustainability, and foster economic growth. Smart buildings play a pivotal role in this vision by serving as the building blocks of a connected, efficient, and sustainable urban infrastructure.
Smart buildings are enhancing the overall resilience and sustainability of smart cities by reducing resource consumption, minimizing waste, and mitigating the impact of climate change. Overall, smart buildings are not just individual structures; they are integral components of the larger ecosystem of smart cities. By leveraging technology, data, and connectivity, smart buildings contribute to a more efficient, sustainable, and resilient urban environment, improving the quality of life for residents and laying the foundation for a brighter future. As cities continue to evolve and embrace the principles of smart urbanism, smart buildings play an increasingly important role in shaping the cities of tomorrow.
Smart buildings combine a range of technologies to make buildings more efficient, comfortable, and secure. The systems in these buildings can monitor everything from lighting and air conditioning to security systems. They use sensors to automate many functions and to adjust the building’s environment in real-time. Moreover, smart buildings can also collect and analyze data, making them more adaptable.
To make this possible, governments are now investing heavily in smart-building infrastructure. Many have created dedicated programs to fund this development. This type of support is critical to the growth of these technologies, and we expect to see more of these initiatives in the near future.
Smart buildings offer significant gains in efficiency and sustainability. They use less energy to run, reduce waste and can lower operational costs. They also offer a safer environment since they can monitor a building 24/7. All these factors make smart buildings more attractive to building owners and tenants. The trend leads to more use of these technologies in new construction projects and renovated buildings.
Smart buildings can also offer a range of benefits outside of the building. By having a more efficient building, it becomes less dependent on external energy sources, leading to reduced energy costs and lower carbon footprints.
The growing government initiative to develop smart infrastructure is one of the significant trends influencing the development of smart buildings. These technologies are critical to the growth of future smart cities since they help create better living environments, reach climate goals, and improve efficiency. Governments' investment in these technologies creates opportunities for advanced businesses to develop the next generation of smart-building technologies. As a result, we are expecting to see smart building technology grow and evolve dramatically over the next decade.
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