Market Research Future published a research report on “Smart Building Market Research Report- Forecast to 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.
As per Market Research Future (MRFR), the global smart building market is estimated to reach USD 25,725.0 million, with a CAGR of 17.44% from 2018 to 2025 (forecast period). The report offers an extensive and reliable analysis of the effect of the COVID-19 pandemic on the global smart building market.
A smart building is a structure that uses automated processes to automatically control different building operations, like air conditioning, heating, security, energy management, ventilation, and other systems. Smart buildings are equipped with a series of smart devices and electronic components, like sensors, microchips, microprocessors, and microcontrollers, to gather and process relevant data and manage the building operation automatically. This allows facility managers and building owners to reduce energy usage, increase comfort levels, improve performance, make maximum use of building space, and mitigate environmental degradation.
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Increasing adoption of an IoT-enabled building management system and raising awareness of space utilization to accelerate market growth worldwide. However, the lack of cooperation between standard bodies and uniform technology between smart building solutions is expected to restrain market growth across the globe.
The Key Players of the Global Smart Building Market are Control4 Corporation (US), United Technologies Corporation (US), HCL Technologies Limited (India), Panasonic Corporation (Japan), Advantech Co. Ltd (Taiwan), Johnson Controls International PLC (Ireland), Hitachi Ltd (Japan), Sony Corporation (Japan), IBM Corporation (US), Cisco Systems (US), Honeywell International, Inc. (US), Emerson Electric Co. (US), GEZE GmbH (Germany), Overkiz (France), ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Legrand SA (France), and Huawei Technologies Co. Ltd, (China).
Smart Building Market – Segmentation
The global smart building market has been segmented into automation and application.
By automation, the global smart building market has been segmented into intelligent security system, infrastructure management system, network management system, and building energy management system. An intelligent security system has been further divided into video surveillance systems, access control systems, and emergency management systems. Building energy management system has been further divided into energy management system, HVAC control system, and lighting control system. The infrastructure management system has been further divided into elevators and escalators management systems, parking management systems, smart water management systems, and network management systems.
By application, the global smart building market has been segmented into commercial, industrial, government & public infrastructure and residential. The commercial segment had the highest market share in 2018, with a valuation of USD 3.261.60 million. The industrial segment was estimated at USD 1,981.20 million; the residential segment is predicted to show the highest CAGR in the forecast period. Smart commercial buildings comprise commercial offices, shopping centers, and hotels equipped with building automation systems, including intelligent security systems, infrastructure management systems, and energy management systems. Smart industrial buildings use the amalgamation of security functions, building automation, surveillance, and technology to minimize environmental impact, boost employee productivity, increase production, protect the health and safety of occupants and increase operational efficiency. The government sector is adopting smart building technology for public infrastructures, like government offices, federal buildings, and hospitals. Residential smart buildings use automated systems to operate buildings like air conditioning, heating, ventilation, water management, and lighting, to enhance the quality of life and living standards of residents with greater ease and comfort, enabled by the use of automated systems in buildings, making them smarter and more energy-efficient.
Smart Building Market – Regional Analysis
By region, the global smart building market has been segmented into the Asia Pacific, North America, the Middle East & Africa, Europe, and Central & South America.
North America has a large share of the global market due to the high volume of early adoptions in the United States and Canada. Over the forecast period, the region is expected to drive the global market due to its established infrastructure that can house smart automation solutions in both residential and commercial segments.
Governments in the area are also pushing for the adoption of such smart solutions because of the energy-saving benefits provided by such systems. The US Green Building Council, in alliance with the Bank of America Charitable Foundation, is introducing the ‘LEED’ program to help local governments pursuing sustainable solutions.
In addition, the US government is upgrading its energy grids and upgrading to Advanced Metering Infrastructure (AMI) to mitigate energy usage. As reported by the US Department of Energy, the buildings sector accounts for around 76% of the electricity used, resulting in a large amount of related greenhouse gas (GHG) emissions, making it important to minimize energy usage in buildings in order to address national energy and environmental challenges and reduce costs for building owners and tenants.
Energy consumption by the US residential and commercial sectors accounts for the bulk of energy consumption in or on all US buildings. In 2019, total end-use energy consumption by the residential and commercial sectors amounted to around 21 quadrillion British Thermal Units (Btu). This amounted to 28% of the overall U.S. end-use energy usage in 2019. End-use energy consumption covers primary energy use and retail sales of electricity.
Energy management systems are another significant revenue-generating segment under which building HVAC systems have a large concentration. The United States is one of the prominent markets for HVAC systems that drive demand in the region.
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Key questions addressed by the report
- What was the historic market size (2018)?
- Which segmentation (Component/Solution/Industry) is driving the market?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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