The Global Smart Building Market was valued at approximately USD 58.9 billion in 2022 and is expected to reach USD 105.8 billion by 2030, growing at a CAGR of around 9.9% between 2021 and 2030. The Asia-Pacific region is expected to experience the highest growth during this period due to the rapid urbanization and industrialization in countries such as China and India.

Browse 215 market data Tables and 96 Figures spread through 322 Pages and in-depth TOC on "Smart Building Market Size, Share & Trends Estimation Report By Outlook, By Region, And Segment Forecasts, 2022 - 2030" View detailed Table of Content here-https://www.contrivedatuminsights.com/product-report/smart-building-market-248713/

Market Dynamics

Increasing demand for energy-efficient buildings: The need to reduce energy consumption and lower carbon emissions has led to an increasing demand for smart buildings that can optimize energy usage through advanced technologies such as building automation systems, energy management systems, and intelligent lighting systems

Advancements in building automation systems: The development of advanced building automation systems that use sensors and IoT technologies to automate building operations has made it easier for building managers to monitor and control various building systems, leading to increased efficiency, comfort, and safety.

High initial investment: The implementation of smart building technologies typically requires a significant initial investment, which can be a major barrier for many building owners and operators. This can limit adoption rates, particularly in emerging markets where capital constraints are more pronounced.

Lack of skilled workforce: The deployment and management of smart building systems require specialized knowledge and expertise, which can be in short supply. A shortage of skilled workers can hinder the adoption and growth of smart building technologies.

The market is driven by various factors, including increasing demand for energy-efficient buildings, the rise of the internet of things (IoT), advancements in building automation systems, and increasing focus on occupant comfort and safety. The market is also being fueled by government initiatives and regulations aimed at reducing carbon emissions and promoting sustainable buildings.

Interoperability and integration: The integration of various smart building systems and technologies can be complex and challenging, particularly if different systems are not designed to work together seamlessly. This can lead to inefficiencies and higher costs for building owners and operators.

Cybersecurity and data privacy: Smart building systems are vulnerable to cyber attacks and data breaches, which can compromise building security and put sensitive data at risk. Building owners and operators must take steps to ensure the security and privacy of their systems and data.

IoT and data analytics: The proliferation of IoT devices and the availability of data analytics tools are creating new opportunities for building owners and operators to collect and analyze data in real-time. This can help to optimize building performance, improve energy efficiency, and enhance occupant comfort and safety.

Energy efficiency and sustainability: Increasing demand for energy-efficient and sustainable buildings presents a significant opportunity for smart building technologies. Smart building systems can help to optimize energy usage and reduce carbon emissions, which can lower operating costs and improve environmental sustainability.

HVAC control applications involve the use of sensors and control systems to optimize heating and cooling in a building. These systems are designed to provide comfortable temperature levels while minimizing energy consumption. The application finds its use in commercial, industrial, and residential buildings.

Energy management applications involve the use of sensors and control systems to optimize energy consumption in a building. These systems can provide real-time energy consumption data, allowing building operators to identify opportunities for energy savings. This application is commonly used in commercial, industrial, and public facilities.

Emergency management applications involve the use of sensors, alarms, and other systems to detect and respond to emergency situations such as fire or natural disasters. These systems can provide real-time alerts to building occupants and emergency responders, allowing for a quick and effective response. This application is commonly used in public facilities and large commercial buildings.

Regional Analysis

Europe is expected to have significant growth in the smart building market due to the increasing adoption of IoT and cloud-based technologies in the region. The UK, Germany, and France are the major markets for smart building technology in the region.

Asia-Pacific is expected to be the fastest-growing region for smart building technology due to the rising demand for sustainable building practices and government initiatives to promote energy efficiency in buildings. China, Japan, and India are the major markets for smart building technology in the region.

The Middle East & Africa is expected to have significant growth in the smart building market due to increasing urbanization and government initiatives to improve infrastructure in the region. The UAE, Saudi Arabia, and South Africa are the major markets for smart building technology in the region.

Competitive Analysis

Key players in the global smart building market include Siemens AG, Honeywell International, Schneider Electric SE, Johnson Controls, and ABB Group, among others. These companies are investing in R&D activities to develop advanced smart building technologies and are focusing on strategic partnerships and collaborations to expand their market presence.

Siemens AG is a leading player in the smart building market, offering solutions for building automation, energy management, and security & access control. The company has a strong presence in North America and Europe.

Johnson Controls International plc is a global leader in building technologies and solutions, offering HVAC systems, building automation, and security & access control solutions. The company has a strong presence in North America and Asia-Pacific. Honeywell International Inc. is a leading player in the smart building market, offering solutions for building automation, HVAC control, and security & access control. The company has a strong presence in North America and Europe. Siemens AG announced the acquisition of J2 Innovations in 2020, a software framework provider for building automation and IoT applications.

Schneider Electric acquired RIB Software, a leading provider of 5D building information modeling solutions, in 2020. Honeywell International Inc. acquired Enovate, a provider of energy efficiency and management solutions for commercial buildings, in 2021

Johnson Controls International plc announced a strategic partnership with Pelion in 2021 to develop AI-powered solutions for building automation and IoT applications. IBM Corporation announced a partnership with Siemens AG in 2020 to integrate IBM's Maximo Asset Management solution with Siemens' MindSphere IoT platform for building automation.

United Technologies Corporation spun off its Otis elevator and Carrier heating and air conditioning businesses in 2020, creating two independent publicly traded companies. Cisco Systems, Inc. announced the acquisition of Fluidmesh Networks, a provider of wireless backhaul solutions for IoT applications, in 2019.

Segmentation Analysis of The Global Smart Building Market 2016-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global Smart Building market report based on capacity, vehicle, application, and propulsion type along with regional analysis. 

Solution Outlook (Revenue, USD Billion, 2017 - 2030)

• Safety & Security Management
• Access Control System
• Video Surveillance System
• Fire And Life Safety System
• Energy Management
• HVAC Control System
• Lighting Management System
• Others (Data Management, Asset Performance Optimization, And Application Platform)
• Building Infrastructure Management
• Parking Management System
• Water Management System
• Others (Elevators And Escalators Management And Waste Management)
• Others (Network Management And Workplace Management)

Service Outlook (Revenue, USD Billion, 2017 - 2030)

• Consulting
• Implementation
• Support & Maintenance

End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• Residential
• Commercial
• Healthcare
• Retail
• Academic
• Others (Hotels, Public Infrastructure, And Transport)
• Industrial

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America