February 1 2021
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.
The Global Smart Building Market is expected to reach USD 25,725.0 Million by 2025 at a CAGR of 17.44% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years.
The evolution of technology has enabled smart building technology to share information about what goes on between buildings and systems to optimize building performance. The rising adoption of IoT-enabled building management system, raising awareness about space utilization, and increased industry standards and regulations are resulting in the growth in the Smart Building Market. Factors such as the growing need for energy-efficient buildings and increasing government initiatives to encourage smart infrastructure are contributing to the growth of the smart building market. However, lack of technical expertise and infrastructure in developing countries is expected to hamper the market growth during the forecast period.
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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 Global Market - Segmentation
The Global Smart Building Market has been segmented based on Automation, Application, and Region.
Based on automation, the market has been classified as intelligent security system (video surveillance system, access control system, emergency management system), building energy management system(energy management system, HVAC control system, lighting control system), infrastructure management system(elevators and escalators management system, smart water management system, parking management system) and network management system. The building energy management system segment accounted for the largest market share in 2018; the network management system segment is expected to register the highest CAGR during the forecast period. Smart buildings are equipped with intelligent security systems which provide physical security solutions to the buildings using video surveillance systems, access control systems, and emergency management systems that deliver overall security to the assets and infrastructure of the building from various security threats, suspicious activities, vandalism, thefts, and break-ins. Buildings use energy to perform various operations such as heating, ventilation, and air-conditioning. This energy accounts for a high operating expense. Therefore, smart buildings are equipped with energy management systems that monitor, measure, and manage energy consumption and increase operational efficiency, reducing energy wastage and operation cost, and providing various environmental and sustainability benefits. Intelligent infrastructure solutions in infrastructure management systems have many benefits such as they reduce capital cost, optimize building performance, enhance user experience, and help in reducing operating costs. It consists of parking management systems, smart water management systems, and elevators and escalators management systems. Network is a key element in smart buildings as it is used to connect various wired and wireless devices and systems such as ventilation, heating, air conditioning, sensors, switches, cameras, and lightning. This equipment of smart buildings is integrated on a single network center which allows 24/7 monitoring and controlling of the equipment.
Based on application, the market has been segmented into commercial, industrial, government & public infrastructure and residential. The commercial segment accounted for the largest market share in 2018, while the residential segment is expected to register the highest CAGR during the forecast period. Smart commercial buildings include commercial offices, shopping centers, and hotels that are equipped with building automation systems including intelligent security systems, infrastructure management systems, and energy management systems. The adoption of smart buildings in the commercial segment is more as compared to residential and industrial segments. Smart industrial buildings use the integration of security functions, building automation, surveillance, and technology to reduce environmental impact, improve employee productivity, increase production, protect the health and safety of the occupant, and increase operational efficiency. The government sector is adopting smart building technology for public infrastructures such as government offices, hospitals, and federal buildings. Most government buildings have digital systems to control their electrical and mechanical equipment. Residential smart buildings use automated systems to operate building operations such as air-conditioning, heating, ventilation, water management, lighting control. In order to increase the quality of life and standard of living of residents with greater convenience and comfort, automated systems deployed in buildings, which makes them smarter and energy-efficient.
Smart Building Market - Regional Analysis
The Global Smart Building Market, by region, has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa and Central & South America. North America is expected to dominate the global smart building market during the forecast period due to growing awareness for safety, security, energy and water management, and reduction in maintenance costs.
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