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The Smart Buildings Market was valued at USD 109,120.10 million in 2023. It is projected to grow from USD 129,525.65 million in 2024 to USD 509,017.46 million by 2032, with a compound annual growth rate (CAGR) of 18.65% during the forecast period (2024 – 2032).
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The global Smart Building market is consistently growing due to advancements in smart building technologies and government support. Smart buildings generate useful data on usage patterns, which can be analyzed to make informed decisions and improve building efficiency.
Increasing numbers of people are seeking connected, smart, and automated building solutions that include safety and alarm systems, surveillance, fire safety, and security due to rising energy costs and environmental awareness.
Energy efficiency is crucial for sustainable development. The building sector accounts for a significant percentage of global energy consumption. According to the International Energy Agency (IEA), buildings consume 42.10% of the world’s total electricity. The increasing urbanization in developing countries is driving demand for energy-efficient building solutions.
Strict governance on energy consumption and green building initiatives boost demand for energy-efficient technology. For instance, IBM Corporation reports that implementing advanced technology reduced energy usage by 40% and maintenance costs by 10%-30%. Similarly, Deloitte reports a 70.10% energy saving in three years through smart technology and IoT devices.
In October 2021, the U.S. Department of Energy (DOE) announced USD 61.10 million for ten pilot projects to transform homes and workplaces into energy-efficient structures, significantly reducing carbon emissions and energy costs.
Based on automation, the global Smart Building market is segmented into:
· Intelligent Security System
· Building Energy Management System
· Infrastructure Management System
· Network Management System
The Building Energy Management System (BEMS) segment held the majority share in 2022, contributing around 38.25% to market revenue. BEMS monitors and controls the energy needs of a structure, increasing operational efficiency and reducing energy wastage and operating costs. Sub-segments include:
· Energy Management Platform
· HVAC Control System
· Lighting Control System
Intelligent security systems in smart buildings provide physical security through video surveillance, access control, and emergency management systems, protecting assets and infrastructure from various threats.
Based on application, the global Smart Building market is segmented into:
· Commercial
· Industrial
· Government & Public Infrastructure
· Residential
The commercial segment held the majority share in 2022, contributing around 46.25% to market revenue. Smart commercial spaces, including offices, shopping complexes, and hotels, are equipped with building automation systems for security, infrastructure management, and energy management. The adoption of smart buildings is higher in commercial spaces due to their early adoption and significant market share.
Smart industrial buildings integrate security services, building automation, surveillance, and technology to reduce environmental impact, boost productivity, and promote operational efficiency. They provide a controlled environment, essential for industries requiring high energy consumption.
Based on region, the global Smart Building market is segmented into:
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· North America
· Europe
· Asia-Pacific
· Rest of the World (ROW)
North America accounted for the highest market share of 36.88%, led by early adopters in the United States and Canada, supported by developed infrastructure.
Europe is seeing rapid growth in smart building technologies due to security and privacy concerns, as well as the IoT trend. Key countries include the Netherlands, Spain, France, Germany, Italy, and the UK.
Asia-Pacific market participants, including China, India, and Japan, are investing in IoT-enabled building management systems to enhance energy efficiency and sustainability.
Rest of the World includes the Middle East, Africa, and South America, experiencing high growth rates due to the demand for energy-efficient solutions and efforts to cut carbon emissions.
The Smart Buildings market is highly competitive, with key players continuously innovating to meet evolving business needs. Major players include:
· Control4 Corporation (Snap One, LLC)
· HCL Technologies Limited
· Panasonic Corporation
· Advantech Co. Ltd
· Johnson Controls International PLC
· Hitachi Ltd
· Sony Corporation
· IBM Corporation
· Cisco Systems
· Honeywell International, Inc.
· Emerson Electric Co
· Overkiz
· ABB Group
· Huawei Technologies Co. Ltd
· Siemens AG
HCL Technologies has strategic partnerships with global technology vendors and niche solution providers, investing in joint solutions to meet customer requirements.
· October 2022: Overkiz launched Kizconnect with advanced technical specifications.
· January 2022: Honeywell and Acalvio Technologies launched a new solution for detecting cyber-attacks in commercial buildings.
· June 2022: Honeywell launched Carbon & Energy Management software to optimize energy performance.
· Intelligent Security System
· Building Energy Management System
· Infrastructure Management System
· Network Management System
· Commercial
· Industrial
· Government & Public Infrastructure
· Residential
· North America: US, Canada
· Europe: Germany, France, UK, Italy, Spain, Rest of Europe
· Asia-Pacific: China, Japan, India, Australia, South Korea, Rest of Asia Pacific
· Middle East & Africa: Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa
· South America: Brazil, Argentina, Rest of South AmericaTop of Form
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Material 2022 |
USD 109,120.10 Billion |
|
Market Material 2023 |
USD 129,525.65 Billion |
|
Market Material 2032 |
USD 509,017.46 Billion |
|
Compound Annual Growth Rate (CAGR) |
18.65% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Material, Sales Channel, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Control4 Corporation (Snap One, LLC), HCL Technologies Limited, Panasonic Corporation, Advantech Co. Ltd, Johnson Controls International PLC, Hitachi Ltd, Sony Corporation, IBM Corporation, Cisco Systems, Honeywell International, Inc., Emerson Electric Co, Overkiz, ABB Group, Huawei Technologies Co. Ltd, Siemens AG |
|
Key Market Opportunities |
The rising focus of vendors on comfort-enhancing products |
The Smart Buildings Market was valued at USD 109,120.10 million in 2023. It is projected to grow from USD 129,525.65 million in 2024 to USD 509,017.46 million by 2032.
The global market is projected to grow at a CAGR of 18.65% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65649
Published on :
July 2024
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