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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Building Market Share
Rising demand for energy management solutions to foster the smart building industry growth
Based on type, the energy management segment is expected to account for a significant share in the market owing to various green building initiatives and government regulations aimed at reducing energy consumption. The systems are known to help in reducing and monitoring the amount of power consumed by the building. By adopting such solutions, building owners and stakeholders can lower their operational expenses. These advantages are expected to increase the popularity of energy management segment in smart building market report.
The building infrastructure management solution is expected to grow steadily due to the rising challenges in optimising high commercial building operational costs. This segment is further categorised into parking management systems, smart water management systems, and elevators & escalators systems. The demand for these solutions is driven by the need for efficient management of building infrastructure, which can help reduce operational costs and enhance occupant comfort.
Commercial segment holds a significant market share due to the need of improving energy costs
As per smart building market analysis, the commercial segment holds the largest share in the market. The demand for smart building solutions in the commercial sector is driven by the need to improve energy efficiency, enhance occupant comfort and safety, and reduce operating costs.
Commercial buildings are adopting advanced IoT sensors to collect data from various building systems and subsystems. This data can be used by building operators to automate and optimise building operations and maintenance, leading to improved efficiency and cost savings. The rapid digitalisation across industry verticals, increasing adoption of smart connected devices, and rising technological advancements have further fueled the growth of the smart building market in the commercial sector.
The residential segment is also expected to grow at a significant CAGR during the forecast period due to a surge in demand for smart home technologies, such as lighting, HVAC, and security systems. The growing awareness of the benefits of smart home technologies, such as remote control, energy savings, and enhanced security, is propelling the adoption of smart building solutions in the residential sector.
Smart Building Market Report Snapshots
Smart Building Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global smart building market attained a value of nearly USD 86.39 billion.
The market is expected to grow at a CAGR of 10.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 210.46 billion by 2032.
The rapid urbanisation, stringent government regulations aimed at environmental sustainability, rising demand for occupant’s safety, investments in smart city projects, and need to reduce energy consumption and costs are factors expected to aid the market growth.
Key trends aiding market expansion include the growing technological advancements, favourable government initiatives, and rising smart city projects.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of smart building are commercial, residential, and industrial.
The major components considered within the market report are building infrastructure management solution, energy management solution, workforce management solution, network management solution, and services.
Key players in the market are Honeywell International Inc., Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, and Huawei Technologies Co., Ltd., among others.
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