Market Size – USD 49.90 Billion in 2018, Market Growth – CAGR of 10.9%, Market Trends –The rising demand for 5G technology.
The global smart building market is forecast to reach USD 121.90 Billion by 2026, according to a new report by Reports and Data. In smart buildings, actuators, microchips, and sensors are used to gather and manage data in accordance with the services and functions of a business. The infrastructure turns out to be beneficial for operators, facility managers, and operators to enhance asset performance and reliability that optimizes the utilization of space, minimizes energy use and environmental impact on buildings. Various advantages associated with this building is increasing its demand and supporting its market growth. Some of its mentionable benefits are, that it enhances facility staff’s productivity, reduces energy costs, and supports efforts of sustainability, and improves building operations. A mentionable feature of this type of building is the categorization of electrical loads from critical to high priority to non-essential. The presence of this feature helps in effective management and supply of electricity as per the requirement in different areas of the building.
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Furthermore, the use of cameras and sensors in these buildings helps in gathering essential data about the way in which the building is being used. These data turns out to be beneficial in making critical decisions associated with the building operation. Based on actual data, space utilization can be enhanced as the building automatically generates actionable, living intelligence. The building also provides different opportunities for enhanced capabilities & convenience, which provides the new scope of generating revenues for building managers and developers.
In regards to region, Europe occupies a prominent market position. The market position held by Europe is the resultant of the continuous growth of different industries that enhances the demand for smart buildings to strengthen the functioning of these industries and the expansion of the construction sector.
Further key findings from the report suggest
- The smart building market held a market share of USD 49.90 Billion in the year 2018 and is forecasted to witness a CAGR of 10.9% during the forecast period.
- In context to System, the Building energy management system occupies the largest market share of 40.0% in 2018, with a CAGR of 11.1% during the forecast period. Factors like energy consumption and lighting being an integral part of a building and facilities of energy & lighting control system using IoT like lights can be remote controlled and reduced electricity consumption contributes to the market share occupied by this segment.
- In regards to Service Type, the Support and Maintenance segment is forecasted to witness the fastest growth rate of 11.9% during the forecast period, which occupied 14.0% of the market in 2018. The growth rate experienced by this segment is the resultant of continuously increasing the need for maintenance support after the systems have been deployed in these buildings for ensuring its hindrance-free operation.
- In context to Application, the Commercial & Institutional building segment held the largest market share of 42.0% in 2018, with a CAGR of 10.4% during the forecast period. The market share occupied by the Commercial & Institutional building segment is attributed to high power consumption and carbon emissions from commercial buildings and optimization of energy performance in smart buildings, which have resulted in its high demand in this type of building.
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- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 11.5% during the forecast period, which occupied 23.0% of the market in 2018. Growth of the IT sector, rising investments in various industries, and the development of technological infrastructure contributes to the expansion of the market in the APAC region.
- Key participants Honeywell, IBM, Hitachi, Johnson Controls, Siemens, Schneider Electric, ABB, Intel, Huawei, Larsen & Toubro Technology Services, Pointgrab.
Device Type Outlook (Revenue, USD Billion; 2020-2026)
- Electrical power distribution & quality
- HVAC & large appliances
- Life safety, security & surveillance
Technology type Outlook (Revenue, USD Billion; 2020-2026)
System Type Outlook (Revenue, USD Billion; 2020-2026)
- Intelligent security system
- Infrastructure management system
- Network management system
- Building energy management system
Service type Outlook (Revenue, USD Billion; 2020-2026)
- System Integration and Deployment
- Support and Maintenance
Application Type Outlook (Revenue, USD Billion; 2020-2026)
- Commercial & Institutional building
- Residential building
- Industrial Building
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/smart-building-market
Regional Outlook (Revenue, USD Billion; 2020-2026)
- North America
- Asia Pacific
- Latin America
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