Rapid urbanization and increasing investment in smart technologies to enhance operational efficiency of commercial buildings are some key factors driving smart buildings market revenue growth
The global smart buildings market size is expected to reach USD 141.71 Billion in 2028 and register a revenue CAGR of 9.9% over the forecast period, according to the latest report by Emergen Research. Increasing number of smart cities across the globe and rising adoption of IoT-enabled Building Management Systems (BMS) and deployment of embedded sensors in buildings and devices are driving global smart buildings market revenue growth.
Smart buildings function on advanced digital technologies, algorithms, and building analytics, which mutually benefits tenants, building owners, and management operators. Building analytics converts data created by IoT-enabled building management systems into intelligence, which enables building owners to identify threats, enhance tenant comfort level, and identify cost saving opportunities. Building analytics increases tenant safety and security and helps to lower operating cost, which in turns give higher satisfaction.
The report is formulated by taking into consideration the government policies, market landscape, technologies, market risks, opportunities, and challenges faced by the market. The report further analyzes historical data, current and future market trends, recent technological developments, key competitors, and regional bifurcation and the report is updated with the impact analysis of the current COVID-19 pandemic on the market. The rapidly changing dynamics of the market and current and future growth potential of the market are covered in the report.
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Increasing investment in smart technologies helps to increase efficiency of smart buildings. Intelligent buildings allows leveraging of the latest innovations in an intuitive way. Smart buildings with automated door opening, voice control devices, and fall detection provide comfortable and easier accessibility for disabled persons. Increasing need for more efficient space utilization and enhanced energy efficiency and sustainable buildings are some other key factors driving growth of the global smart buildings market.
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with the product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share.
Key Highlights From the Report
In January 2020, Johnson Controls International announced the launch of new commercial Rooftop Units (RTUs), which will exceed Department of Energy (DoE) energy efficiency standards of smart buildings by 22%. New commercial rooftop units will help to maximize control, extend smart building equipment life, and reduce operating cost.
Lightning control system segment accounted for significantly large revenue share in 2020 owing to smart time scheduling and daylight harvesting, which helps to save energy. It also helps to analyze patterns of movements and show areas of congestion, and frequently used paths.
Educational institutions segment accounted for significantly robust revenue share in 2020 and is expected to register a rapid growth rate during the forecast period. Smart technologies in educational institutions provides brighter lighting, proper ventilation, and adequate energy, among others. This helps to boost learning experience of students.
The major companies studied in the report include:
Cisco Systems, Inc., Honeywell International Inc., Johnson Controls Internationals, Hitachi Ltd., Schneider Electric, ABB Ltd., Legrand, Siemens AG, Robert Bosch GmbH, and Telit.
The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
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Along with these details, the report also covers the segmentation of the market based on types, applications, end-user industry, and others. Analysis of each market segment, along with projections up to 2027, is offered in the report. The report includes profitability, gross margins, global demand, sales volume, and growth prospects of each market segment.
Emergen Research has segmented the global smart buildings market on the basis of automation type, service type, building type, and region:
Automation Type Outlook (Revenue, USD Billion; 2018–2028)
Building Management System (BMS)
Heating, Ventilation, and Air Conditioning (HVAC)
Lightning Control System
Emergency Alarm and Evacuation System
Audio and Visual Effects
Video Surveillance System
Elevators and Escalators Systems
Fire and Life Safety Alarm
Service Type Outlook (Revenue, USD Billion; 2018-2028)
System Integration and Deployment
Support and Maintenance
Building Type Outlook (Revenue, USD Billion; 2018–2028)
Governmental and Public Infrastructure Facilities
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Based on the geographical spread, the Smart Buildings industry is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis of the Smart Buildings market provides an insight into the regions expected to hold the largest share in the market. Additionally, the report provides valuable data about distribution, production, consumption patterns, export/import, and demand and supply ratio.
Radical Features of the Smart Buildings Market Report:
The report encompasses Smart Buildings market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
Supply chain analysis along with technological advancements offered in the report
The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Smart Buildings industry
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