Smart buildings are fast becoming the norm across countries. This transformation can be attributed to automation and IoT that are proliferating sectors pervasively. The new-age innovations are assisting not only in the operational ease in the housing sectors but are curbing adverse environmental effects as well. Smart buildings are equipped with several gadgets such as sensors, microcontrollers, and microprocessors to introduce automation in the operations of the building. The global Smart Building Market is expecting a boost by 29.69% CAGR during the forecast period (2018-2023) and quadruples its previous market valuation of USD 7.45 billion in 2017 and attain a worth of USD 33.70 billion by 2023. Market research Future (MRFR) in their extensive report reveals factors and segmental analysis that can impact the market demography in the coming years. Among the factors, stringent laws imposed by governments across the globe can influence the buying pattern of consumers. At the same time, the International Energy Agency reveals that residential sector consumes almost 42% of the energy produced globally which calls for a reduction in intake.
Despite all these efforts, the smart building market can experience a slip owing to the dearth of skilled labor. It is getting daunting as it is often failing to meet the supply and demand curve. However, the situation can be fast averted with timely introduction of the 5G technology which would encourage the installation of IoT in these smart buildings and steer out the smart building market out of any long-time plummet.
In 2018, Siemens took over Enlighted, Building Robotics Inc., and J2 Innovations, three California-based smart building software suppliers, to enhance its own IT infrastructure and capabilities of its building management system (BMS) platform, Desigo.
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In November 2018, Honeywell acquired Transnorm, a German company known for its conveyor solutions. This acquisition will support Honeywell’s automation solutions, warehouse execution system software, and services.
The global smart buildings market is marked by the presence of eminent players such as Johnson Controls International PLC (the U.S.), Control4 Corporation (the U.S.), Schneider Electric (France), IBM Corporation (the U.S.), Legrand SA (France), United Technologies Corporation (the U.S.), Siemens AG (Germany), Cisco Systems, Inc. (the U.S., ABB Group 9Switzerland), Emerson Electric Co. (the U.S.), and Honeywell International, Inc (the U.S.).
The global smart building market can be segmented by automation and application.
Based on automation, the smart building market can be segmented into intelligent security system, building energy management system, infrastructure management system, and network management system. Building energy management system generates the maximum market share and was valued at USD 2,743.9 million in 2017. Meanwhile, network management system can accrue the fastest CAGR of 33.58% during the forecast period. Intelligent Security System segment can be further segmented into video surveillance system, access control system, and emergency management system.
Application-wise the smart building market comprises commercial, industrial, government & public infrastructure, and residential. Commercial segment is worth of USD 2,826.09 million as of 2017 and is expected to retain its top position in the coming years. However, residential segment is projected to score the fastest CAGR of 31.22% during the forecast period.
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Geographic analysis of the global smart building market encompasses regions such as North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America accounts for the maximum revenue generated globally. In 2017, the regional smart building market was valued at USD 2,615.31 million. Key market players are investing heavily in implementing automation in construction. Government policies are also assisting many in their research & development investment plans. In addition, residents are more concerned now about safety & security, and energy & water consumption.
Europe is the second largest smart building market and is enjoying the benefits endowed upon the sector by governments of the region to maintain ecological standards. Meanwhile, the APAC market is geared up with to attain the fastest CAGR of 33.03% during the forecast period. Developing economies of China, India, Japan, Taiwan, and others are having enough government support to modernize their ways.
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