Smart Building Market is Estimated To Witness High Growth Owing To...

Smart Building Market is Estimated To Witness High Growth Owing To Rising Adoption of IoT Technology

Posted 2023-11-23 07:35:23

Smart buildings incorporate various technologies like automation solutions, building management systems, energy management systems, physical security systems, and life safety systems within one integrated system. Smart building systems help in improving energy efficiency, reducing operational costs, and enhancing building experience through centralized monitoring and control. Adoption of smart building technologies allows organizations to remotely monitor and control various building parameters like temperature, lighting, security, and access systems through a centralized interface.

The Global Smart Building Market Size is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing adoption of IoT-enabled building management systems and cloud-based platforms. Regionally, North America dominated the global market in 2023 with a share of over 35%, owing to presence of major players and rising construction activities in the region. Key players like Softdel (A UNIDEL Company), ABB Ltd., Hitachi Ltd., Honeywell International, Avnet Inc., Siemens AG, Legrand SA, Schneider Electric SE, Johnson Controls Inc., Huawei Technologies Co. Ltd., Cisco Systems, and IBM Corporation are operating in the smart building market.

One of the major trends fueling the growth of smart building market is the increasing demand for energy-efficient solutions from commercial as well as residential sectors. Several government regulations aim to reduce energy consumption from buildings and promote sustainability. For example, the European Union has set an ambitious target to reduce energy consumption from buildings by at least 32.5% (compared to 2005 levels) by 2030. This is increasing the adoption of smart building solutions across Europe. Smart building technologies help in automatic control and monitoring of heating, ventilation, and air conditioning (HVAC) systems based on occupancy patterns. This significantly improves energy efficiency of buildings. Advanced lighting control systems can also adjust intensity and direct light according to occupancy in a room. Such features are gaining popularity due to their ability to optimize energy usage and reduce operational costs.

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