Smart buildings utilize integrated systems to centrally control the operations of various building functions such as heating, ventilation, and air-conditioning (HVAC), lighting, security, and other systems. Smart building solutions offer enhanced safety and security through technologies such as controlled access, motion/human detection, and video surveillance systems. Smart buildings also provide increased energy conservation through optimized energy-efficient operations of key systems such as HVAC, lighting, and plug loads. Smart building automation and control enables remote monitoring of facilities and delivers predictive maintenance through automated fault detection. The global Smart Building Market is estimated to be valued at US$ 101.23 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The development of smart cities has emerged as a key trend driving the growth of the smart building market. Smart city projects emphasize on the adoption of smart digital technologies across civic services and infrastructure including buildings. Smart city infrastructure promotes sustainability and resource conservation along with improved management of utilities. Smart buildings aligned with smart city initiatives leverage connectivity and IoT to deliver optimized operations, enhanced efficiency, and augmented safety and security features within the community setting. Smart city initiatives are rapidly gaining traction worldwide which is expected to significantly fuel the demand for smart buildings during the forecast period.

Segment Analysis

The global smart building market is segmented by component, type, and end use. By components, the solution segment is expected to dominate the market owing to the high demand for building automation and control systems solutions. By type, the infrastructure management segment is expected to dominate as buildings are increasingly adopting BMS for infrastructure management. By end use, commercial buildings segment is dominating as commercial real estate owners are increasingly adopting smart building technologies for better operation and energy management.

Key Takeaways

The Global Smart Building Market Size is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis shows that North America region currently dominates the market due to maximum early adoption of smart building technologies. The Asia Pacific region is expected to witness the fastest growth over the coming years due to increasing construction activities and growing awareness about benefits of smart buildings in countries like China and India.

Key players operating in the smart building market are Abbott, Hologic Inc., Becton, Dickinson and Company, Southwest Precision Instruments, LLC, F. Hoffmann-La Roche Ltd, Sysmex Corporation, Thermo Fisher Scientific Inc., Danaher, Life Technologies Corporation, Merck KGaA, Koninklijke Philips N.V., Perkin Elmer, and Trivitron Healthcare. The market is moving towards consolidation as the key players are entering into mergers and acquisitions with other players, focusing on developing new solutions to strengthen their product portfolio and maintain leadership positions in the market.

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https://www.newswirestats.com/smart-building-market-size-share-growth-outlook-2023/