Global Smart Building Market Future Scenario During Forecast Period 2023-2029
Elevating Efficiency: Unveiling the Dynamics of the Global Smart Building Market
In the ever-evolving landscape of technology, the Smart Building Market stands as a beacon of innovation, transforming conventional structures into intelligent ecosystems. Valued at a staggering US$ 80.92 Bn. in 2022, this market is set to burgeon at a remarkable CAGR of 10.89%.
What Makes a Building Smart?
Smart buildings, often dubbed as automated structures, seamlessly integrate cutting-edge technologies to enhance efficiency and reduce costs. Embracing real-time systems, these buildings cover diverse environments – from university campuses and offices to hospitals and malls. They leverage technology to make spaces safer, sustainable, and remarkably efficient.
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Key Predictions for Smart Building Technology:
- Building Electrification Gains Momentum: As global CO2 reduction targets intensify, building electrification takes center stage, spurred by the ban on gas hook-ups in new constructions.
- Edge Computing Revolutionizes Building IoT Programs: Investment in edge computing becomes pivotal for building IoT programs, offering proximity data processing, enhanced security, and improved energy efficiency.
- 5G Technology Unleashes New Capabilities: The advent of 5G technology catalyzes intelligent building capabilities, fueling the growth of IoT-enabled devices and fostering real-time operational efficiency.
- Remote Building Management Surges: The paradigm shift induced by the COVID-19 lockdown underscores the importance of remote building management technologies, enabling off-site optimization, monitoring, and maintenance.
- Government Support Drives Sustainability: Stringent laws and regulations worldwide encourage the construction of smart buildings, aligning with sustainability goals and energy efficiency standards.
Trends Shaping the Future:
- Smart Energy Management: A focus on optimizing energy consumption through IoT-based solutions.
- Predictive Maintenance and Asset Digitization: Leveraging data-driven digital services for proactive maintenance.
- Agile Smart Workspace: Adapting to flexible work models with intelligent workspace solutions.
- Smarter Building Data Analytics: The convergence of IoT and AI for advanced data analytics.
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Key Players :
1. Amplitude Systemes 2. Attodyne Inc 3. Clark-MXR, Inc 4. Coherent Inc 5. DPSS Lasers Inc 6. EKSPLA 7. Epilog Laser 8. IMRA America 9. IPG Photonics 10. JENOPTIK Laser 1. CISCO 2. HONEYWELL 3. JOHNSON CONTROLS 4. SIEMENS 5. IBM 6. HITACHI 7. SCHNEIDER ELECTRIC 8. INTEL 9. HUAWEI 10. ABB 11. LEGRAND 12. BOSCH 13. TELIT 14. PTC 15. KMC CONTROLS 16. VERDIGRIS TECHNOLOGIES 17. ACQUICORE 18. 75F 19. BUILDINGIQ 20. ENTOUCH 21. SOFTDEL 22. MODE:GREEN 23. COPPERTREE ANALYTICS 24. SPACETI 25. IGOR
Market Segment Insights:
- Component Focus: The solution segment is projected to witness the highest CAGR, driven by increased demand for smart infrastructures and energy-efficient solutions.
- Building Types: Commercial buildings take the lead, with a focus on optimized energy efficiency without compromising safety or comfort.
by Component
Solutions
Building infrastructure Management
Parking Management System
Smart Water Management System
Elevators and Escalators Management System
Security and Emergency Management
Access Control System
Video Surveillance System
Safety System
Energy Management
HVAC Control System
Lighting System
Network Management
IWMS
Services
Consulting
Implementation
Support and Maintenance
by Building Type
Residential
Commercial
Industrial
Regional Overview:
- North America Dominates: Boasting a 52% market share in 2022, North America leads the charge in smart building adoption. The region's technological advancements, coupled with government initiatives, drive market growth.
Industry Developments:
- Siemens & Telefonica Tech Collaboration: May 2022 witnessed Siemens collaborating with Telefonica Tech to enhance intelligent building services in the Spanish market, focusing on predictive maintenance, smart lighting, and environmental monitoring.
- Cisco's 5-Year SaaS Agreement with Telstra: In September 2022, Cisco renewed its contract with Telstra, providing business insights and visibility to monetize IoT, contributing to new revenue streams.
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