Smart Building Market Size to Accrue USD 127.09 Bn by 2027

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Precedence Research’s latest report on the global smart building market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.

The global smart building market size is estimated to attain US$ 127.09 Billion by 2027 and projected to register compound annual growth rate (CAGR) of 12.5% during the forecast period 2020 to 2027.

Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for smart building market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.

The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.

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Smart building applies sensors, microchips, and actuators to control and regulate air-conditioning, ventilation, lighting, heating, and other systems. It leverages integrated and advanced building technologies that include advanced telecommunications systems, building automation, facility management system, and fire safety equipment to improve comfort, safety, productivity of occupants. It can automatically manage the building systems as per the environmental condition, pre-set & variable schedules, and emergency events.Energy efficiency stays at the front of IoT Smart Building trends.

Growth Factors

Several laws and regulations imposed by the government of different countries have encouraged the smart usage of the buildings without compromising their safety and sustainability. The European Commission has submitted its nearly zero-energy buildings national plans, under which it describes its intention to increase the NZEBs by 2020. Furthermore, the UK government has also issued a directive under which it had planned to reduce the energy consumption in government building by 20%.This initiative was mainly focused towards reducing the carbon footprint along with energy consumption in building sector. Similarly, Asian countries and other regions government are take strong initiative for transforming traditional buildings into green building. For instance, Singapore has started zero energy building that is running entirely on solar power.

Regional Snapshots

North America dominated the global smart building market in 2019 and projected to augment the market in the coming years. The prime factor attributed for its growth is technological advancement in the region along with government initiatives supporting smart and sustainable buildings & infrastructure. In addition, rising investment for the smart infrastructure in the region is another important factor accelerating the growth of the region. In March 2019, InnerSpace, an IoT-based smart building solution platform, announced that BDC Capital’s Women in Technology had funded USD 3.2 Mn in the company.

Asia Pacific projected as the most opportunistic region during the forecast period. The prime factor attributed to this is proliferating penetration of smart devices and advanced technologies in the region such as IoT, big data, and other new technologies. In 2019, the Asia Pacific expected to be the global leader in IoT spending with around 36% of the total spending across the globe. This in turn will exhibit the smart building market growth in the region.

Key Players & Strategies

The global smart buildingmarket is highly competitive owing to development and investment by established market players. In March 2019, Advantech Co. Ltd announced to introduce two new routers for smart building solution that are LTE Cat-M1 router and ICR-3211B. These routers are significantly applicable for energy management, building automation, and remote SCADA application. Besides this, market players are also engaged in merger and collaboration to develop next level smart building solutions. For instance, in March 2017, Huawei, a chinese technology provider announced its collaboration with Honeywell for developing smart building solutions using IoT that makes building more secure, sustainable, and energy efficient.

Some of the key players of the market are Siemens AG, Schneider Electric, ABB Ltd., Cisco Systems Ltd., IBM Corp., United Technologies, Delta Controls, Building IQ, Johnson Controls, Honeywell International Inc., Legrand, Hitachi Ltd., Thales Group, Accenture, and Emerson Electric Company among others.

Report Highlights

  • North America led the global smart building market in 2019 owing to emergence of smart building offering using advanced technologies such as big data, IoT, data analytics, cloud computing, artificial intelligence, and deep learning. Moreover, the U.S. and Canadian governments are significantly investing in smart building solutions to enhance energy efficiency and deliver smarter, sustainable, and safer buildings.
  • Asia Pacific exhibits the fastest growth during the forecast period owing to rapid penetration IoT-enabled smart devices in the region. In addition, rising public awareness towards energy conservation laws and smart and reliable solutions for buildings and infrastructures are driving the market growth.
  • Solutions segment led the global smart building market with remarkable revenue share in 2019. Rising popularity for smart building infrastructure management solutions are uplifting the segment growth. For instance, demand for smart and automated elevators and escalators have conquered nearly 60% of the revenue share in building infrastructure management segment.
  • By application, commercial building held the major revenue share in the global smart building market in 2019 owing to initiatives taken by real estate sector and builder to modernize the commercial spaces to enhance public experience. On the contrary, residential sector expected to exhibit the fastest growth over the forecast period. The prime factor attributed to this is augmented awareness for energy conservation among public along with aesthetic and smart featured solutions trending in the market.

Segments Covered in the Report:

Market Segment

By Component

  • Solution
    • Security & Emergency Management
      • Video Surveillance System
      • Safety System
      • Access Control System
      • Others
    • Building Infrastructure Management
      • Elevators & Escalators System
      • Parking Management System
      • Smart Water Management System
      • Others
    • Energy Management
      • Lighting Control System
      • HVAC Control System
  • Services
      • Support & Maintenance
      • System Integration & Deployment
      • Consulting

By Application

  • Commercial
    • Retail
    • Hotel
    • Healthcare
    • Others
  • Residential

Regional Segment

  • North America (United States, Canada)
  • Europe (Germany, France, UK,  Italy, Russia, and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
  • Latin America (Brazil and the Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)

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