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The global market for smart building is being driven by the rising technological advancements, increase in governmental regulations to protect the environment, demand for energy efficient systems, growing urbanisation, and an increase in consumer disposable income and improving standards of living. The market is expected to witness a demand for energy management solutions owing to the need of owners and building occupants to lower their expenses. The use of smart technology in the commercial sector is expected to gain traction owing to the rising government policies to reduce energy consumption. Further, the industrial segment is expected to witness a healthy growth due to a rise in demand for a safe office environment post-pandemic as smart technologies may be utilised to manage the sanitisation of the workplace, optimise the space for physical distancing, and facilitate proper office ventilation.
North America is anticipated to hold a significant market share due to the rising investments in the development of advanced building infrastructures and favourable government initiatives. Meanwhile, Europe is expected to witness an increase in adoption of industrial and commercial smart building solutions post-pandemic to facilitate employee well-being and lower energy consumption. The Asia Pacific region, on the other hand, is expected to observe an exponential growth owing to the rising smart city projects and the growing population scenario in India and China, thus, boosting the growth of the smart building industry.
Market participants are actively investing in R&D to develop solutions that can help customers effectively manage smart building environments. For instance, in May 2021, Cisco Systems Inc. (NASDAQ: CSCO) launched smart building solutions designed to help its customers manage their smart building infrastructures and help organisations increase the safety and effectiveness of the workforce post the COVID-19 pandemic. The company has integrated advanced analytics and machine learning analytics to its Meraki MV line of smart cameras and IoT Gateway on both Catalyst 9000 switches and access points, thus, providing a secure foundation for smart buildings.
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The major players in the global smart building market are Honeywell International Inc, Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, and Huawei Technologies Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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