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Global Smart Building Market: By Component: Building Infrastructure Management Solution, Energy Management Solution, Workforce Management Solution, Others; By Building Type; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Smart Building Market Outlook
The global smart building market reached a value of about USD 70.88 billion in 2021. The market is further expected to grow at a CAGR of 10.40% in the forecast period of 2022-2027 to reach a value of approximately USD 128.33 billion by 2027.
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Rising Demand for Energy Management Solutions to Foster the Smart Building Industry Growth
Based on type, the energy management segment is expected to account for a significant share in the smart building industry owing to various green building initiatives and government regulations aimed at reducing energy consumption. The systems are known to help in reducing and monitoring the amount of power consumed by the building. By adopting such solutions, building owners and stakeholders can lower their operational expenses. These advantages of energy management solutions are expected to increase the popularity of the systems and increase the market for smart building across the globe.
North America to Hold a Significant Market Share Owing to Rising Technological Adoption in the Region
Region-wise, North America is expected to witness a healthy growth over the forecast period owing to rising investments in technologies, such as IoT, big data analytics, AI, and cloud computing, among others, to develop smart solutions for buildings and increase the safety of the occupants. Moreover, the rising population and the increasing disposable income are compelling consumers in the region to invest in smart building infrastructures to increase comfort and meet the rising sustainability standards. Major industries in the US are investing in intelligent solutions to boost their operational efficiency. The Canadian government is working towards protecting the country’s environment and resources by increasing the energy efficiency of buildings by adopting smart technologies.
Smart Building: Market Segmentation
Smart buildings refer to complex residential, commercial, or industrial infrastructures integrated with smart technologies, such as IoT, AI, and others, aimed at lowering energy consumption costs, supporting a robust electric grid and alleviating environmental impact. Smart buildings provide occupants with illumination, thermal comfort, ventilation, air conditioning, and other benefits.
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By component, the market is divided into:
- Building Infrastructure Management Solution
- Energy Management Solution
- Workforce Management Solution
- Network Management Solution
- Services
Based on building type, the industry can be segmented into:
- Commercial
- Residential
- Industrial
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Demand for Smart Infrastructure Owing to Governmental Aid and Technological Advancements to Bolster the Smart Building Industry Growth
Rapid urbanisation is compelling governments across the globe to invest in smart city projects and intelligent infrastructures to enhance the relationship between the government and its citizens. With rising investments in smart city projects, the demand for smart buildings is expected to grow during the forecast period. Moreover, rapid technological advancements focused on providing safety to building occupants and environmental sustainability are expected to further boost the market growth. While rising cybercrimes may hamper the market growth during the forecast period, many IoT security providers are helping the industry overcome cyber challenges by developing cost-efficient IoT security products. These factors are expected to aid the market growth during the forecast period.
Key Industry Players in the Global Smart Building Market
The report gives a detailed analysis of the following key players in the global smart building market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Honeywell International Inc.
- Cisco Systems, Inc.
- Siemens AG
- Hitachi, Ltd.
- Schneider Electric SE
- Huawei Technologies Co., Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2021 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Building Type, Region |
| Breakup by Component | Building Infrastructure Management Solution, Energy Management Solution, Workforce Management Solution, Network Management Solution, Services |
| Breakup by Building Type | Residential, Commercial, Industrial |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Honeywell International Inc., Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, Huawei Technologies Co., Ltd., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Smart Building Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Building Historical Market (2017-2021)
8.3 Global Smart Building Market Forecast (2022-2027)
8.4 Global Smart Building Market by Component
8.4.1 Building Infrastructure Management Solution
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Energy Management Solution
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Workforce Management Solution
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.4.4 Network Management Solution
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2017-2021)
8.4.4.3 Forecast Trend (2022-2027)
8.4.5 Services
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2017-2021)
8.4.5.3 Forecast Trend (2022-2027)
8.5 Global Smart Building Market by Building Type
8.5.1 Commercial
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Residential
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Industrial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.6 Global Smart Building Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Honeywell International Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Cisco Systems, Inc.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Siemens AG
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Hitachi, Ltd.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Schneider Electric SE
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Huawei Technologies Co., Ltd.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Smart Building Market: Key Industry Highlights, 2017 and 2027
2. Global Smart Building Historical Market: Breakup by Component (USD Billion), 2017-2021
3. Global Smart Building Market Forecast: Breakup by Component (USD Billion), 2022-2027
4. Global Smart Building Historical Market: Breakup by Building Type (USD Billion), 2017-2021
5. Global Smart Building Market Forecast: Breakup by Building Type (USD Billion), 2022-2027
6. Global Smart Building Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Smart Building Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Smart Building Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Smart Building Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Smart Building Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Smart Building Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Smart Building Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Smart Building Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Smart Building Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Smart Building Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Smart Building Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Smart Building Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Smart Building Market Structure
Key Questions Answered in the Report
In 2021, the global smart building market attained a value of nearly USD 70.88 billion.
The market is projected to grow at a CAGR of 10.40% between 2022 and 2027.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 128.33 billion by 2027.
The major drivers of the industry, such as rapid urbanisation, stringent government regulations aimed at environmental sustainability, rising demand for occupant’s safety, investments in smart city projects, and lowering energy consumption and costs, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing technological advancements and rising smart city projects.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major components considered within the market report are building infrastructure management solution, energy management solution, workforce management solution, network management solution, and services.
The significant types of smart building in the industry are commercial, residential, and industrial.
The major players in the industry are Honeywell International Inc., Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, and Huawei Technologies Co., Ltd., among others.
Analyst Review
The global smart building market attained a value of USD 70.88 billion in 2021, driven by the rising support from the government and an increase in the number of smart city projects globally. Aided by the growing adoption of advanced technologies, such as IoT, AI, cloud computing, and big data analytics, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 10.40%. The market is projected to reach USD 128.33 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on component, the smart building industry can be segmented into building infrastructure management solution, energy management solution, workforce management solution, network management solution, and services. On the basis of buidling type, the market is divided into commercial, residential, and industrial. The major regional markets for smart building are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International Inc., Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, and Huawei Technologies Co., Ltd. among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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