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Global Smart Building Market to Grow at a CAGR of 10.40% During 2022-2027, Driven by the Growing Technological Advancements and Favourable Government Initiatives

Smart Building Market

Global Smart Building Market Size, Share, Growth, Trends, Statistics, Research, Forecast: By Component: Building Infrastructure Management Solution, Energy Management Solution, Workforce Management Solution, Others; By Building Type; Regional Analysis; Market Dynamics; Value Chain Analysis; Competitive Landscape; 2023-2028

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 2023-2028 to reach a value of approximately USD 128.33 billion by 2027.

 

Global Smart Building Market

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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.

 

Global Smart Building Market By Building Type

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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.

 

Global Smart Building Market By Region

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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 2022
Historical Period 2018-2022
Forecast Period 2023-2028
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.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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    Opportunities and Challenges in the Market
8    Global Smart Building Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Smart Building Historical Market (2018-2022) 
    8.3    Global Smart Building Market Forecast (2023-2028)
    8.4    Global Smart Building Market by Component
        8.4.1    Building Infrastructure Management Solution
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Energy Management Solution
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    Workforce Management Solution
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
        8.4.4    Network Management Solution
            8.4.4.1    Historical Trend (2018-2022)
            8.4.4.2    Forecast Trend (2023-2028)
        8.4.5    Services
            8.4.5.1    Historical Trend (2018-2022)
            8.4.5.2    Forecast Trend (2023-2028)
    8.5    Global Smart Building Market by Building Type
        8.5.1    Commercial
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Residential
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    Industrial
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
    8.6    Global Smart Building Market by Region       
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2022) 
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2022) 
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2022) 
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2022) 
            8.6.4.2    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2022) 
            8.6.5.2    Forecast Trend (2023-2028) 
9    North America Smart Building Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Smart Building Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Smart  Building Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Smart Building Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Smart Building Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Honeywell International Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Cisco Systems, Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Siemens AG
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Hitachi, Ltd.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Schneider Electric SE
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Huawei Technologies Co., Ltd.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Smart Building Market: Key Industry Highlights, 2018 and 2028
2.    Global Smart Building Historical Market: Breakup by Component (USD Billion), 2018-2022
3.    Global Smart Building Market Forecast: Breakup by Component (USD Billion), 2023-2028
4.    Global Smart Building Historical Market: Breakup by Building Type (USD Billion), 2018-2022
5.    Global Smart Building Market Forecast: Breakup by Building Type (USD Billion), 2023-2028
6.    Global Smart Building Historical Market: Breakup by Region (USD Billion), 2018-2022
7.    Global Smart Building Market Forecast: Breakup by Region (USD Billion), 2023-2028
8.    North America Smart Building Historical Market: Breakup by Country (USD Billion), 2018-2022
9.    North America Smart Building Market Forecast: Breakup by Country (USD Billion), 2023-2028
10.    Europe Smart Building Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    Europe Smart Building Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Asia Pacific Smart Building Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Asia Pacific Smart Building Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Latin America Smart Building Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Latin America Smart Building Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Middle East and Africa Smart Building Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Middle East and Africa Smart Building Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Global Smart Building Market Structure

Key Questions Answered in the Report

What was the global smart building market size in 2021?

In 2021, the global smart building market attained a value of nearly USD 70.88 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 10.40% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 128.33 billion by 2027.

What are the major industry drivers?

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.

What are the key industry trends of the global smart building market?

The key market trends guiding the growth of the industry include the growing technological advancements and rising smart city projects.

What are the major regional markets of smart building, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major segments based on component, considered within the market report?

The major components considered within the market report are building infrastructure management solution, energy management solution, workforce management solution, network management solution, and services.

What are the significant types of smart building in the industry?

The significant types of smart building in the industry are commercial, residential, and industrial.

Who are the key industry players, according to the report?

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 2023-2028, 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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