Smart Buildings Market by Applications (Hospitals, Industrial, Educational, Commercial, Airports, and Residential), Products (Emergency Systems, Safety & Security, HVAC, Lighting, Monitoring, Energy Management, and Car Parking Management), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031.
Smart Buildings Market Outlook 2031
The global smart buildings market size was USD 80.51 Billion in 2022 and is anticipated to reach USD 204.28 Billion by 2031 register a considerable CAGR 10.9% during the forecast period, 2023-2031. The growth of the market is attributed to increasing need for security & safety, coupled with comfort and energy efficiency in buildings.
The application of smart technology has made human lives much easier than before. A smart building a structure that makes use of automated processes and integrated building technology systems to control various operations of the building such as – lighting, ventilation, heating, air conditioning, security, and other systems.
A smart building uses sensors, actuators, and microchips to improve the structure's overall performance. Smart building technology aids in the improvement of building operations as well as the reduction of energy expenses.
The outbreak of COVID-19 pandemic had a negative influence on the market. Manufacturing and supply chain units have had to suspend output as a result of the global lockdown enforced by governments, which is likely to impede the demand for smart buildings. The market is expected to quickly recover, since various industries have restarted operations as COVID-19 instances have gradually reduced around the world.
Smart Buildings Market Trends, Drivers, Restraints, and Opportunities
- Rising adoption of Internet of Things-enabled building management system is one of the key factors driving the market growth.
- Increasing importance related to home-security by owners is expected to boost the market growth in the coming years.
- Growing privacy and security concerns related to IoT-enabled devices is projected to hinder the market expansion during the forecast period.
- Lack of co-operation among standard bodies across the sector presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Development of smart grids and smart cities in emerging economies is projected to create significant growth opportunities for the market in the near future.
Scope of The Smart Buildings Market Report
The report on the global smart buildings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Smart Buildings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Applications (Hospitals, Industrial, Educational, Commercial, Airports, and Residential) and Products (Emergency Systems, Safety & Security, HVAC, Lighting, Monitoring, Energy Management, and Car Parking Management) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Siemens Building Technologies; Smarthome Inc.; LG Electronics Inc.; Cisco Systems, Inc.; Control4 Corp.; Schneider Electric SE; Emerson Electric Co.; Honeywell Scanning & Mobility; United Technologies Corp.; and Leviton MFG. Company, Inc. |
Smart Buildings Market Segment Insights
Commercial segment to grow at a rapid pace
Based on applications, the global smart buildings market is divided into hospitals, industrial, educational, commercial, airports, and residential. The commercial segment is expected to grow at a rapid pace during the forecast period owing to the need for appropriate and tailor-made solutions for optimized energy performance.
However, the residential segment is anticipated to hold a key share of the market in the coming years due to the ability to reduce building energy consumption without compromising comfort or security.
Energy efficiency to drive safety & security segment
On the basis of products, the market is segregated into emergency systems, safety & security, HVAC, lighting, monitoring, energy management, and car parking management. The safety & security segment is projected to expand at a considerable CAGR during the forecast period attributed to the growing requirement for energy-efficient solutions across the sector.
On the other hand, the energy management segment is anticipated to account for a major market share during the forecast period due to the ability to keep operational expenses low through smart building energy management solution.
Europe to constitute a key market share
In terms of regions, the global smart buildings market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period owing to the presence of a large number of service providers in the region. However, the market of Middle East is anticipated to expand at a rapid pace during the forecast period attributed to the vast number of ongoing projects across the region.
2. Assumptions and Acronyms Used
3. Research Methodology
4. smart buildings Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. smart buildings Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. smart buildings Market - Supply Chain
4.5. Global smart buildings Market Forecast
4.5.1. smart buildings Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. smart buildings Market Size (000’ Units) and Y-o-Y Growth
4.5.3. smart buildings Market Absolute $ Opportunity
5. Global smart buildings Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. smart buildings Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global smart buildings Demand Share Forecast, 2019-2026
6. North America smart buildings Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America smart buildings Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America smart buildings Demand Share Forecast, 2019-2026
7. Latin America smart buildings Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America smart buildings Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America smart buildings Demand Share Forecast, 2019-2026
8. Europe smart buildings Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe smart buildings Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe smart buildings Demand Share Forecast, 2019-2026
9. Asia Pacific smart buildings Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific smart buildings Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific smart buildings Demand Share Forecast, 2019-2026
10. Middle East & Africa smart buildings Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa smart buildings Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa smart buildings Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global smart buildings Market: Market Share Analysis
11.2. smart buildings Distributors and Customers
11.3. smart buildings Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Siemens Building Technologies
11.4.2. Smarthome Inc.
11.4.3. LG Electronics Inc.
11.4.4. Cisco Systems, Inc.
11.4.5. Control4 Corp.
11.4.6. Schneider Electric SE
11.4.7. Emerson Electric Co.