The global smart buildings market size is expected to reach USD 173.70 billion by 2030 according to a new study by Polaris Market Research. The report “Smart Buildings Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Building Type (Residential, Commercial, Industrial), By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing consumption of energy and the rising government initiatives boost industry growth during the forecast period. Concerns about energy sources have arisen due to the world’s growing demand for energy. For example, according to the Royal Institution of Chartered Surveyors (RICS) report, building construction and processes account for 36% of global total electricity use and nearly 40% of energy-related CO2 emissions, prompting a strong focus on greener technologies.
Singapore’s government has also implemented a Green Mark Scheme. The infrastructure are assigned a traffic-light code based on their environmental friendliness. The journey to smart living is well underway, with a target of 80% of buildings being certified as green underneath this scheme by 2030.
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Based on the building type, the commercial building segment accounted for the leading share in the industry. Advanced IoT sensors are installed in intelligent commercial buildings to gather information from numerous building functions and components, data that the building’s controller can use to automate and improve the building’s ongoing maintenance. Building operators use this intelligent IoT data to determine operational inefficiencies and structurally attractive controls and automate important building tasks such as heat and illumination management.
Marjor players such as Honeywell International Inc., Cisco Systems, Inc., Emerson Electric Co., Hitachi Ltd., IBM Corporation, Johnson Controls, ABB Ltd., Legrand SA, Schneider Electric SE, Endeavor Business Media, and Siemens AG are key players operating in the global market.
In January 2022, Johnson Controls announced its acquisition of FogHorn, a leading provider of Edge AI software for residential and manufacturing Internet of Things (IoT) solutions. Johnson Controls ramped up its aspiration of autonomous building structures that continuously gain knowledge, adapt, and are responsive to the environment’s needs in general by pervasively incorporating Foghorn’s world-class Edge AI across its OpenBlue solution portfolio.
Polaris market research has segmented the smart buildings market report based on component, building type, and region:
Smart Buildings, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Safety and Security Management
- Access Control System
- Video Surveillance System
- Fire and Life Safety System
- Energy Management
- HVAC Control System
- Lighting Management System
- Building Infrastructure Management
- Parking Management System
- Smart Water Management System
- Elevator and Escalator Management System
- Network Management
- Wired Technology
- Wireless Technology
- Operations and Services Management
- Real Estate Management
- Environment and Energy Management
- Facility Management
- Capital Project Management
- Support and Maintenance
- Safety and Security Management
Smart Buildings, Building Type Outlook (Revenue – USD Billion, 2018 – 2030)
Smart Buildings, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa