Internet of Things (IoT) is fastest growing segment fueling the growth of Smart Building Market

 

Smart Building Market

The global Smart Building Market is estimated to be valued at US$ 87.87 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Smart buildings incorporate various technologies, such as smart thermostats, smart lighting, monitoring systems, access control systems, self-monitoring HVAC systems, and advanced fire protection systems, among others. These building systems help in optimizing energy consumption and costs by monitoring occupancy patterns and equipment usage.

 

Market Overview:

A smart building incorporates many IT systems like heating, ventilation, and air conditioning (HVAC), lighting control, security, etc to provide better management of building infrastructure. It helps in saving energy and operational costs. With growing environmental concerns, smart buildings are integral parts of the modern green buildings that adopt sustainable practices.

 

Market key trends:

One of the key trends in the market is increased investment in green buildings and sustainable infrastructure projects. There is a growing emphasis on reducing carbon footprint and transitioning to clean energy sources. Governments across regions are offering various incentives and subsidies to promote green construction. Smart buildings enable monitoring and controlling of energy systems precisely to optimize usage of renewable sources like solar panels. This lowers carbon emissions and utility bills significantly. Advanced building automation solutions are thus increasingly adopted in new commercial, residential and government projects to attain sustainability goals.

Segment Analysis

The smart building market is segmented by automation type, application, and region. The building infrastructure management segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is because building infrastructure management involves integrating and controlling key functions of a building like heating, ventilation, access control, and surveillance which help in improving the overall efficiency of building operations.

 

Key Takeaways

The Global Smart Building Market Size is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing demand for energy-efficient infrastructure and need to curb carbon emissions.

 

Regional analysis

Asia Pacific dominated the global market in 2022 and is expected to grow at the highest CAGR during the forecast period. This is because the region is witnessing rapid infrastructure development and emerging economies like China and India are investing heavily in smart city projects.

 

Key players

Key players operating in the smart building market are Softdel (A UNIDEL Company), ABB Ltd., Hitachi Ltd., Honeywell International, Avnet Inc., Siemens AG, Legrand SA, Schneider Electric SE, Johnson Controls Inc., Huawei Technologies Co. Ltd., Cisco Systems, and IBM Corporation. The global smart building market is dominated by few major players with extensive global presence.

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https://www.dailyprbulletin.com/smart-building-market-size-share-growth-outlook-2023/

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