Smart Building Market Growth Accelerated by Enhanced Safety and Energy Conservation

 

Smart Building Market

Smart buildings incorporate various automated and sensor-based technologies for improving safety, efficiency, and occupant comfort. It helps in enhancing building or facility's operations using automated processes that can control lighting, HVAC, security, and various other systems. The buildings are equipped with sensors, microchips, and software that allows it to communicate and respond actively to inputs from people and the surrounding environment. This allows for remote monitoring and adjustment of systems to optimize energy usage and comfort. The global smart building market is estimated to be valued at US$ 101.23 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

Emergence of IoT and sensor technologies: Smart buildings incorporate multiple IoT sensors and devices along with automated controls to manage various building functions centrally. Integration of technologies like occupancy sensors, passive infrared sensors, temperature sensors etc. enables enhanced monitoring and control over key parameters. Growing adoption of IoT-enabled smart home appliances is also driving demand for smart building technologies. For example, Nest thermostats use presence detection to automatically adjust temperatures when occupants enter or leave rooms.

 

With the advent of 5G networks, IoT connectivity is expected to improve further enabling advanced applications of automation, remote monitoring and predictive maintenance in buildings. This is anticipated to drive higher adoption of smart building technologies during the forecast period. However, issues around data privacy and security continue to hamper the market growth to some extent.

 

SWOT Analysis

Strength: The smart building market enjoys several strengths. Smart technologies enable properties and assets to be managed more efficiently, saving on operating costs. Buildings can be made more sustainable through energy and water optimizations. Occupants gain a better experience through automated comfort and convenience features.

Weakness: Transitioning existing buildings to become smart involves significant upfront capital expenditures and operational changes. Technical staff with skills to manage smart systems may not be readily available. Data security and privacy risks arise from greater interconnectivity within buildings and to external networks.

Opportunity: Rapid urbanization and the growing construction sector provide opportunities to incorporate smart building technologies from new build planning stages. The COVID-19 pandemic has accelerated demands for contactless operations, air quality control and space utilization optimization within commercial real estates. The market is supported by continual advancements in IoT, cloud, analytics and other digital technologies that improve building experience.

Threats: Competition from newer entrants offering novel smart solutions poses threats. Changing regulations regarding data privacy and cybersecurity pose compliance challenges. Budgetary constraints during an economic downturn slow down investments in smart retrofitting and upgrades.

 

Key Takeaways

The Global Smart Building Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by a CAGR of 13%. With rising urban populations and continued commercial real estate expansion mainly in Asia Pacific and North America, demand for smart and sustainable building technologies is on the rise.

 

Regional analysis: North America currently dominates the market with the largest share owing to early technology adoption rates and presence of major solution providers in the US and Canada. Asia Pacific is touted to be the fastest growing region driven by the booming construction industry in major country level real estate markets such as India and China.

 

Key players: Key players operating in the smart building market are Abbott, Hologic Inc., Becton, Dickinson and Company, Southwest Precision Instruments, LLC, F. Hoffmann-La Roche Ltd, Sysmex Corporation, Thermo Fisher Scientific Inc., Danaher, Life Technologies Corporation, Merck KGaA, Koninklijke Philips N.V., Perkin Elmer, and Trivitron Healthcare. The market witnesses considerable consolidation as top players seek to enhance their smart building solution portfolios through strategic acquisitions and partnerships.


Get More Insights Here

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

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