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The global smart buildings market size is expected to reach USD 141.71 Billion in 2028 and register a revenue CAGR of 9.9% over the forecast period, according to the latest report by Emergen Research.
The demand for energy-efficient solutions is one of the main factors driving the market for smart buildings. Modern sensors and automated systems are used in “smart” buildings to optimise energy use and cut costs. The use of smart building technologies can result in substantial energy savings, which is crucial as energy costs continue to climb. Commercial buildings utilise around 20% of the country’s total energy, according to the U.S. Energy Information Administration, making energy efficiency a primary concern for building owners and operators. The market for smart buildings is also being driven by the growing attention being paid to occupant productivity and comfort. In order to provide building inhabitants with a comfortable and effective environment, smart buildings integrate cutting-edge sensors and automation technologies. This may result in higher output, more job satisfaction, and lower absenteeism rates. Workers in green-certified buildings are more productive and take fewer sick days than those in non-certified structures, according to a World Green Building Council study.
Despite the market’s many drivers, there are still a number of obstacles that need to be overcome. The high upfront cost of integrating smart building technologies is one of the main obstacles. Although the long-term advantages of energy savings and higher productivity can make the investment worthwhile, some building owners and operators may find the initial cost to be prohibitive. The lack of standardisation and compatibility in smart building systems is another problem. It can be challenging for building owners and operators to choose the appropriate technology and make sure they function harmoniously given the variety of vendors offering various solutions. This may increase the price and difficulty of putting smart building technologies into practise.
Despite these obstacles, a number of growth factors are anticipated to propel the market for smart buildings in the upcoming years. The growing use of the Internet of Things (IoT) in smart buildings is one of the key growth drivers. By connecting different building systems and automating procedures, IoT devices like sensors, actuators, and gateways can enhance productivity and lower costs. The growing emphasis on smart cities and sustainable urban development is another growth element. Smart buildings are an essential part of smart cities since they can help cut down on energy use, improve air quality, and improve residents’ quality of life in general.
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The market for smart buildings is anticipated to continue expanding quickly in the years to come, propelled by factors including energy efficiency, occupant productivity and comfort, IoT adoption, and the emergence of smart cities. Although there are a number of issues that need to be resolved, smart building technologies have a lot of potential advantages, making them a desirable choice for building owners and operators seeking to cut costs and boost sustainability.
Smart Buildings Market Segmentation:
The automation type outlook is a crucial aspect of the smart buildings market, as it encompasses the various technologies that are used to automate building operations and optimize energy consumption. Among the various automation types, the Building Management System (BMS) segment accounted for the largest revenue share in 2020. BMS is a key component of smart building technologies, as it can integrate and control various building systems such as HVAC, lighting, and security, leading to improved efficiency and reduced costs. The Heating, Ventilation, and Air Conditioning (HVAC) segment is also a significant contributor to the smart buildings market, as it can optimize energy consumption and enhance occupant comfort. HVAC systems can adjust temperature and ventilation levels based on occupancy patterns and environmental conditions, leading to improved energy efficiency and reduced costs.
The Lightning Control System segment is another crucial automation type in the smart buildings market, as it can detect and mitigate the potential damage caused by lightning strikes. The Emergency Alarm and Evacuation System, Audio and Visual Effects, Video Surveillance System, Elevators and Escalators Systems, Fire and Life Safety Alarm, Energy Management, and Others segments are also important components of smart building technologies, each with their own unique benefits and applications. In terms of service type outlook, the System Integration and Deployment segment accounted for the largest revenue share in 2020. System integration and deployment services are essential for ensuring that smart building technologies are installed and configured correctly, and can work seamlessly with existing building systems.
The Support and Maintenance segment is also a significant contributor to the smart buildings market, as it provides ongoing support and maintenance services to ensure that smart building technologies continue to operate efficiently and effectively over time. The Consulting segment provides advisory and consulting services to building owners and operators, helping them to identify and implement the most effective smart building solutions for their specific needs. In terms of building type outlook, the Commercial Buildings segment accounted for the largest revenue share in 2020, driven by the increasing demand for energy-efficient solutions and the growing focus on sustainable development in the commercial sector. The Residential Building and Governmental and Public Infrastructure Facilities segments are also significant contributors to the smart buildings market, each with their own unique needs and requirements.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report
· Lightning control system segment accounted for significantly large revenue share in 2020 owing to its crucial role in ensuring the safety and protection of buildings and their occupants from the damaging effects of lightning strikes. The lightning control system segment is a key component of smart building technologies, as it can detect and mitigate the potential damage caused by lightning strikes.
· Educational institutions segment accounted for significantly robust revenue share in 2020 due to the increasing demand for smart building solutions in the education sector. Smart building technologies can help educational institutions improve energy efficiency, enhance occupant comfort, and optimize building operations, leading to reduced costs and improved sustainability.
· Market in North America accounted for largest revenue share in 2020 owing to the high adoption rate of smart building technologies in the region. North America has a well-developed infrastructure and a high degree of technological advancement, making it a key market for smart building solutions.
· Major companies included in the global market report are Cisco Systems, Inc., Honeywell International Inc., Johnson Controls Internationals, Hitachi Ltd., Schneider Electric, ABB Ltd., Legrand, Siemens AG, Robert Bosch GmbH, and Telit.
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