Smart Buildings Market Grows at a CAGR of 9.9% | Key Player – Cisco Systems, Honeywell International Inc., Siemens AG
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Rapid urbanization and increasing investment in smart technologies to improve the operational efficiency of commercial buildings
— Emerging research
VANCOUVER, BC, CANADA, June 21, 2022 /EINPresswire.com/ — The global smart buildings market size is expected to reach USD 141.71 billion in 2028 and register a revenue CAGR of 9.9% on the forecast period, according to the latest report by Emergen Research. Growing number of smart cities across the globe and rising adoption of IoT-enabled building management systems (BMS) and deployment of embedded sensors in buildings and devices are driving the revenue growth of the global smart city market smart buildings.
Smart buildings operate on advanced digital technologies, algorithms and building analytics, which mutually benefit tenants, building owners and management operators. Building analytics converts data created by IoT-enabled building management systems into intelligence, enabling building owners to identify threats, improve tenant comfort levels, and identify opportunities cost reduction. Building analysis increases tenant safety and security and helps reduce operating costs, which in turn leads to greater satisfaction.
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The report offers a comprehensive analysis of the global smart buildings market on a global and regional scale and offers an 8-year market forecast. The report provides extensive coverage of market drivers, restraints, limitations, growth prospects, threats, opportunities, and current and emerging market trends. The report also offers an in-depth analysis of the market players along with their business overview, product portfolio, technological advancements, expansion plans, financial status, and global standing.
It also sheds light on the collaborations in the competitive landscape, such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, corporate and government agreements, licensing agreements, etc.
Some major companies in the global market report include 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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Main conclusions of the report:
In January 2020, Johnson Controls International announced the launch of new commercial rooftop units (RTUs), which will exceed Department of Energy (DoE) smart building energy efficiency standards by 22%. The new commercial rooftop units will help maximize control, extend the life of smart building equipment and reduce operating costs.
The lightning control systems segment accounted for a significantly large revenue share in 2020 thanks to intelligent time scheduling and daylight harvesting, which saves energy. It can also analyze movement patterns and show areas of congestion and frequently used paths.
The educational institution segment accounted for a significantly robust revenue share in 2020 and is expected to register a rapid growth rate over the forecast period. Smart technologies in educational institutions provide brighter lighting, adequate ventilation, and adequate energy, among others. This helps boost the learning experience of students.
Regional overview:
The global smart buildings market has been categorized based on key geographical regions in North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. It assesses the global Smart Buildings market presence in major regions with respect to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
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Emergen Research has segmented the global smart building market based on automation type, service type, building type and region:
Automation Type Outlook (Revenue, USD Billion; 2018-2028)
Building Management System (BMS)
Heating, ventilation and air conditioning (HVAC)
lightning control system
Emergency alarm and evacuation system
Audio and visual effects
CCTV system
Elevator and escalator systems
Fire and Life Safety Alarm
Energy management
Others
Service Type Outlook (Revenue, USD Billion; 2018-2028)
System integration and deployment
Support and maintenance
Consultant
Building Type Outlook (Revenue, USD Billion; 2018-2028)
Commercial buildings
residential building
Government and public infrastructure
Educational institutions
Others
Report ToC:
Chapter 1: Market Overview and Scope
Chapter 2: Market Outlook
Chapter 3: Impact analysis of the COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limits
Chapter 6: Major manufacturers in the industry
Chapter 7: Regional Analysis
Chapter 8: Market segmentation based on type and applications
Chapter 9: Current and Future Trends
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Emerging research
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