Smart Building Market Is Predicted to Grow At More Than 20% CAGR From 2023 To 2032

 

As per a recent research report, Smart Building Market to surpass USD 500 Bn by 2032.

Global Smart Building Market size will garner appreciable gains over 2023-2032. Surging integration of AI and IoT in buildings is working in favor of industry growth. These technologies help provide meaningful insights and real-time data about the building's performance and help owners optimize building operations and enhance the safety and comfort of occupants. IoT devices, such as surveillance cameras and access control systems, are increasingly being integrated with AI-powered analytics to improve the security and safety aspects of buildings.

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Moreover, many prominent market players operating in the field are constantly investing in product innovations to retain their industry standing. Citing an instance, in November 2022, Hitachi Elevator (Thailand) Co., Ltd unveiled the launch of a first-ever full-scale smart building solution business in Thailand and Southeast Asia, which aims to provide value to buildings with digital service and physical security systems.

 

The overall smart building industry is segmented based on component, application, and region.

Based on components, the smart building industry size from the services segment was worth more than USD 25 billion in 2022. High availability of professional building services is creating a strong scope for segment growth. Moreover, building service providers are focusing on utilizing advanced technology and equipment to enhance productivity, accuracy, and safety in their operations. They are also emphasizing conducting energy audits and assessments to evaluate the energy performance of buildings, which will bolster segmental gains in the long run.

In terms of application, the market size from the residential application segment recorded a decent valuation in 2022. Growing advancements in smart home automation are shaping the segment outlook. In fact, sensor technology in smart homes has gained immense traction. Motion sensors, occupancy sensors, light sensors, and environmental sensors are now more accurate and responsive. Especially, occupancy sensors can be used to control lighting, heating, ventilation, and air conditioning (HVAC) systems, ensuring energy efficiency by automatically adjusting settings based on occupancy.

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North America biorationals market will garner appreciable gains through 2032. Increasing consumer demand for sustainable agricultural solutions and supportive government policies is supporting regional expansion. Moreover, the strong presence of leading market players such as Valent BioSciences, Certis USA, and others prioritizing product innovations will further augment the demand for biorationals in North America in the coming years.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Smart building industry 360º synopsis, 2018 – 2032

2.2    Business trends

2.2.1    Total addressable market (TAM) trends, 2023 - 2032

2.3    Regional trends

2.4    Component trends

2.5    Application trends

Chapter 3   Smart Building Industry Insights

3.1    Impact of COVID-19 outbreak

3.1.1    North America

3.1.2    Europe

3.1.3    Asia Pacific

3.1.4    Latin America

3.1.5    MEA

3.2    Impact analysis of Russia-Ukraine war

3.3    Impact of China-US trade war

3.4    Impact on value chain

3.5    Smart building industry ecosystem analysis

3.5.1    Hardware providers

3.5.2    Automation and technology providers

3.5.3    Clous services providers

3.5.4    Distribution channel analysis

3.5.5    End-users

3.5.6    Vendor matrix

3.6    Technology & innovation landscape

3.6.1    AI/Machine learning

3.6.2    IoT

3.6.3    BIM

3.6.4    Blockchain

3.6.5    Edge analytics

3.6.6    Digital twin

3.7    Smart building architecture

3.8    Evolution of smart building

3.9    Profit margin analysis

3.10    Regulatory landscape

3.10.1    North America

3.10.2    Europe

3.10.3    Asia Pacific

3.10.4    Latin America

3.10.5    MEA

3.11    Patent analysis

3.12    Key initiatives & news

3.13    Industry impact forces

3.13.1    Growth drivers

3.13.1.1    Growing IoT and AI integration in building solutions

3.13.1.2    Government initiatives to reduce energy consumption

3.13.1.3    Increasing investment in smart city projects

3.13.1.4    Increasing focus on occupant comfort and safety

3.13.1.5    Rising interest to achieve sustainable goals

3.13.2    Industry pitfalls and challenges

3.13.2.1    High cost of investment

3.13.2.2    Government policies for data privacy

3.14    Growth potential analysis

3.15    Porter's analysis

3.16    PESTEL analysis

 

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