The 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.
Market Overview:
A smart building incorporates different types of automated systems and applications that can be controlled remotely via devices associated with the internet. These systems include lighting systems, HVAC systems, security and access control systems, and various management systems. With rising adoption of IoT technology, more buildings are being integrated with smart technology to optimize energy efficiency, enhance security, and provide better experience and convenience to building occupants.
Market Dynamics:
Rising adoption of IoT technology is expected to be a major growth driver for the global smart building market over the forecast period. IoT brings together different physical devices, systems and applications that communicate and interact over the internet to generate, exchange and leverage data. This allows smart building systems to be more automated, integrated and remotely accessible. Furthermore, growing focus on energy efficiency and sustainability is also fueling market growth. Smart building solutions help optimize energy consumption through efficient management and control of HVAC, lighting and other systems based on occupancy patterns and preferences. This significantly reduces operating costs for commercial buildings. growing concerns around security is also driving increasing integration of smart security systems in residential as well as commercial buildings.
SWOT Analysis
Strength: The smart building market has strong growth potential due to rapid urbanization and industrialization. Integrating energy efficient and automated systems help lower operating costs and improve productivity. Adoption of IoT based solutions allows remote monitoring and management of building infrastructure.
Weakness: High initial investment costs associated with switching to smart building technologies act as a deterrent for many potential customers. Interoperability issues arise when integrating solutions from different vendors within a single building management system.
Opportunity: Growing emphasis on sustainability and reducing carbon footprint will drive demand for energy efficient smart building solutions. Advancements in IoT, 5G, and cloud computing provide opportunities to enhance building operations through real-time data analytics.
Threats: Cyber security threats pose risks to sensitive building management systems and resident data. Standards and regulations governing smart building technologies differ across regions and countries.
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 need for energy efficiency, lower operational costs and higher productivity. Advancements in IoT, 5G, cloud computing are supporting adoption of smart building technologies.
Regional analysis: North America dominates the global smart building market currently, owing to high technology adoption and presence of leading vendors in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rapid infrastructure development and government initiatives promoting smart cities.
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 market is fragmented with many global and regional players offering customized smart building solutions.
Read more
https://www.rapidwebwire.com/smart-building-market-size-share-growth-outlook-2023/
Comments
0 comment