Government Initiatives and Smart City Projects Drive Global Smart Building Market to $152.93 Billion

Meticulous Research®, a global market intelligence firm, has released a comprehensive report titled "Smart Building Market by Offering (Solution (Energy Management, Infrastructure Management, Safety & Security Management, Network Management) & Services), End User (Residential, Commercial, and Industrial), and Geography - Global Forecasts to 2029." The study forecasts that the smart building market will reach a valuation of $152.93 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2029.

The primary drivers behind this growth include the increasing demand for energy-efficient structures, the expansion of green city initiatives, and the integration of connected devices in building infrastructures. Moreover, smart city projects, urbanization in developing economies, and supportive government initiatives are expected to fuel further growth. However, the high costs of implementing smart building solutions pose a barrier to market expansion.

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The market is divided into segments based on offerings and end users, and the report provides an in-depth analysis of competitors at both the regional and country levels.

Offering-Based Segmentation:

The market is split into solutions and services based on offerings. In 2022, solutions accounted for the largest share of the smart buildings market. This is attributed to the growing adoption of smart building technologies, favorable governmental support for energy-saving initiatives, and the increasing efficiency of these systems. Smart building solutions are known to reduce energy consumption, making them highly cost-effective in the long run.

Conversely, the services segment is expected to exhibit the highest growth during the forecast period. Organizations are increasingly prioritizing services that allow them to monitor and resolve technical issues before they affect operations. Additionally, services that provide technical upgrades and maintenance are crucial for ensuring the optimal functioning of smart building systems, contributing to the segment’s expansion.

End-User-Based Segmentation:

The smart building market is further segmented by end users into residential, commercial, and industrial categories. In 2022, the commercial sector led the market, primarily driven by real estate developers and owners seeking to lower operational costs through smart solutions. Government regulations also push commercial real estate (CRE) developers toward adopting energy-efficient practices.

Meanwhile, the residential sector is projected to grow at the fastest rate. The rising popularity of smart home technologies such as HVAC monitoring, smart lighting, smart locks, and smart meters is anticipated to drive growth in this segment.

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Regional Insights:

Geographically, North America held the largest share of the smart buildings market in 2022. The region's leading companies are increasingly integrating intelligent building solutions to enhance workplace efficiency. The U.S., in particular, has seen significant investments in green building technologies. An example is the Duke Energy Center, a LEED Platinum-certified skyscraper that exemplifies the growing demand for smart infrastructure in the region.

Asia-Pacific is anticipated to grow at the highest CAGR over the forecast period, driven by various governmental initiatives, increased investments in smart city projects, and public infrastructure improvements. Consumers in the region are also focusing on retrofitting existing buildings with smart technologies. A notable example is Singapore’s Singtel, which is partnering with Australia’s Lendlease to transform its headquarters into a smart building, with a $2.21 billion investment. This trend highlights the region’s increasing demand for smart buildings.

Key Players:

The key players operating in the smart buildings market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Endeavor Business Media (U.S.), IBM Corporation (U.S.), Legrand SA (France), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), Intel Corporation (U.S.), PTC Inc. (U.S.), Telit (U.S.), Robert Bosch GmbH (Germany), KMC Controls (U.S.), Verdigris Technologies (U.S.), Auqicore (U.S.), BuildingIQ, Inc. (U.S.), and Entouch (U.S.).

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Key questions answered in the report-

• Which are the high-growth market segments based on offering and end user?
• What was the historical market for smart buildings?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, and opportunities in the smart buildings market?
• Who are the major players, and what shares do they hold in the smart buildings market?
• How is the competitive landscape in the smart buildings market?
• What are the recent developments in the smart buildings market?
• What are the different strategies adopted by the major players in the smart buildings market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global smart buildings market, and how do they compete with the other players?

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