DUBLIN, January 25, 2022--(BUSINESS WIRE)--The "Smart Buildings - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Buildings Market to Reach US$111.5 Billion by the Year 2026
The global market for Smart Buildings estimated at US$63 Billion in the year 2020, is projected to reach a revised size of US$111.5 Billion by 2026, growing at a CAGR of 10.2% over the analysis period.
Smart buildings are emerging into the spotlight for their ability to achieving net zero carbon reduction targets, increase energy efficiency, and save energy. By using technologies like AI, IoT, big data, blockchain to connect buildings, transport and infrastructure, smart buildings can create a new ecosystem that can utilize more renewable energy, minimize energy waste, and slash carbon emissions.
The need to switch over to smart buildings has arisen owing to the numerous benefits and ability to overcome challenges faced by the world. They help improve occupant productiveness with lighting, air quality, thermal comfort, physical security and sanitation among others and above all minimize overheads and environmental impact when compared to non-connected buildings.
They are expected to play big role in addressing climate change targets. Smart hospitals, healthcare facilities, office buildings, educational institutions, gyms and stadiums are all examples of smart buildings whose numbers are increasing across the world. Smart buildings use their intelligence for collecting data that is actionable from on-premise sensors, user devices, services and systems.
The application of that data through machine learning and artificial intelligence (ML/AI) makes such buildings programmable and duly responsive to their users` needs as also that of their managers. The network intelligence also helps in securing the network.
Solutions, one of the segments analyzed in the report, is projected to grow at a 9.4% CAGR to reach US$69.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 11.4% CAGR for the next 7-year period.
This segment currently accounts for a 40.8% share of the global Smart Buildings market. The idea of smart buildings is garnering considerable attention in the wake on COVID-19 pandemic that has redirected the focus and accelerated endeavors towards energy efficiency, health & wellbeing, connectivity and sustainability. The scenario is witnessing increasing requirement for preventative maintenance, remote monitoring and highly usable spaces.
The U.S. Market is Estimated at $20.5 Billion in 2021, While China is Forecast to Reach $17 Billion by 2026
The Smart Buildings market in the U.S. is estimated at US$20.5 Billion in the year 2021. The country currently accounts for a 30.33% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$17 Billion in the year 2026 trailing a CAGR of 12.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.6% CAGR while Rest of European market (as defined in the study) will reach US$8.6 Billion by the end of the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Sustainability Remains at the Core of the Emergence & Evolution of Smart Buildings
The World Reaches Tipping Points in the Climate System
Here's How Buildings Contribute Towards Climate Change
Sustainability Becomes More Important than Ever. Here's Why
The Never-Ending "Race" Between the Virus & Vaccines Continues. Amidst this Chaotic Battle, Where is the World Economy Heading Now & Beyond?
Omicron Variant Brings Back Memories & Fears of the Worst Part of the 2020 Pandemic
With New Strains Emerging at an Alarming Rate, Focus Shifts to Booster Doses & Vaccine Tweaking. But How Practical Is It to Implement Them?
At the Dawn of 2022, We Leave Behind Millions of Deaths Due to New Strains & Once Again Stare at an Impending Catastrophe
Split Scenarios Unfold: The Great Vaccine Divide Emerges
Amid this Prolonged Pandemic, Why Should Businesses Care About Progress on Vaccinations?
With IMF Making an Upward Revision of Global GDP for 2021, Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
Smart Buildings: Overview & Benefits
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 201 Featured)
Cisco Systems, Inc.
Delta Controls Inc.
Honeywell International, Inc.
Johnson Controls International PLC
Legrand North America LLC
Schneider Electric SA
United Technologies Corporation (UTC)
Verdigris Technologies, Inc.
3. MARKET TRENDS & DRIVERS
Focus on Net Zero Energy Buildings (NZEB) Awakens Interest in Smart Building Technologies
BiPV Rises in Prominence Amid the Growing Clamor for Smart Buildings
Roofing: The Focus Area for BIPV
Building Energy Management System (BeMS) Emerges to be Crucial to the Net Zero Energy Goal in Smart Buildings
The Pandemic's Push to Renovate & Build Smarter Buildings Bodes Well for Market Growth
With Connectivity Being the Most Critical Element of Smart Buildings, In-Building Wireless (IBW) Emerges Into the Spotlight
A Review of the Growing Role of PoE in Smart Buildings
Special Focus on PoE Lighting
AI to Revolutionize Smart Buildings in Ways Hitherto Unimagined
Smart Building Analytics Rises in Prominence
5G to Accelerate Smart Building Adoption
IoT-powered Building Management System, A Gamechanger for Smart Buildings
Predictive Maintenance Crucial to Curtailing Smart Building Maintenance Costs
Sharp Increase in Cyberattacks Brings to Fore the Importance of Adopting Cybersecurity Measures to Secure Smart Buildings
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/o2jni9
View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005697/en/
Laura Wood, Senior Press Manager
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