The Demand for Smart Building Solutions is anticipated to Rise Due to The Growing Need for Lower Operating Costs, Lower CO2 Emissions, And the Scarcity of Energy Resources. North America is estimated to Capture the Largest Share and Lead the Global Smart Buildings Solution Market, Accounting For 38.3% of the Overall Market Share in 2022. Europe is projected to hold a Considerable Share Of 24.1% of the Global Market
DUBAI, United Arab Emirates, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global smart building solutions market is expected to exhibit phenomenal growth with an impressive CAGR of 12.3% throughout the forecast period (2022-2032). The market size is anticipated to grow from US$ 59,733 million in 2022 to reach US$ 1,90,002.1 million by 2032.
The rising need for lower operating costs, scarcity of energy resources, and lower CO2 emissions have led to the higher demand for smart building solutions across the globe. Smart building solutions companies like Cisco aid in providing solutions that assist in monitoring and optimizing energy usage.
Regardless of the rise in intelligent IoT technology, energy efficiency remains a top priority. As energy-efficient systems gain traction in the world, they are likely to grow in the forecast period. Furthermore, it is also anticipated that increasing the acceptance of IoT-enabled BMS is likely to increase the smart building solutions market share.
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Smart building solutions are a crucial part of the automation and control industry, which is growing at a rapid pace. Backed by this factor, the growth of smart building solutions is propelling in the global market.
The sales of smart building solutions are largely driven by the electronic security & safety segment due to increasing demand for CCTV and biometrics-based security systems in the buildings.
High demand for thermostats, zone and climate controls, sensors, and keypads in the heating, ventilation, and air conditioning (HVAC) sector is also rising. In addition to that, new carbon dioxide & combine sensors are expected to have a positive impact on the smart building solutions market outlook.
The introduction of 5G technology and rapid development of the smart city movement has allowed the key players in the smart building solutions market to witness numerous growth opportunities. The surge in the IoT market and its versatile application in smart buildings are anticipated to provide numerous opportunities for the expansion of the smart building solutions market.
Government initiatives for building automation are one of the prominent factors driving the smart building solutions market. The concept of smart building solutions enables an effective energy management system for a building, thereby reducing energy wastage. Hence, this factor is anticipated to drive the demand for smart building solutions.
The expansion of a number of smart energy systems is expected to boost the sales of smart building solutions. A relentless pursuit of improving access, efficiency, sustainability, and comfort is anticipated to drive new innovations in smart building solutions.
Innovations in the smart buildings market are projected to be driven by technology players that are increasingly focused on extending IoT backbones.
The market is fragmented with highly competitive players in the smart building solutions market including, ABB, Siemens AG, Intel Corporation, Honeywell International Inc., Schneider Electric, Legrand SA, Panasonic Corporation, Building IQ, Cisco Systems Inc., and DELTA CONTROLS.
Key players in the smart building solutions market are focusing on providing AI software and industrial Internet of Things (IoT) solutions to gain a competitive edge over the market. The smart building solutions market is currently fragmented, with the presence of established global and domestic players across the globe. By incorporating modern technologies and customizing products, the market is likely to be propelled forward. Currently, vendors are focusing mainly on offering innovative products and solutions that can optimize energy consumption and serve a high level of building automation.
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More Insights into Smart Building Solutions Market
The North American region is predicted to dominate the global smart building solution market by capturing the largest market share of around 38.3% in 2022. The US and Canada hold a major portion, and they are prominent countries contributing to technology development in this region.
The Canadian government is increasingly taking steps to support its commitment to protecting the environment and its resources by making federal buildings more energy-efficient and reducing greenhouse gas emissions, which is driving the smart building solutions market growth.
The European market is expected to emerge as a lucrative market by accounting for 24.1% of the global market share during the forecast period. The smart building solution market is expected to grow at a moderate pace in Europe because of the growing awareness of smart building solutions and the government's initiatives in the region.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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