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Global Smart Buildings Market to Reach US$111.5 Billion by the Year 2026
Smart buildings refer to any structure that is integrated or retrofitted with Internet-enabled, inter-connected appliances and devices. 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.
Amid the COVID-19 crisis, 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. 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 Select Competitors (Total 201 Featured) -
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.
- ABB Group
- BuildingIQ, Inc.
- Cisco Systems, Inc.
- Delta Controls Inc.
- Ecova, Inc.
- GridPoint, Inc.
- Honeywell International, Inc.
- IBM Corporation
- Johnson Controls International PLC
- Legrand North America LLC
- Schneider Electric SA
- Siemens AG
- United Technologies Corporation (UTC)
- Verdigris Technologies, Inc.