Smart Building Market Size

Smart Building Market Size

Smart Building Market size crossed USD 85 billion in 2022 and is poised to observe over 20% CAGR from 2023 to 2032, attributed to the escalating government efforts toward reducing energy consumption. Governments across both developed and developing economies have been undertaking several initiatives to reduce energy consumption by promoting the adoption of energy-efficient building solutions.

Regulatory authorities globally have also been introducing stringent norms and incentives to encourage building owners & managers to invest in smart building technology, thus favoring the market growth. For instance, in October 2022, the European Council agreed on a recommendation to modify the Energy Performance of Buildings Directive to make sure that all buildings are energy efficient. The directive mandates that all new buildings need to be zero-emission facilities by 2030, and existing establishments are required to be transformed into zero-emission buildings by 2050.