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Smart Building Market size to reach USD 500 billion by 2032
- Published Date: April 20, 2023
Smart Building Market size is estimated to surpass USD 500 billion by 2032, according to a new research report by Global Market Insights Inc.
The report cites that the commendable rise in investments in smart city projects may decently drive market revenues. Several governments globally have been emphasizing developing smart cities to optimize city operations and stimulate economic growth while leveraging smart technologies and data analysis to improve the quality of life for citizens. For instance, the Indian Ministry of Finance allocated a sum of US$ 868 million (Rs. 6,450 crores) to the Smart Cities Mission under Union Budget 2021-22. Besides, the rapid integration of cutting-edge technologies in building solutions will depict a favorable impact on the industry growth.
Integration of IoT to support the growth of smart commercial buildings
With respect to application, the smart building market from the commercial segment dominated over USD 55 billion in 2022, due to rising adoption of IoT sensors in smart commercial buildings to collect data from various building systems and subsystems. Building operators can utilize this data to automate and enhance building operations & maintenance. Moreover, this data can also be used to improve building controls, automate important building-management duties, including heat & lighting, and detect operational inefficiencies in businesses.
Browse key industry insights spread across 164 pages with 273 market data tables and 40 figures & charts from the report, “Smart Building Market Size By Component (Solution [Energy Management, Infrastructure Management, Safety & Security Management, Network Management, Workplace Management], Services [Consulting, Deployment & Integration, Infrastructure Monitoring, and Management]), By Application & Forecast, 2023-2032” in detail along with the table of contents:
Flourishing smart home trends to drive the demand for smart building solutions across residential applications
In terms of application, the smart building market from the residential application segment will exceed USD 200 billion by 2032, owing to the rapid adoption of intelligent building solutions to manage energy consumption, smart maintenance, and safety and security. The increasing demand for smart home lighting, smart door & locking systems, HVAC monitoring, and smart meters is expected to surge the market demand in residential applications.
Increasing government efforts to support industry progression across the Asia Pacific
The Asia Pacific smart building industry is projected to be worth USD 100 billion by 2032, attributed to the increasing public awareness about energy saving and escalating government initiatives towards developing smart buildings in several regional economies, such as India. Additionally, energy consumption in buildings across all sectors is controlled and successfully managed owing to the adoption of smart & eco-friendly structures and environment-friendly infrastructure, which will positively influence the industry landscape.
Acquisition to stimulate the competitive landscape
Some of the leading players in the smart building market include Microsoft Corporation, Intel Corporation, ABB Limited, Huawei, Hitachi Ltd., IBM, and Johnsons Controls. The companies operating in the market are focusing on partnerships, acquisitions, and releasing new smart building solutions in the industry to gain a competitive edge. For instance, in November 2021, Rexel acquired Mayer, a major electrical product distributor operating in the eastern part of the U.S., to expand its footprint in the country.