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Global Smart Buildings Market Size, Share & Industry Trends Analysis Report, 2021 - 2027

·14-min read
ReportLinker
ReportLinker

The Global Smart Buildings Market size is expected to reach $131. 5 billion by 2027, rising at a market growth of 10. 6% CAGR during the forecast period. A smart building is a concept where the infrastructure, security systems, lighting, ventilation, heating, and air conditioning systems, among several other things, are all automated.

New York, May 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Buildings Market Size, Share & Industry Trends Analysis Report, 2021 - 2027" - https://www.reportlinker.com/p06273380/?utm_source=GNW
A smart building employs technology to make it more efficient, sustainable, safe, and cost-effective. The IoT and connected sensor environment is growing, and smart building systems are crucial part of it.

Large housing complex are driving substantial implementations of the solution and services within residential area. Commercial architecture includes retail spaces, office spaces, and other commercial complexes, along with government structures. Moreover, industrial buildings are included as a part of commercial division.

The growing demand for lower energy consumption and the massive growth of energy usage led to the rising number of enterprise buildings that has forced the development of innovative techniques to reduce and optimize building energy usage. Because of the growing demand in energy conservation and savings, building energy management systems (BEMS) have grown in popularity. The energy needs of a building can be monitored and controlled using a building energy management system.

Smaller buildings require a system that can provide data on historical billing analysis, incentive availability, and educational, behavioral, and retrofit suggestions, whereas larger buildings require predictive analytics, advanced building, continuous optimization and building optimization, autoDR, demand response, automated building control, and enterprise integration. BEMS is crucial to addressing these requirements.

BEMS solutions for moderate buildings are also obtainable from companies. Provide Trouble ticket administration, retro and ongoing commissioning, Energy monitoring, NOC availability, maintenance, retrofit programmer proposals and AMI data analysis. Moreover, government initiatives such as the European Union’s Energy Performance of Buildings Directive (EPBD) and the United States’ Commercial Building Initiative (CBI) are urging governments and companies to increase their efforts to reduce energy consumption and greenhouse gas emissions at the community level.

COVID-19 Impact

The reopening of corporate buildings for in-office work following the pandemic is projected to increase the demand for smart technology that ensures a safe atmosphere. After a lockdown, commercial office facility managers and corporate tenants should provide a safe workplace. As a result, smart technologies are anticipated to be used to handle cleanings and sanitizing, proper workplace ventilation, temperature measurement devices, smart entrance control, and space management for complete distance. This will very certainly increase the market for smart building systems. Moreover, the smart technology could play an important role in the near future for monitoring staff activity as well as from avoiding virus spread. Intelligent technology can provide real-time data as it engages with systems and people.

Market Growth Factors

Rapid adoption of IoT-enabled BMS (Building Management System)

With increased building efficiency, improved tenant connections, and additional revenue generation opportunities, the Internet of Things (IoT) has a massive effect on the Commercial Real Estate (CRE) market. BMS can manage all building management services using a single infrastructure with no manual intervention. Internet-of-things building management systems are used for various objectives, including maintaining and repairing building systems, lowering energy consumption, and reducing building administration costs. At the building level, property owners use data gathered from external sensors, such as indoor environmental quality and space use, to adjust air conditioning and heating. Real-time lighting system helps to conserve and improve the inside atmosphere for its intended function.

Growing trends in Smart City projects

Smart buildings play a significant role in smart cities, even though the growth of smart buildings and smart cities are not mutually exclusive. Buildings with sensor networks can track sustainability initiatives, monitor power and water usage in live time, and connect with other smart city elements. Governments across the world are funneling millions into smart city projects, which would boost smart building adoption in different regions of the world. As a result, the expansion of the smart buildings market is projected to be supported by an increase in smart city efforts by various governments. During the COVID-19 pandemic, Transportation for Greater Manchester (TfGM) and Vivacity Labs introduced a range of AI-controlled smart traffic junctions in November 2020 to enhance safety and reduce congestion in the city.

Market Restraining Factors

Absence of teamwork among the standard bodies along with the rising cyberattacks

With IoT and current smart building technologies to perform together, there appears to be a lot of interaction among standard enterprises, city governments, organizations, and other stakeholders. This collaboration in the development of smart cities is critical to realizing the full potential of these technologies. Property and tenant management, along with facility management, each has its range of requirements & operating systems. Since these technologies are often built to connect with other systems, accessing data from building systems can be problematic. On the other hand, the increasing cyberattack is a major hindrance to market expansion. Each building system and equipment is connected to intelligent technology.

Building Type Outlook

Based on Building Type, the market is segmented into Residential, Industrial, Commercial. The residential market registered a significant revenue share of the Smart Buildings Market in 2020. Increasing demands for the HVAC monitoring, smart door & locking system, along with smart meters, can propel the growth of the intelligent building demand in residential applications. Residential market is expected to witness rapid adoption of smart building technologies to control smart maintenance, energy consumption, safety and security, and other factors.

Component Outlook

Based on Component, the market is segmented into Solution and Services. The solution segment is divided into Safety & Security Management (Access Control System, Video Surveillance System, Fire & Life Safety System), Building Infrastructure Management (Parking Management System, Smart Water Management System, Elevator & Escalator Management System), Energy Management (HVAC Control System and Lighting Management System), Network Management and Integrated Workplace Management System.

Safety & Security Management segment acquired the highest revenue share in the market in 2020. Advanced building operation services, security systems, surveillance systems, and smart workspace solutions are in high demand in commercial buildings. It’s further divided into three categories: access control, video surveillance, and safety.

Based on Services Type, the market is segmented into Implementation, Consulting, and Support & Maintenance. Support services assist with the implementation of smart building solutions. Vendors give ongoing maintenance and support to upgrade solutions in order to improve smart building management and performance. After implementation, these suppliers conduct solution diagnoses on a regular basis to make tailored technological adjustments and process enhancements for performance optimization.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America dominated the smart buildings market by generating the largest revenue share in 2020. The United States and Canada are major contributors to regional technology development; since US organizations are making significant investments in smart building metrics including building system integration and building controls in order to leverage energy and system storage and deliver safer, smarter, and more sustainable buildings. Similarly, the Canadian government is working hard to assist the country’s commitment to environmental and resource protection by rendering federal facilities more energy-efficient and lowering greenhouse gas emissions, resulting in the creation of smart buildings.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Honeywell International, Inc., ABB Group, Siemens AG, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Intel Corporation, Hitachi, Ltd., Johnson Controls International PLC, and PTC, Inc.

Recent Strategies Deployed in Smart Buildings Market

Partnerships, Collaborations and Agreements:

Feb-2022: Honeywell came into a Memorandum of Understanding with Etisalat Misr, a subsidiary of the UAE telecom group Etisalat. Together, the agreement aimed to develop a cloud-based IoT platform to help in the advancement of brownfield and greenfield projects around Egypt. Moreover, with the help of Honeywell facility for the IoT-platform solution development as well as hardware and software support, Etisalat Misr would authorize its abilities in hosting services, connectivity, operations, and software.

Sep-2021: IBM joined hand with Kontakt.io, a global leader in Bluetooth-powered IoT solutions. Together, the companies aimed to provide AI-powered application insights across offer, in real-time space management and occupancy monitoring tools supporting actual IoT infrastructure used in different workspaces. Moreover, this would help in delivering real-time occupancy solutions that help address the challenges of today’s workstation, improved employee experience, propel better realty planning, and flexible workplaces.

Aug-2021: Johnson Controls came into a partnership with Apollo Infrastructure, a New York investment management company. Under this partnership, supportable services would use Johnson Controls’ experience in OpenBlue smart buildings technology and services along with energy efficiency performance contracting, with newly launched OpenBlue Net Zero Buildings-as-a-Service. In addition, Apollo fund capital and infrastructure expertise would offer elasticity to decarbonization objectives and meet energy savings.

May-2021: Johnson Controls came into a partnership with DigiCert, the world’s leading provider of digital certificate services and PKI solutions. Under this partnership, Johnson Controls would provide less risk of costly operational interference due to cybersecurity attacks while providing trusted, resilient smart building solutions advanced with DigiCert, PKI technology.

May-2021: Siemens teamed up with Telefónica Tech, Telefónica’s holding company for digital businesses. Together, the companies aimed to add on other joint solutions such as predictive maintenance, de-escalation monitoring, smart parking, capacity management, occupancy, smart lighting, and environmental monitoring.

Apr-2021: Johnson Controls formed a partnership with Arm subsidiary, Pelion, the connected IoT device service provider. Together, the partnership would integrate Pelion’s device and edge management capabilities with Johnson Controls’ deep domain proficiency in healthy buildings to escort updated facilities at a cloud-scale, truly smart era. Moreover, this partnership would propel creation of security, intelligence, and connectivity for the Johnson Controls OpenBlue technology.

Jun-2020: Siemens came into a partnership with Salesforce, an American cloud-based software company. This partnership would integrate Salesforce’s Work.com, powered by Customer 360, and Siemens’ Smart Infrastructure solutions, including Enlighted and Comfy, to orchestrate the procedure, things, and people that are important to creating connected, safe workplaces in the near future. Moreover, together both companies would be the first to deploy new solutions in office spaces as well as in Salesforce Tower in San Francisco, and Siemens Smart Infrastructure headquarters in Zug, Switzerland.

Jun-2020: Cisco System came into partnership with Schneider Electric, the leader in the digital transformation of energy management and automation. This partnership aimed to develop, validate and test designs that assist to connect building administration systems to an Internet Protocol network with a scalable, resilient and secure, architecture that is manageable.

Product Launches and Product Expansions:

Feb-2022: IBM launched Artificial intelligence to its TRIRIGA solution. This launch consists of TRIRIGA Building Insights, which merge occupancy data from sources, such as IoT sensors and WIFI, with recent embedded AI. Additionally, this product delivers consumers operating large real estate offerings with insights to help them make smarter data-driven decisions to manage their workspace.

Jul-2021: Johnson Controls introduced OpenBlue Net Zero Buildings as a Service. The product offers consumers benefits in creating tasks easier to track, achieve, execute, and plan. Moreover, this product suite also includes strategic offerings to industry players, commercial as well as campuses, data centers, healthcare facilities, and schools. Additionally, this portfolio would access a one-stop shop for enterprises to achieve renewable and net-zero carbon energy goals.

May-2021: Honeywell introduced Honeywell Forge Real Estate Operations, a cloud-based solution. The product offers integrated and combined business & operational data for building managers and owners to support better decision-making, reach sustainability goals and drive greater efficiencies. Additionally, it expands the abilities of Honeywell Forge enterprise performance management software developed on the SAP Business Technology Platform with SAP.

Feb-2021: Honeywell introduced Honeywell E-Mon Class 6000, a new generation of multi-protocol-capable energy meters. The product offers an app-guided installation process, easy to access, troubleshooting, and commissioning developed with built-in cybersecurity to safeguard cyber-attacks.

Nov-2020: Hitachi introduced an IoT platform for the smart buildings space. The product offers a conclusion for developers that authorize analysis and monitoring of the operating status of building equipment including escalators, air-conditioning systems, and elevators. Additionally, Microsoft Dynamics 365 and Microsoft Azure softer were used to develop Hitachi’s IoT platform for buildings.

Feb-2020: Honeywell unveiled Forge Energy Optimization, a cloud-based, closed-loop machine learning solution. The product is developed to constantly study a building’s energy consumption patterns focused on reducing energy consumption and would provide double-digit energy savings, decrease a building’s carbon footmark without upfront capital charges along changes in the present building’s operational procedure.

Acquisitions and Mergers:

Jan-2022: Siemens Smart Infrastructure took over digital twin software from EcoDomus, a US-based company. Through this acquisition, the company aimed to expand its offering of digital building including its flagship building management platform Desigo CC and its cloud-based building operations twin software. Additionally, the EcoDomus software visualizes, creates, and maintains Building Information Modeling based on digital building twins used in developing construction data and design for building maintenance and operations.

Jan-2022: Johnson Controls took over FogHorn, the leading developer of Edge AI software. Through this acquisition, the company focused on merging Foghorn’s top-notch Edge AI allover OpenBlue solution offering, to propel pace towards the vision of autonomous, smart buildings that constantly adapt, learn and automatically redirect to the needs of the people and environment.

Oct-2021: Siemens took over French startup Wattsense, a hardware and software company offering a plug-and-play IoT management system. This acquisition aimed to expand its building automation products offerings apart from the massive corporate real estate market.

Jun-2021: Hitachi Vantara took over Io-Tahoe, a subsidiary of the UK energy company Centrica. Under this acquisition, Io-Tahoe’s AI-driven would be combined with Lumada DataOps offering that delivers catalog, edge capabilities, and integration. Moreover, Io-Tahoe’s addition would enhance the company’s strategy and ambition to be a leader in the digital transformation of crucial social infrastructure sectors such as transportation, energy, healthcare, manufacturing, and financial services.

Dec-2020: Honeywell took over Sine, a provider of visitor, compliance, and contractor management software. This acquisition aimed to capitalize Sine to amplify the Forge offering, which would help consumers display the status of processes, building occupants, operational workflows on dashboards, and physical assets. Moreover, Sine would provide devices to the organization to keep a digital record of clients as part of daily operation.

Aug-2020: Johnson Controls completed the acquisition of Qolsys, a leading residential and commercial security and smart-home manufacturer. Together Qolsys, Visonic, Tyco, PowerG, DSC, and Bentel products would establish Johnson Controls as the market share leader in advanced security solutions across the world.

Mar-2020: ABB acquired Cylon Controls, manufacturer and developer of a wide variety of connected Building Energy Management Solutions. Through this acquisition, the company aimed to build up its offering in delivering new innovations in energy-optimization and comfort along with the commercial buildings segment. Moreover, the acquisition would enhance the ABB Electrification business’ status in the commercial buildings segment.

Scope of the Study

Market Segments covered in the Report:

By Buildings Type

• Residential

• Industrial

• Commercial

By Component

• Solution

o Safety & Security Management

Access Control System

Video Surveillance System

Fire & Life Safety System

o Building Infrastructure Management

Parking Management System

Smart Water Management System

Elevator & Escalator Management System

o Energy Management

HVAC Control System

Lighting Management System

o Network Management

o Integrated Workplace Management System

• Services

o Implementation

o Consulting

o Support & Maintenance

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Cisco Systems, Inc.

• IBM Corporation

• Honeywell International, Inc.

• ABB Group

• Siemens AG

• Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)

• Intel Corporation

• Hitachi, Ltd.

• Johnson Controls International PLC

• PTC, Inc.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06273380/?utm_source=GNW

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