Global Smart Building Market was valued at USD 9.2 billion in 2021 and is expected to reach USD 25.58 billion by the year 2028, at a CAGR of 15.6%.
A smart building is a modern structure that incorporates real-time systems for control and manages all the functions of a building through a single interface. Smart buildings depend heavily on the use of hardware and software that can make the building operate more efficiently. It is also improving its lifespan by tracking problems in the building and alerting residents regarding those problems.
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A smart building is a modern structure that employs automated processes to monitor various building systems such as air conditioning, heating, ventilation, protection, energy management, security management, and others. Smart buildings contain several smart devices and electronic components, such as sensors, microchips, microcontrollers, and microprocessors that collect and process relevant data to automatically monitor the smart building's operations. Smart buildings are essential and improve slandered of living. According to Statista in 2020, the leading global smart city government on the index ranking shown was Singapore with a score of 35.8. Seoul, London, Barcelona, and Helsinki rounded out the top 5 for the best smart city governments.
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Major Key Players For Smart Building Market:
- Johnson Controls
- Honeywell
- Schneider
- UTC
- Siemens
- Ingersoll Rand (Trane)
- Azbil
- ABB
- Emerson
- UTC
- Siemens
- Bosch
- Panasonic
- Delta Controls
- Legrand
- Cisco
- IBM
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Smart Building Market Report Highlight:
- By type, the solution segment is expected to have the maximum market share in the smart building market during the projected period. The solution segment provides many factors to improve the efficiency of smart buildings such as security management, energy management, and transport management which propels the growth of the market.
- By application, the commercial segment is predicted to expand the most in the smart building market during the forecast year. The need of the commercial sector for effective and customized solutions for optimized energy efficiency drives the growth of the market.
- By region, North America is expected to dominate the smart building market, during the projection period. It is a technologically advanced region and the high adoption of emerging technology supports the growth of the smart building market in North America.
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Smart Building Market Segmentation:
By Type
- Building Management System (BMS)
- Heating, Ventilating and Air Conditioning (HVAC)
- Lighting Control
- Security and Access Control
- Emergency Alarm and Evacuation System
- Audio and Visual Effects
- Escalator
- Elevator
- Others
By Application
- Commercial
- Residential
Key Questions Answered in This Report:
- How has the global smart building market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart building market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart building market and who are the key players?
- What is the degree of competition in the industry?
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