Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) — Market Analysis
Market Research Future (MRFR) expects the global Smart Building Market to reach USD 25,725.0 million at a 17.44% CAGR from 2018 to 2025 (forecast period).
A smart building uses sensors, microchips, and actuators to control and regulate air conditioning, ventilation, lighting, heating, and other systems. It leverages integrated and advanced building technologies, including advanced telecommunications systems, building automation, facility management, and fire safety equipment, to enhance comfort, safety, and occupant productivity. Building systems can be operated automatically according to environmental conditions, preset & variable schedules, and emergencies. Energy efficiency remains at the forefront of trends in IoT smart building.
IoT has a major impact on the Commercial Real Estate (CRE) industry due to a growth in the efficiency of building operations, better tenant relationships, and new revenue generation opportunities. IoT-enabled BMS is installed and used to increase the efficiency of a building and use sensor-generated data to improve building user experience. It can also utilize a single infrastructure to run all building management solutions and require minimal manual intervention. In addition, IoT-enabled BMS can be used for different purposes, such as minimizing energy usage, repairing and maintaining building systems, and reducing the administrative costs of the building. For example, property owners use data obtained from various sensors, such as indoor air quality and space utilization at the building level, to control air-conditioning and lighting systems in real-time, thereby minimizing energy costs and optimizing the indoor environment for its intended purpose. IoT technology offers owners the ability to have direct conversations and relationships with building users and their tenants. Sensors in shopping centers, for example, can help owners connect directly to different customers and provide their services, establishing relationships with customers and strengthening tenant engagement. IoT-enabled BMS is therefore driving the smart buildings market.
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COVID-19 Impact on the Global Smart Building Market
The outbreak of COVID-19 adversely impacted the North American economy. However, the region has begun to relax restrictions and lift lockdown measures to revive the economy. Since North America is a technologically advanced region, facility managers can optimize their jobs and create a better atmosphere for facility occupants. There has been an upsurge in demand for smart buildings to integrate new office environments as employees are working from home.
Some of Europe’s leading sectors, such as automotive, chemical, electronics, and manufacturing, were seriously affected by the disruption of the supply chain during the COVID-19 lockdown. Now that European countries have begun easing restrictions on commercial premises and sectors, there is an increasing demand for smart building solutions and services. With the aid of technologies like AI, blockchain, robots, and drones, smart building vendors are trying to bring industries and businesses back to normal.
APAC’s smart building market is expected to grow during COVID-19 due to the growing trend of hospitals outsourcing non-core medical services to specialist smart building organizations. IoT and other new technologies are boosting the current smart building market in healthcare. Moreover, as companies are preparing for re-opening, there is an intense focus on new services and activities in the region to enable employees’ return to their workplace.
Iran and Israel were among the most affected by COVID-19 in the MEA. Governments in the region have quickly taken decisive steps to slow down the effects of the pandemic. Almost all industries and companies in the region are re-opening due to the relaxation of restrictions in the region. There will also be an increased demand for smart building vendors to restructure the workplace, set up smart workflows, and manage facilities in a constructive manner.
COVID-19 has impacted the health and energy industries in Latin America. However, these industries are trying to incorporate emerging technologies such as AI and IoT to address the associated challenges of COVID-19. As countries in the region are re-opening their manufacturing operations, the demand for smart building solutions and services could grow. Technology-driven efficiency could increase commercial outcomes in the region, resulting in holistic and empowered smart building operations. In addition, current assets in the area need to be upgraded in a cost-effective manner, and IoT, AI, and ML-enabled smart buildings are ideally suited.
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The global smart building industry has been segmented into automation and application.
Based on automation, the global smart building market has been segmented into intelligent security system (access control system, video surveillance system, emergency management system), infrastructure management system (elevators and escalators management system, smart water management system, parking management system), building energy management system (energy management system, HVAC control system, lighting control system), and network management system.
By application, the global smart building market has been segmented into commercial, industrial, government & public infrastructure, and residential.
The global smart building industry, by region, has been segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and Central & South America.
North America to dominate the global market
The North America is expected to lead the smart buildings market. North America is one of the most technologically advanced regions in the world. The market growth in North America can be attributed to the introduction of the latest smart building solutions that leverage emerging technologies such as IoT, big data, cloud computing, data analytics, deep learning and artificial intelligence, energy efficiency, reducing operating expenses, rising occupancy comfort, and meeting increasingly stringent global regulations and sustainability. In addition, the US and Canada are influential countries that contribute to technological advancement in this region; for example, US organizations are investing extensively in smart building measures, such as building controls and building systems integration, to maximize energy efficiency and energy storage, and to deliver smarter, safer, and more efficient buildings while the Canadian government is taking steps to support Canada’s dedication to protecting the environment and its resources by making federal buildings more energy-efficient and lessening greenhouse gas emissions, driving the growth of smart buildings.
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The key players in the global smart building market are
- Control4 Corporation (US)
- Panasonic Corporation (Japan)
- United Technologies Corporation (US)
- Sony Corporation (Japan)
- HCL Technologies Limited (India)
- Advantech Co. Ltd (Taiwan)
- Emerson Electric Co. (US)
- Johnson Controls International PLC (Ireland)
- IBM Corporation (US)
- Cisco Systems (US)
- Honeywell International, Inc (US)
- GEZE GmbH (Germany)
- Overkiz (France)
- Hitachi Ltd (Japan)
- Schneider Electric SE (France)
- ABB Group (Switzerland)
- Siemens AG (Germany)
- Legrand SA (France)
- Huawei Technologies Co. Ltd, (China).
These players have implemented various growth strategies, like partnerships, business expansions, agreements, collaborations, and new product launches and product improvements to further extend their reach in the smart buildings market and broaden their customer base.
In March 2019, Advantech Co., Ltd launched the Verizon-certified LTE Cat-M1 router, ICR-3211B. The ICR-3211B router is the first product to be released in the US from Advantech’s new ICR-3200 router line. The two routers are the perfect alternative for building automation, energy management, and remote SCADA applications.
In February 2019, Control4 Corporation acquired Swiss-based NEEO, a manufacturer of the smart home remote, to boost its leadership in delivering remotes, touch panels, keypads, and other smart home devices.
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