Smart Building Market to Hit $570.02 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 15, 2022 /PRNewswire/ -- The global smart building market size is expected to reach USD 570.02 billion by 2030 and expand at a CAGR of 25.3% from 2022 to 2030. The growing demand for energy-efficient systems, the rise in adoption of Internet of Things (IoT)-enabled Building Management systems (BMS), and growing industry standards and regulations are anticipated to drive the adoption of smart building solutions and services.

Key Industry Insights & Findings from the report:

• The building infrastructure management segment is expected to observe a CAGR of 23.7% during the forecast period. The substantial growth of smart building infrastructure services facilitates advanced infrastructures, such as energy networks, data centers, and advanced telecommunication networks.
• The consulting segment is expected to observe a CAGR of 27.1% during the forecast period. It allows market players to better understand the needs and demands of their customers. During the design and construction phase of the project, the smart building consultant performs the roles of an engineer and specifier. They publish plans and specifications that cause a master systems integrator on the building team to carry out the integration processes and offer the platform for smart buildings. These factors will supplement the growth of the segment during the forecast period.
• The industrial segment is expected to witness significant growth of a CAGR of 24.1% during the forecast period. In industrial buildings, smart industrial building technologies are used to automate the building's climate control, security, and maintenance for more effective property management. Further, the industrial segment is anticipated to embrace smart building solutions to increase productivity, reduce costs and energy use, improve identification, and access control, and improve surveillance.
• The Asia Pacific regional market is expected to reach USD 166.45 billion by 2030 and emerge as the fastest-growing regional market due to the remarkable adoption of smart buildings, increasing internet penetration, high urbanization, increasing residential construction, and shifting consumer focus toward remote management services through IoT technology.

Read 120-page full market research report, "Smart Building Market Size, Share & Trends Analysis Report By Solution (Safety & Security Management, Energy Management, Building Infrastructure Management), By Service, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Smart Building Market Growth & Trends

Big data, cloud computing, and Internet of Things (IoT) technologies optimize workplaces, enhance individual working environments, increase productivity, and help employees adapt to changing lifestyles and careers. For instance, in December 2020, Hitachi, Ltd. launched an IoT platform for enhanced building operation quality and added value. The platform offered enhanced user experience and high management efficiency. These developments are expected to set the framework for inventing revolutionary technologies that will significantly improve human lifestyles in the coming years.

To enhance the management and performance of smart buildings, companies are providing maintenance and support for upgrading solutions. Moreover, the companies are pursuing routine solution evaluations to make specialized technological modifications and procedure improvements for performance optimization. Companies such as Johnson Controls, Siemens AG, and IBM Corporation invest a huge amount in R&D to introduce new technologies to the market and maintain their market dominance. For instance, in December 2020, Johnson Controls incorporated Microsoft's Digital Twin in its OpenBlue IoT platform, enabling it to construct in-depth digital replicas of actual structures, assets, and systems.

Several government bodies worldwide are pursuing smart building initiatives, emphasizing sustainability, drafting energy efficiency legislations, and encouraging public-private partnerships toward this end. Further, the rapid adoption of smart solutions by city administrations is prompting governments worldwide to support and fund the development of smart cities. For instance, an Australian consortium obtained government funding worth up to AUD 28 million (USD 16.3 million) to pursue an initiative aimed at transforming the way buildings is planned and constructed in Australia. All these efforts are expected to play a vital role in driving the growth of the market during the forecast period.

Smart Building Market Segmentation

Grand View Research has segmented the smart building market based on solution, service, end-use, and region:

Smart Building Market - Solution Outlook (Revenue, USD Billion, 2017 - 2030)

• Access Control System
• Video Surveillance System
• Fire And Life Safety System
• Energy Management
• HVAC Control System
• Lighting Management System
• Others (Data Management, Asset Performance Optimization, And Application Platform)
• Building Infrastructure Management
• Parking Management System
• Water Management System
• Others (Elevators And Escalators Management And Waste Management)
• Others (Network Management And Workplace Management)Safety & Security Management

Smart Building Market - Service Outlook (Revenue, USD Billion, 2017 - 2030)

• Consulting
• Implementation
• Support & Maintenance

Smart Building Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• Residential
• Commercial
• Healthcare
• Retail
• Academic
• Others (Hotels, Public Infrastructure, And Transport)
• Industrial

Smart Building Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• MEA

List of key players in Smart Building Market

• ABB Ltd.
• Cisco Systems Inc.
• Emerson Electric Co.
• Hitachi, Ltd.
• Honeywell International Inc.
• Johnson Controls
• Legrand
• Schneider Electric SE
• Siemens
• Telit

Check out more related studies published by Grand View Research:

• Intelligent Building Automation Technologies Market - The global intelligent building automation technologies market size is expected to reach USD 105.2 billion by 2025, registering a CAGR of 7.0% from over the forecast period, according to a new study conducted by Grand View Research, Inc. Rising awareness regarding sustainability in the wake of increasing effects of global warming is expected to drive demand for intelligent building automation technologies (IBAT) over the forecast period. In addition, technological advancements such as internet of things (IoT) and artificial intelligence (AI) are expected to boost market growth.
• Smart Glass Market - The global smart glass market size is expected to reach USD 12.76 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of over 10.3% from 2022 to 2030. This can be attributed to the growing demand across the transportation and architectural sectors. The emerging trend of deploying innovative technologies in new buildings has instigated the adoption of smart glass products in the architectural sector.
• Vertical Farming Market - The global vertical farming market size is expected to reach USD 33.02 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.5% from 2022 to 2030. Increased use of Internet of Things (IoT) sensors for producing crops is likely to spur market demand over the forecast period. Information obtained from the sensors is stored on the cloud and analyzed to perform the required actions. The growing automation in agriculture and increasing use of big data and predictive analytics for maximizing yields are also likely to drive the market.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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