Smart Buildings Market size was valued at USD 80.25 billion in 2022 and is poised to grow from USD 89.08 billion in 2023 to USD 205.3 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).
In smart buildings, a complex control system uses sensors, actuators, and microchips to manage building operations such as ventilation, air conditioning, heating, and lighting. A smart building employs technology to simplify complicated systems, making them more manageable, efficient, and safe. The growing trend of smart cities plays an important role in creating new prospects for the smart building industry. Advances in digital technology, sensors, and telecommunications have made it possible to monitor and operate buildings more effectively than ever before.
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Top Player’s Company Profiles
Intersection of Smart City Initiatives and Green Building Standards in Smart Building Market
Given the global trend of urbanization, governments globally are investing in smart city initiatives such as enhanced infrastructure, greener transportation, smarter buildings, and other smart technologies. Buildings contribute considerably to energy use and investment, therefore connecting them is an important first step toward smart city initiatives. Along with the Smart Nation initiative, the Singapore government has created a Green Mark Scheme. According to the strategy, buildings are assigned a traffic light code indicating their environmental friendliness. Under this program, the government hopes to have 80% of buildings certified as green by 2030.
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Segments covered
Component
Solution and Services (Consulting, Implementation and Support & Maintenance)
Solution
Safety & Security Management (Access control system, Video surveillance system and Fire and life safety system), Energy Management (HVAC control system and Lighting management system), Building Infrastructure Management (Parking management system, Smart water management system and Elevators & escalators management system), Network Management (Wired technology and Wireless technology) and Integrated Workplace Mangement (Operations and services management, Real estate management, Environmental and energy management, Facility management and Capital project management )
Building Type
Residential, Commercial and Industrial
Global Reach and Tech Advancement: Dual Strategy of Smart Building Leaders
Key players’ market position is predicted to be augmented through strategic acquisitions and alliances. Companies in the smart building market have been actively engaged in forming partnerships and alliances to enhance market share.To ensure the safety and quality of smart solutions, the participants collaborated with several rating and evaluation certification providers. To expand their global reach, the players areacquiring local players in various countries. Furthermore, firms and companies continue to invest in commercial and residential applications by developing a wide range of new smart systems and services for better building management.
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Key Developments Driving Growth in Smart Building Market
Automation technologies used in construction portray are expected to drive exponential growth in the market within the next few years. It created the major economic opportunities produced by sensor technologies, a greater emphasis on user experience within buildings, and IoT-enabled devices.
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