Smart building solutions market to grow to USD 15.6 billion by 2033 – FMI
Published on : Thursday 06-07-2023
Proliferating government projects and aware end users efficient energy consumption flourish the market growth.
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July 2023 – The smart building solutions market is anticipated to expand its roots at a steady CAGR of 12.5% between 2023 and 2033. The market is expected to have a market share of US$ 15.6 billion by 2033 while it is likely to be valued at US$ 1.35 billion in 2023
The rising population along with the shrinking residential space is expected to garner market growth. Furthermore, new smart elements such as power supply management and different living section options are adding value to the market.
New companies entering with integrated systems that improve the overall building efficiency, high productivity, and better utilisation of resources are flourishing the market growth. Alongside this, the new building designers are also collaborating with smart building startups to deliver sustainable accommodation.
The smart sensor technology that tracks the data related to facility management helps the vendors in delivering better facilities to the residents. Further, the increased number of businesses with corporate offices is also increasing the adoption of smart building solutions.
The included element named smart facilities management systems integrated with smart technologies like IoT to give support to the connected smart devices. This makes building services easy and helpful.
Key Takeaways
- The United States market leads the smart building solutions market in terms of market share in North America. The United States region held a market share of 19.1 in 2022. The growth in this region is attributed to the high new developments, advanced society planning, and helpful government policies. North America region held a market share of 26.9% in 2022.
- The German market is another important market in the Europe region. The market thrived at a CAGR of 10.4% between 2023 and 2033. The growth is attributed to the increasing population and modern societies setting up. Europe Region held a market share of 23.9% in 2022.
- Indias smart building solutions market thrives at a CAGR of 10.5% between 2023 and 2033. The growth is attributed to expanding infrastructure, government projects, the addition of smart cities in the budget, etc.
- Chinas market thrives at a CAGR of 14.5% during the forecast period. The large population base asks for a smart city and smart building plan.
- Based on type, the commercial buildings segment leads the market as it held a notable share of 17.5% in 2022.
- Based on the system type, the building energy management segment leads the market as it held a significant market share of 14.4% in 2022.
The key vendors focus on increasing efficiency while adding ease to the smart building. The competitors also merge, acquire, and collaborate with other companies to increase their supply chain and distribution channel.
Market Innovations
- Cisco Systems Inc. has launched the smart building solution. The solution focuses on health and wellness, sustainable operations, prioritised security, and a better experience.
- Building IQ has introduced its 5i Intelligent energy platform through five elements like human capital, data capture analysis, model, control, and measurement & verification