Press release
Smart Buildings Market Size Valued to Hit USD 25.58 Billion By 2028| Johnson Controls, Honeywell, Schneider
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 one which uses technology to enable economical use and efficient of resources, by creating a safe and comfortable environment for people living there. Smart buildings may use a wide range of existing technologies and are designed or rebuild in a way that allows for the growth of future technological developments. Artificial Intelligence (AI), Internet of Things (IoT) sensors, building management systems, and augmented reality are amongst some of the mechanisms and robotics that are used in a smart building to control and optimize its performance.
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Market Dynamics:
Driver:
Health and Wellbeing is an important factor driving the market. It improving the overall physical, mental and social wellbeing of building occupants. This ultimately improve the occupants Satisfaction which improve the tenant experience and fulfill the needs of lease decision makers and other occupants. Also, they are Risk Reduction as increase alertness and easing strategies along with reducing the overall impact of small and long-term shocks. Cost Reduction and Increased Efficiency is one of the main factors this increase operational efficiency that results in lesser costs to preserve and improve margins. These factors are driving the market of Smart Building.
Opportunities:
Opportunity is in utilizing smart building technology for integrate the different types of building system. Sharing and mixing data between building systems enables the value of the combined smart building to be greater than the sum of its parts. For instance, integrating IoT occupancy sensor data in the room efficiently manage the process and create smart environment for the employees. Further, With the rapid development in the technology and in the disposable income the smart Building market has various opportunities to be grow in future.
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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
• Government Buildings
• Residential Buildings
• Commercial Building
By Fuel Type
• Diesel
• Gasoline
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Regional Outlook of Smart Building Market
The COVID-19 epidemic had a negative impact on the North American economy. However, in order to re-launch the economy, the region has begun to relax controls and remove lockdown measures. Facility managers can optimize their jobs and build a better atmosphere for facility occupants because North America is a technologically advanced region. As more workers operate from home, the need for smart buildings to integrate modern office environments has increased. There has been an increase in demand for smart building technologies and services as European countries have begun to loosen restrictions for commercial properties and industries.
By Region
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
South America (Brazil, Argentina, Rest of SA)
Players Covered in Smart Building Market are:
• Johnson Controls
• Honeywell
• Schneider
• UTC
• Siemens
• Ingersoll Rand (Trane)
• Azbil
• ABB
• Emerson
• UTC
• Siemens
• Bosch
• Panasonic
• Delta Controls
• Legrand
• Cisco
• IBM
• Advantech
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Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures And Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?
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