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

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May 16, 2023, 04:00 ET

SAN FRANCISCO, May 16, 2023 /PRNewswire/ -- The global smart building market size is expected to reach USD 570.02 billion by 2030, registering a CAGR of 26.8% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. Governments worldwide are making significant investments in smart city initiatives, propelling the adoption of smart buildings in different regions. The governing bodies are predicted to be the strongest promoters of smart and cutting-edge solutions that facilitate adaptive regulations and enable disruptive entries, safeguarding the interests of the public and the city. For instance, the Energy Conservation Building Code (ECBC), developed by the Indian government, established minimal energy performance requirements for structures, covering the building exterior and heating, cooling, and air conditioning.

Key Industry Insights & Findings from the report:

The building infrastructure management segment is expected to observe a CAGR of 25.2% during the forecast period. The extensive growth of smart building infrastructure services expedites advanced infrastructures, such as automated solutions, advanced telecommunication networks, and data centers, among others.
The consulting segment is expected to observe a CAGR of 28.7% during the forecast period. Smart building projects have the most significant financial impact if an organization's operational and structural systems are integrated.
To describe what data is being gathered, how it is exchanged, and how it may be used in the next system that will profit from this new data, smart building consultants group these integrations into use cases. Smart building consultants also serve in a management role during construction, ensuring that submittals comply with requirements.
The industrial segment is expected to witness a significant CAGR of 25.7% during the forecast period. Smart industries are built to continuously collect data and analyze issues with their systems. Data can assist businesses in making wise decisions and having a smart building means having access to the latest information on operational costs.
The Asia Pacific regional market is expected to reach USD 166.45 billion by 2030. The shifting focus of consumers toward converting their existing buildings into smart buildings is boosting the region's growth.
For instance, in January 2022, Singtel, a telecommunication company, announced its collaboration with Lendlease, a real estate group, to convert its Comcentre headquarters in Singapore into a smart building with an investment of USD 2.21 billion.

Read 120-page market research report, "Smart Building Market Size, Share & Trends Analysis Report By Service (Implementation, Consulting), By Solution (Energy Management, Safety & Security Management), By End-use (Residential, Commercial), And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Smart Building Market Growth & Trends

Therefore, the country's increasing use of smart lighting systems may assist in energy conservation. These initiatives would further supplement the growth of the market. smart buildings depend on several IoT sensors and computer networks to automate functions, such as managing lighting, heating, and elevators; fire detection; video surveillance; and badge access. BAS and IoT sensors are vulnerable to cyberattacks because they frequently lack fundamental cybersecurity capabilities. Business continuity is affected by cyberattacks on smart buildings since data breaches prevent them from functioning and can lead to severe damages resulting in operational interruption for a long duration, data loss, financial losses, and reduced public safety. Most cyberattacks on smart buildings result from malicious hackers trying to access the BAS control systems.

Businesses are now concentrating on segregating the BAS system from the entire network system and the internet to secure it. These solutions offer real-time monitoring and identification of new threats and respond autonomously. All these efforts are expected to play a vital role in driving the growth of the market over the forecast period. smart buildings have more opportunities to play a major role in self-generation or grid-supplied energy, increasing the demand for non-carbon or low-carbon solutions for managing building energy. In the past, according to the recent reports of Grand View Research, Inc., smart building management systems have been utilized to minimize energy costs and successfully serve the functional requirements of buildings. Due to the high implementation costs, these systems have typically been proprietary and have primarily been used in huge buildings or large groups of buildings.

Artificial Intelligence (AI) and Machine Learning (ML) can provide ways to examine building data to enhance the effectiveness of numerous building operations as well as the building's capacity for revenue generation. All these efforts are expected to play a vital role in driving the growth of the market over the forecast period. Key players have an extended operating history, a large customer base, and significant competitive strengths. For instance, in February 2022, Cisco Systems, Inc. launched new solutions, including Private 5G and Wi-Fi 6E, for hybrid work. The company also planned to collaborate with campuses, branches, and offices of various sectors to integrate these products and convert them into smart buildings. This helped the company in increasing its market revenue and attracting key business clients from the telecommunication sector.

Smart Building Market Segmentation

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

Smart Building Market - Solution Outlook (Revenue, USD Billion, 2018 - 2030)

Safety & Security Management

Access Control System
Video Surveillance System
Fire and Life Safety System

Energy Management

HVAC Control System
Lighting Management System
Others

Building Infrastructure Management

Parking Management System
Water Management System
Others

Others

Smart Building Market - Service Outlook (Revenue, USD Billion, 2018 - 2030)

Consulting
Implementation
Support & Maintenance

Smart Building Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

Residential
Commercial

Healthcare
Retail
Academic
Others (Hotels, Public Infrastructure, and Transport)

Industrial

Smart Building Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada

Europe

Germany
UK
France
Italy
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

Latin America

Brazil
Mexico
Argentina

UAE
Saudi Arabia
South Africa

List of Key Players in Smart Building Market

ABB Ltd.
BOSCH
Cisco Systems Inc.
Emerson Electric Co.
Hitachi, Ltd.
Honeywell International Inc.
INTEL Corporation
Johnson Controls
KMC Controls
LG Electronics Inc.
Legrand
Schneider Electric SE
Siemens
Sierra Wireless
Telit

Check out more related studies published by Grand View Research:

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3D Printing Construction Market - The global 3D printing construction market size is expected to reach USD 4,179.3 million by 2030, registering a CAGR of 101.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising awareness about 3D printing techniques in the construction industry and the significant increase in green construction projects globally. Various benefits offered by this technology, including increased construction speed, reduction in waste, on-site accidents& overall costs, and flexibility in creating complex architectural shapes, are also driving its adoption in the construction industry. The funding received by the 3D printing construction providers from the respective governments for developing space-based construction systems is expected to create new opportunities for market growth in the coming years.
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.

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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