The smart buildings market size is expected to grow from USD 66.3 billion in 2020 to USD 108.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The major factors driving the smart buildings market include rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy efficient system.
The safety and security management solution in the solution type segment is expected to lead the Smart buildings market in 2020.
The safety and security the prime concern for most of the buildings, be they residential or commercial. Access control and video surveillance systems help to track every activity across a facility. This helps to detect intruders and keep the environment safe. Rising deployment of advanced acess control systems, video surveillance systems, and fire and life safety systems to safeguard the occupant and assets is contributing to the high market share if this segment.
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Industrial building segment is expected to grow with the fastest growth rate during the forecast period.
Industrial buildings are often large and have many moving parts. Smart industrial building solutions automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers.
The major vendors covered in the Smart buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the smart buildings market. Partnerships and new product launches have been the most adopted strategies by major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.
Honeywell (US) is one of the leading vendors of the Smart buildings market. The company is working toward enhancing its market share and presence with the help of the organic and inorganic growth strategies. For instance, in December 2020, Honeywell launched Honeywell Small and Medium Building Administrator powered by Honeywell Forge, an affordable and scalable building portfolio management system designed specifically for small- to medium-sized buildings. The Honeywell Small and Medium Building Administrator can improve visibility into building portfolio performance, aid facility managers optimize occupant comfort, operational performance and asset management, and enables users to save up to 30% in facility energy costs. Additionally, it also announced Honeywell Air Detective, an airborne particle analyzer that uses artificial intelligence and cloud computing to enable HVAC service providers and environmental testing professionals to better inform home and building owners of the quantity and type of particles present in the air.
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Siemens (Germany) is another top player in the Smart buildings market and has majorly adopted organic and inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its inorganic growth strategies, in October 2020, Siemens, in partnership with Macquarie’s Green Investment Group announced Calibrant Energy (Calibrant), a joint venture that offers comprehensive onsite Energy-as-a-Service (EaaS) solutions at no up-front cost for its customers including corporate and industrial clients, as well as municipalities, universities, schools and hospitals. In line with its organic growth strategies, in March 2020, Siemens Smart Infrastructure launched a smart building suite of IoT enabled devices, applications and services designed to create more efficient and flexible workplaces.
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