Smart Building Industry Trend,Growth,Application and Volume Report 2022

Smart building market is expected to witness significant growth over the forecast period owing to rising demand of energy efficient sources, increasing need of safety & security and growing demand of comfort in buildings. Smart building is a combination of several systems including technology, energy and telecommunication and through these systems it achieves low operational and maintenance costs thus helping in minimizing the greenhouse gas (GHG) emissions. The market is anticipated to see high demand majorly in commercial and residential sectors owing to rising stringent emission norms and high energy cost.

Rising technological advancements through R&D endeavors, increasing government regulations and growing need for security & safety are anticipated to propel the smart building market growth over the next seven years. However, rising cost of initial installation and assembly is projected to challenge the market growth. The development of smart cities and smart grids is projected to create considerable opportunities for smart buildings market growth.

Smart buildings are preferably incorporated with real-time systems that manage the functioning of a building through a single interface. Smart buildings rely majorly on the use of software and hardware that helps in improving life span of a building by tracking issues and alarming the residents at the same point of time. Building automation system (BAS) coupled with other network technologies help in enabling the easy installation and bringing efficient building operations. Cloud based technology and wireless technology have great potential over the next seven years primarily owing to growing awareness of people in using wire free tools and energy efficient technologies, thus achieving smooth communication system function.

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Social and environmental challenges such as power deficits, water shortages, sewage problems and uncontrolled pollution are expected to drive the demand of smart building market. Increased urbanization is also a major factor anticipated to fuel the market growth. Government through adoption of public-private partnership model is trying to bring organizations together who faces several challenges in construction of smart building, including the lack of finances. The partnership primarily supports entities to bring easy funding from banks, institutions, and government bodies. It also helps in bringing construction permits and access of technologies to private companies mainly regarding smart buildings. Smart buildings are a high potential source of energy savings as current buildings use more than 30% of the total energy intake of a country. Growing opportunities’ such as IP based solutions and green building initiatives are expected to bring easy access of work and pollution free environment in building.

The smart building market is primarily segmented on the basis of products into safety & security, heating ventilation & air conditioning (HVAC), monitoring, lighting, energy management, car parking system and emergency system. Smart building primarily connects normal operations of a building such as lighting, HVAC, water supply, and fire emergency with building automation system (BAS). It helps in controlling and monitoring the energy efficiency and energy usage of the building. Growing need for the reduction of energy-associated costs is anticipated to drive the energy management system and thus estimating it to account for high market share. The different types of automation system in the market are physical security system, water management system, energy management system, elevator system and communication system. Physical security systems are comprised of access control systems, surveillance solutions, and alarming systems. Communication systems such as video conferencing, wireless systems such as Zigbee, Z-wave or Bluetooth and the LAN or WAN-based communication architecture are anticipated to witness significant growth owing to need of remote surveillance and monitoring. The market is segmented by application into commercial, educational, hospitals, industrial, residential infrastructures and airports.

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