Smart Building Market Report 2022: Government Support for Smart Building Projects Driving Sector Growth
Wednesday, October 26, 2022
DUBLIN, Oct. 18, 2022 /PRNewswire/ -- The "Smart Building Market Size, Share & Trends Analysis Report by Solution (Safety & Security Management, Energy Management, Building Infrastructure Management), by Service, by End-use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
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The global smart building market size is expected to reach USD 570.02 billion by 2030 and expand at a CAGR of 25.3% from 2022 to 2030. The growing demand for energy-efficient systems, the rise in adoption of Internet of Things (IoT)-enabled Building Management systems (BMS), and growing industry standards and regulations are anticipated to drive the adoption of smart building solutions and services.
Big data, cloud computing, and Internet of Things (IoT) technologies optimize workplaces, enhance individual working environments, increase productivity, and help employees adapt to changing lifestyles and careers. For instance, in December 2020, Hitachi, Ltd. launched an IoT platform for enhanced building operation quality and added value. The platform offered enhanced user experience and high management efficiency. These developments are expected to set the framework for inventing revolutionary technologies that will significantly improve human lifestyles in the coming years.
To enhance the management and performance of smart buildings, companies are providing maintenance and support for upgrading solutions. Moreover, the companies are pursuing routine solution evaluations to make specialized technological modifications and procedure improvements for performance optimization. Companies such as Johnson Controls, Siemens AG, and IBM Corporation invest a huge amount in R&D to introduce new technologies to the market and maintain their market dominance. For instance, in December 2020, Johnson Controls incorporated Microsoft's Digital Twin in its OpenBlue IoT platform, enabling it to construct in-depth digital replicas of actual structures, assets, and systems.
Several government bodies worldwide are pursuing smart building initiatives, emphasizing sustainability, drafting energy efficiency legislations, and encouraging public-private partnerships toward this end. Further, the rapid adoption of smart solutions by city administrations is prompting governments worldwide to support and fund the development of smart cities. For instance, an Australian consortium obtained government funding worth up to AUD 28 million (USD 16.3 million) to pursue an initiative aimed at transforming the way buildings is planned and constructed in Australia. All these efforts are expected to play a vital role in driving the growth of the market during the forecast period.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Smart Building Market: Industry Outlook
Chapter 4 Smart Building Market: Function Segment Analysis
Chapter 5 Smart Building Market: Service Segment Analysis
Chapter 6 Smart Building Market: End-use Segment Analysis
Chapter 7 Smart Building Market: Region Segment Analysis
Chapter 8 Competitive Analysis
Chapter 9 Competitive Landscape
Companies Mentioned
-- ABB Ltd.
-- Cisco Systems Inc.
-- Emerson Electric Co.
-- Hitachi, Ltd.
-- Honeywell International Inc.
-- Johnson Control
-- Legrand
-- Schneider Electric SE
-- Siemens
-- Telit
For more information about this report visit https://www.researchandmarkets.com/r/3pw2yt
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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View original content:https://www.prnewswire.com/news-releases/smart-building-market-report-2022-government-support-for-smart-building-projects-driving-sector-growth-301652227.html
SOURCE Research and Markets
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