EUROPE SMART OFFICE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Europe Smart Office Market Analysis:

The Europe smart office market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 7.6% during the projected period. The market’s primary drivers include the escalating demand for intelligent office solutions, sensor networks for energy efficiency, favorable government regulations, the advancement of the Internet of Things (IoT) in smart office offerings, and the growing need for safety and security systems in the workplace.

A smart building is one that automates its processes to control its infrastructure, lighting, security systems, heating, ventilation, air conditioning systems, and more. By integrating technology with the basic building infrastructure and other structural and equipment components, smart buildings become more efficient, sustainable, and safe. Smart building solutions are a part of the growing IoT and connected sensor ecosystem.

Smart offices adopt solutions such as the Energy Management System, Smart HVAC System, and Security and Access System. The Energy Management System is an integrated computerized system that monitors and controls energy-related infrastructure services, plants, and equipment, such as HVAC systems and lighting. Green HVAC systems are developed to improve energy efficiency and reduce costs. For example, Ice Energy, a prominent energy storage company based in Glendale, California, released an ice-powered air-conditioning unit, Ice Bear, to cool buildings and, in most cases, reduce a building’s net energy consumption.

Companies are investing in these regions to establish office spaces, and the improving real estate industry in these regions supports the growth of new buildings. With many companies investing heavily in this segment, many companies are focusing on adopting smart technologies for their offices. This is driving the growth of the smart offices market in developing nations, and many companies entering the market are establishing new infrastructure.

The outbreak of COVID-19 has impacted the production of smart office equipment in the short run, as the construction of buildings and other office spaces are affected in significant areas across the world. However, companies have not made any significant changes to their production capacities. For instance, there are currently no manufacturing sites closed in Cisco’s supply chain. Furthermore, with more companies adopting work from home culture, smart home vendors can leverage voice and other smart home implementations to improve the day-to-day routines within a home and secure and automate home deliveries.

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