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


Smart Building Market Analysis:

The smart building market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period. Furthermore, the current pandemic scenario and the uncertainty surrounding the return to normalcy have led to an increase in consumer inclination towards adopting security solutions. In the post-COVID-19 era, the concept of a ‘smart building’ is gaining practicality.

The rise in energy costs and environmental concerns have become significant issues in today’s world. There is mounting pressure to provide energy-saving solutions to reduce costs. As energy conservation has gained importance, the demand for smart buildings has increased. Commercial building owners and managers are primarily concerned with reducing energy consumption to save costs. According to the US Energy Information Administration, almost 40% of the energy consumed in the country is used to power commercial and residential buildings.

For example, in February 2021, ABB installed its smart building control systems at the New Development Bank (NDB) headquarters in Shanghai. These installations are expected to generate energy savings of over 15% compared to conventional systems. Additionally, in January 2022, ABB Smart Lighting was implemented at the Kattegatt high school in Halmstad, Sweden, to make the 19,00 square meter campus energy-efficient.

The increasing government initiatives to reduce energy consumption have been one of the primary factors driving the adoption of smart building solutions. For instance, according to the U.S.-China Economic and Security Review Commission, China’s government spending on smart cities initiatives is expected to reach USD 38.92 billion by 2023. Such developments indicate a nation’s inclination towards adopting energy efficiency solutions.

The Canadian government is also placing significant emphasis on energy conservation through smart buildings, primarily in offices and homes. Similarly, the United Kingdom has made considerable efforts in smart building solutions to reduce the carbon footprint from the building sector and decrease energy consumption.

The Government of India has developed ‘The Energy Conservation Building Code’ (ECBC), which sets minimum energy performance standards for buildings, including the building envelope, heating, ventilation, and air conditioning. Therefore, the growing adoption of smart lighting systems could assist the country in saving energy.

Green HVAC systems are being developed to enhance energy efficiency and reduce costs. For instance, Ice Energy, a prominent energy storage company based in Glendale, California, has introduced an ice-powered air-conditioning unit called the Ice Bear to cool buildings and, in most cases, reduce a building’s total net energy consumption.

However, the market growth is expected to be impeded by a lack of competent experts skilled in assessing smart solution systems. Professionals operating in the field must be aware of design changes and installations in the context of future needs. Failure to do so may result in complications.

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