New Study from StrategyR Highlights a $111.5 Billion Global Market for Smart Buildings by 2026 -Breaking
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Smart Buildings – Global Market Trajectory & Analytics”. This report offers fresh insights on the opportunities and challenges facing a transformed market after COVID-19.
FACTS AT A GLOBEEdition: 9; Released:December 2021Executive Pool (NASDAQ): 33476Companies: 201 – Players covered include ABB Group; BuildingIQ, Inc.; Cisco Systems (NASDAQ:), Inc.; Delta Controls Inc.; Ecova, Inc.; GridPoint, Inc.; Honeywell International (NASDAQ:), Inc.; IBM (NYSE:) Corporation; Johnson Controls International PLC, Legrand North America LLC, Schneider Electric (PA;) SA, Siemens AG (OTC;); United Technologies Corporation, NYSE:] (UTC); Verdigris Technologies, Inc., and OthersCoverage:All key geographiesSegments:Component: Solutions, Services; Building Type (Commercial or Industrial, Residential)Geographies: World; United States, Canada; Japan and China; Europe (France, Germany; Italy; United Kingdom; Rest of Europe); Asia-Pacific.
Global Smart Buildings Market Will Reach US$111.5 Billon by 2026Smart buildings are any building that has been retrofitted or integrated with Internet-enabled devices and appliances. Because of their potential to reduce net carbon emissions, improve energy efficiency and conserve energy, smart buildings have been in the limelight. The use of technologies such as AI, IoT or big data to link buildings, transport, and infrastructure can help create a new ecosystem for renewable energy that maximizes energy efficiency, reduces energy waste and lowers carbon emissions. Because of their many advantages and the ability to solve the problems faced around the globe, smart buildings are becoming more popular. These buildings improve the productivity of occupants by improving lighting, temperature, security, sanitation, as well as reducing overheads and environmental impacts compared with non-connected ones. These buildings are likely to be a major contributor in meeting climate change targets. Smart buildings are increasing in popularity worldwide. They include smart healthcare facilities and office buildings as well as smart gyms, sports stadiums, medical centers, schools, universities, hospitals, fitness clubs, and other buildings. Smart buildings harness their intelligence to gather data which can be used for action from user devices, on-premise sensors and other systems. The application of that data through machine learning and artificial intelligence (ML/AI) makes such buildings programmable and duly responsive to their users’ needs as also that of their managers. Secure the network by using network intelligence.
Given the COVID-19 crises, it is expected that the market worldwide for Smart Buildings, currently valued at US$63Billion, by 2020 will have a revised value of US$111.5 billion. This represents a 10.2% annual growth rate over the study period. One of the segments that was analyzed is Solutions. It will grow at a 9.4% annual rate to reach US$69.7 Billions by the close of the analysis period. Following a detailed analysis of the economic consequences of the pandemic, the growth rate in the Services sector has been adjusted to an 11.4% CAGR over the following 7 years. The segment accounts for 40.8% of global Smart Buildings market. The idea of smart buildings is garnering considerable attention in the wake on COVID-19 pandemic that has redirected the focus and accelerated endeavors towards energy efficiency, health & wellbeing, connectivity and sustainability. This scenario will see an increasing need for remote monitoring, preventative maintenance and high-use spaces.
U.S. Market Value Estimated to Be $20.5 Billion In 2021. China Forecast to Reach $17 Billillion By 2026In 2021, the US Smart Buildings market is expected to reach US$20.5 Billion. China currently holds a share of 30.33% in the global smart building market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$17 Billion in the year 2026 trailing a CAGR of 12.4% through the analysis period. Canada and Japan are two other notable geographic markets that will grow at 9.3% and 8% respectively during the analysis period. Germany, which is part of Europe’s largest market, will see a 9.6% annual growth rate. The rest of Europe (as it was defined in the study), will witness yearly increases of approximately US$8.6 trillion by the conclusion of the analysis period. Continue reading
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