Innovative products and solutions that can optimize energy consumption likely to drive major growth

According to a research report titled ‘Global Smart Buildings Market: Analysis By Building Type (Residential, Commercial), By Application, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’ published by Azoth Analytics in June 2020, the Global Smart Buildings Market was valued at USD 43.8 billion in the year 2019. The smart building market is characterized by the presence of many large players and mainly driven by the addition of modern technologies and customizations to attract end-users. Companies are concentrating largely on offering innovative products and solutions that can optimize energy consumption and serve a high degree of automation in buildings, which is propelling the market value. Additionally, technological advances have a crucial role to play at the design and construction phase for new buildings, as well as in retrofitting existing stock, which will propel the market growth.

Americas region holds the major Smart Buildings market share of around 49.06% in 2019. The region has witnessed the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence.

The outbreak of the COVID-19 coronavirus in central China and then in the rest of the world has been the most significant headline in 2020. On the economic side, the impact of the coronavirus has already been extensive worldwide. Many countries have been put under strict lockdown to contain the spread of the virus, leading to a total halt to major industrial production chains, travel bans, and supply-chain disruption, along with deteriorating financial conditions and falling commodity prices.

The commercial building segment is experiencing significant growth owing to the increasing need for energy-efficient solutions for reducing energy consumption without compromising comfort and security. Healthcare buildings, especially hospitals, are leaders in incorporating smart systems into properties. Big technology companies, banks and car firms have also followed.

The energy management allowed by new technologies helps in reducing the utilization of electricity consumption at intervals households and building facilities. Thus, smart buildings market for building energy management is expected to lead the market share in comparison to other segments during forecast period.

Moreover, the demand for intelligent building is on an increase since the past few years due to constant increase in awareness about energy conservation throughout the world. Moreover, the adoption of green building and ecofriendly infrastructure has led to the construction of smart and energy efficient buildings, which regulates the energy usage and effectively manages the energy consumption in building across all the sectors.

The Azoth Analytics research report titled Global Smart Buildings Market has analysed the Smart Buildings Market by building type (Residential, Commercial and Others), by Application (Building Energy Management, Infrastructure Management, Network & Communication, Intelligent Security System). The Global Smart Buildings Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Brazil, Germany, France, United Kingdom China, Japan, India) for the historical period of 2015-2019 and the forecast period of 2020-2025.