Smart Buildings (Nonresidential Buildings) Global Market Sees Growth Rate Of 8% Through 2022
12 Jan, 2022
The global nonresidential smart buildings market size is expected to grow from $49.54 billion in 2021 to $53.50 billion in 2022 at a compound annual growth rate (CAGR) of 8.0%. The growth in the smart buildings market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The nonresidential smart buildings market is expected to reach $69.45 billion in 2026 at a CAGR of 6.7%.
What is the Global Smart Buildings (Nonresidential Buildings) Market?
The smart buildings (nonresidential buildings) market consists of sales of nonresidential smart buildings and related services. Smart buildings have automated processes and increase operational efficiency of a non-residential, commercial as well as industrial buildings. Smart buildings (nonresidential) involve the use of sensors, actuators, microchips to automatically control the processes of the building such as heating, ventilation, air conditioning, lighting, security and other systems.
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What drives the Global Smart Buildings (Nonresidential Buildings) Market?
The nonresidential smart building market is driven by the increasing demand to automate tasks by using IoT (Internet of Things) devices. IoT involves sending and receiving data by a network of sensors, appliances, meters and other devices in a smart building. The IoT enabled sensors and devices are used to increase the efficiency of the appliances in a smart building making it more efficient, sustainable, safer such as a few IoT enabled sensors are capable of automatically turning the lights on sensing the presence in a room thus adding a distinctive attribute to the smart building. Thus, the increased adoption of IoT technology boosts growth of the smart building market. For instance, the installed base of connected devices in the commercial smart building vertical is expected to rise from 1.7 billion in 2020 to approximately 3 billion by 2025, indicating a 10.8% CAGR. Thus, the increased use of IoT devices in smart building increases the growth of smart building (nonresidential) market.
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Global Smart Buildings (Nonresidential Buildings) Market Segments
The global nonresidential smart buildings market is segmented:
By Automation Type: Intelligent Security System, Building Energy Management System, Infrastructure Management System, Network Management System
By Application: Government, Airports, Hospitals, Institutes Manufacturing & Industrial Facilities, Others
By Product Type: Institutional Buildings, Commercial Buildings
By Geography: The regions covered in the smart buildings (nonresidential buildings) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global smart buildings (nonresidential buildings) market.
Smart Buildings (Nonresidential Buildings) Global Market Report 2022provides market size and growth forecasts for the global nonresidential smart buildings market, global smart buildings (nonresidential buildings) market share, smart buildings (nonresidential buildings) market segments and geographies, smart buildings (nonresidential buildings) market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart buildings (nonresidential buildings) market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Smart Buildings (Nonresidential Buildings) Industry Playersinclude Johnson Controls, ABB Ltd., Siemens AG, Honeywell International Inc., Hitachi, IBM, Schneider Electric, Hewlett-Packard, TYCO International, Siemens, Legrand SA. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.