Report Says Smart Buildings Market Likely to Reach $78 Billion by 2030
According to Allied Market Research, the smart buildings market is expected to rise to $78.2 billion by 2030 due to increased industrialisation and the need to optimise energy use.
According to the report, the energy management segment has the largest share of the smart buildings market, accounting for around one-third of the total market share based on application. Energy management, according to Allied Market Research, will continue to have a leading share of the market throughout the forecast period.
Based on end-use, the commercial segment contributed the most to the report's analysis. It accounted for more than two-fifths of energy-efficient and automated smart buildings in 2016 and is predicted to rise at a rate of 9.7% throughout the forecast year.
The report stated that the market is estimated to increase at a CAGR of 9.4% from 2021 to 2030. In 2020, it was valued at $32 billion.
Buildings consume a lot of energy and emit a lot of emissions, hence smart buildings are seen as a significant aspect of sustainable and energy transitions. They are intended to make buildings far more energy-efficient due to their ability to regulate everything from heating and cooling systems to lighting and the ability to integrate renewable energy sources.
Smart systems are becoming more efficient because of innovations like Schneider Electric's and Intel's collaboration to produce a distributed control node.
The US Department of Energy announced a $61 million programme last year to promote smart building deployment, estimating that grid-interactive efficient buildings can save up to $18 billion in annual power system expenditures and 80 million tonnes of carbon emissions.
According to a Juniper Research study published in 2022, more than 115 million buildings will be equipped with smart technologies by 2026, up from 45 million this year. According to the report, by 2026, 90 per cent of smart buildings will be non-residential.
North America held the largest regional share of the smart buildings market in 2020, accounting for more than one-third of the total. By 2030, the region is predicted to continue to lead the market, with a CAGR of almost 10%.
Cisco Systems, Leviton Manufacturing, Control4 Corporation, Siemens Building Technologies, Schneider Electric, Honeywell Scanning & Mobility, United Technologies, Emerson Electric, Smarthome, and LG Electronics are all major players in the smart building market.
Source: Environmental Leader