Research finds that the adoption of technological advancements in the construction industry will be the primary factor driving the smart buildings market up
Smart Buildings Market to Grow at 11.2% CAGR. Image source: shutterstock.com
The “Smart Buildings Market 2022-2028” report by ResearchAndMarkets.com predicts that the global smart buildings market will grow at a substantial CAGR of 11.2% during the forecast period.
Mainly, the growth will be stimulated by the tech innovations in the construction industry, which enable efficient and economical use of resources. In addition, energy management is expected to emerge as a growing sector in the smart buildings market. Today we are witnessing numerous initiatives to save energy and bring sustainable solutions to the market. Their number will increase over the 2022-2028 period to satisfy the public demand for environmental responsibility.
Smart buildings employ a wide range of technologies e.g. IoT sensors, Building Management Systems (BMS), AI, and augmented reality (AR) to govern and enhance their performance. These technologies constantly evolve, as developers of smart building solutions continuously innovate to remain competitive in the market.
Region-wise, Asia-Pacific countries are expected to show the most significant growth in the smart building market. The region is now seeing a rise in the adoption of advanced technology and increased investments in smart building projects. Leading world economies such as India, China and Japan are the major contributors to the growth of the smart buildings market in that region.
For example, in March 2020, Siemens Smart Infrastructure launched the smart building suite in India to expand employee productivity with digitalisation and interactive tools. Intelligent infrastructure enables separate building systems to work together and cross-share data to optimise building performance. Such integrated solutions can combine multiple networks into a single one, to reduce product costs, installation costs, and construction time.
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