The Grand View Research has projected that global smart building market will reach a substantial value of USD 570.02 billion by 2030, exhibiting a remarkable compound annual growth rate (CAGR) of 26.8 percent from 2023 to 2030. The report highlights that governments worldwide are investing substantially in smart city initiatives, driving smart building adoption across various regions. Authorities are expected to be pivotal in promoting innovative solutions that facilitate adaptive regulations, foster disruptive entries and safeguard public and city interests.
One noteworthy example is the Energy Conservation Building Code (ECBC) established by the Indian government. This code sets minimum energy performance requirements for structures, encompassing aspects such as the building exterior and heating, cooling and air-conditioning systems. Such initiatives contribute to advancing smart buildings and their integration into sustainable city development plans.
The building infrastructure management segment is predicted to experience a commendable CAGR of 25.2 percent during the forecast period. The robust growth in smart building infrastructure services drives implementation of automated solutions, advanced telecommunication networks, data centres and other cutting-edge infrastructural advancements. Additionally, the consulting segment is projected to witness a notable CAGR of 28.7 percent during the same period. Integration and coordination of operational and structural systems within organisations yield significant financial impacts in smart building projects.
Smart building consultants are crucial in identifying and categorising the data gathered, exchanged and utilised for future systems. They comprehensively describe how data can benefit subsequent systems by grouping these integrations into use cases. Furthermore, smart building consultants assume a management role during construction, ensuring compliance with established requirements.
The industrial segment is anticipated to demonstrate significant growth, with a CAGR of 25.7 percent throughout the forecast period. Smart industries are designed to continually collect data and analyse system issues, enabling businesses to make informed decisions. By adopting smart building solutions, organisations gain access to real-time information on operational costs, leading to enhanced efficiency and informed decision-making.
The smart building market in the Asia Pacific region is poised to reach USD 166.45 billion by 2030. The increasing focus of consumers on transforming existing buildings into smart buildings is a major driver of growth in the region.
For instance, in January 2022, Singtel, a prominent telecommunication company, announced a collaboration with Lendlease, a leading real estate group, to convert its Comcentre headquarters in Singapore into a smart building. This ambitious project involves a significant investment of USD 2.21 billion and reflects the region’s commitment to embracing smart technologies.
