Smart Buildings Market Analysis | APAC to Dominate Market Growth through 2023-2027
Smart Buildings Market is estimated to grow by USD 46,123.2 Mn between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 9.73%. Stringent government regulations on energy consumption in buildings, the growing need for building automation to enhance business outcomes, and the increasing demand to conserve energy are some of the major determinants of market advancements.
Leading names such as ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, L and T Technology Services Ltd., Legrand North America LLC, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Snap One LLC, Softdel System Pte. Ltd., Verdigris Technologies Inc., Panasonic Holdings Corp., and International Business Machines Corp. are some of the major market participants.
Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking along with profiled analysis of the market players.
Snapshot of the Smart Buildings Market
APAC to Dominate Market Growth Worldwide
31% of the market’s growth will originate from APAC during the forecast period as APAC is a rapidly growing region in terms of smart buildings due to increasing commercialization and industrial development activities in growing economies countries such as India, China, Taiwan, South Korea, Singapore, and Australia.
Increasing awareness regarding smart solutions among end-users and respective governments' efforts to curb emissions and save energy are the major growth drivers for the market in focus in APAC.
Moreover, rapid urbanization in emerging economies in APAC has resulted in the exponential growth of the regional construction sector.
Technavio's report offers an up-to-date analysis of the current global market scenario, the latest trends and drivers, and the overall market environment with an accurate prediction of the contribution of all the geographic segments to the growth of the smart buildings market size. Buy our best-selling sample report for more insights on the market landscape segment-wise.
Smart Buildings Market Highlights of the Report for 2023-2027
