Smart Buildings (Nonresidential Buildings) Global Market Report 2022
Dec 30, 2021
Report 2022" - https://www.reportlinker.com/p06193670/?utm_source=GNW
The global smart buildings (nonresidential buildings) market 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 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 market is expected to reach $69.45 billion in 2026 at a CAGR of 6.7%. The smart buildings (nonresidential buildings) market consists of sales of smart buildings (nonresidential buildings) and related services.Smart buildings have automated processes and increase operational efficiency of a non-residential, commercial as well as industrial buildings. The smart building (nonresidential buildings) involves 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. The main types of products in smart buildings (nonresidential buildings) are institutional buildings, and commercial buildings.Commercial buildings are structures, such as office buildings, retail space, and warehouses, where commercial activity takes place. The different types of automation include intelligent security system, building energy management system, infrastructure management system, network management system and are used in government, airports, hospitals, institutes manufacturing & industrial facilities, other applications. Asia Pacific is the largest region in the smart buildings (nonresidential buildings) market in 2021.South America is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The smart building (nonresidential) 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. The use of 5G technology is the latest trend in the smart building (nonresidential) market. 5G technology is the upcoming cellular technology that reduces the time it takes for devices over wireless network to communicate with each other. 5G implementation in smart buildings will considerably enhance the usage of wireless edge devices providing rich multimedia experiences. 5G will also improve the security check applications for a commercial building. For smart hospital buildings, the use of 5G is estimated to improve the wayfinding that will enable smart wheelchairs and beds to move immobile patients. Following the trend in 2019, Ericsson, a Sweden-based networking and telecommunications company, announced an investment of $100 million to develop a smart factory in Texas implementing 5G technology by 2020. The factory is involved in the manufacturing of advanced antenna system radios to enable rapid 5G deployments. The use of 5G technology is expected to improve the connectivity in smart buildings thus, forming a trend that is witnessing a huge capital investment by the major players in the smart building (nonresidential) market. The risk of potential cyber-attack restricts the growth of the smart buildings (nonresidential) market.A smart building (nonresidential) uses a complex network of devices connected over internet that uses sensors and controllers used to control the elevators, ventilation systems, heating systems, lighting, water, video surveillance systems, alarms, and other critical functions. Thus, any security breach caused due to malicious cyber-attack affects the remote monitoring of temperature, system performance, and other variables of a smart building as a whole thus restraining the smart building (nonresidential) market.Any breach in cyber security of a smart office building may result in the exploitation of remote access privileges to gain access to the facility. For instance, the cyber attackers used false emails to gain access to the software network of German steel mill and eventually destroyed the production management software by destroying human machine interaction points, the blast furnace systems causing significant operational damage. Further, as reported by Kaspersky, in 2019, in Italy 48.5% of all smart buildings were affected by cyberattacks leading to the loss of control over the computers that control smart building automation systems. Thus, the growth of smart buildings (nonresidential) market is restricted by the risk of cyber causing operational damage. In March 2020, ABB Ltd., a Switzerland based technology company acquired Cylon Controls for an undisclosed amount. The acquisition will strengthen ABB Electrification’s presence in the smart commercial buildings market. Cylon Controls is an Ireland based company that manufactures and develops smart building components. The countries covered in the smart buildings (nonresidential buildings) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.