The global smart buildings market is forecast to grow from $3.6bn in 2017 to $10.2bn by 2026, according to a new study from Navigant Research.
The market research and benchmarking services firm’s Smart Buildings and Smart Cities report sets out to examine how smart cities’ agendas encourage smart buildings market growth and how smart buildings technologies contribute to smart city goals.
In major cities, buildings are responsible for approximately 30 per cent of global greenhouse gas emissions and 70 per cent of energy consumption. To better align with climate and sustainability goals, and to help improve public health and safety, smart cities are looking to smart building technologies to drive impactful changes in facilities management, the report states.
“There is a growing market opportunity at the intersection between the smart city concept and smart building technologies. Smart city agendas can encourage smart buildings market growth through regulations, incentive programmes, and creative initiatives like open data platforms,” said Christina Jung, research analyst at Navigant Research.
“Large volumes of data from benchmarking and reporting disclosure, as well as building management systems from public buildings, can be shared directly with the public, empowering city inhabitants with real-time information about their surroundings.”
According to the report, smart buildings can also become part of urban infrastructure to aid government operations and services by means of building security and motion sensors; remote shutdown of electrical equipment; temperature and humidity sensors for libraries and other sensitive environments; and building door and window sensors associated with alarm systems for security.
The study aims to provide an analysis of the market issues, including regional trends, case studies at the city level, and market drivers and barriers. Global market forecasts for revenue, segmented by region, user type (institution/assembly, education, and healthcare), and product type (advanced sensors, building data analytics, submeters, and connectivity hardware) extend through 2026.
Source: Smart Cities World
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