- In May 2024, ABB Ltd. entered into a partnership with Powrmatic to deliver advanced electrical distribution solutions in Canada. This collaboration combines ABB’s cutting-edge electrical products with Powrmatic’s wide-reaching distribution network, aiming to meet the rising demand for reliable and efficient electrical systems in residential, commercial, and industrial sectors across the region
- In March 2023, Siemens Smart Infrastructure launched the Connect Box, an intuitive IoT solution designed for small- to medium-sized buildings. This new addition to the Siemens Xcelerator portfolio enables efficient monitoring of building performance, offering the potential to enhance energy efficiency by up to 30% and significantly improve indoor air quality in spaces such as schools, retail stores, and small offices
- In May 2023, Delta, a leader in power and thermal management, introduced a smart community hub powered by its IoT-based Smart Green Solutions. The "Intelligent Sustainable Connecting Hub" integrates an Operation Center with a multifunctional management platform, carbon emissions inventory, renewable power matching, and energy-efficient solutions, demonstrating how Delta’s technologies contribute to sustainable development across various sectors
- In September 2023, Johnson Controls formed a strategic partnership with BT to combine Johnson Controls' building automation and energy management expertise with BT's digital connectivity services. The aim of this partnership is to provide smart building solutions that improve energy efficiency, reduce carbon footprints, and support businesses in their transition to net zero carbon emissions
- In July 2023, Siemens partnered with Prodea Investments to develop smart and sustainable buildings in Greece. The collaboration focuses on integrating Siemens' advanced building technologies to improve energy efficiency, comfort, and connectivity in Prodea's real estate projects, setting new standards for sustainability and smart building solutions in the Greek market
Frequently Asked Questions
The market is segmented based on Segmentation, By Component (Solutions and Services), Solution (Building Infrastructure Management (BIM), Security and Emergency Management, Energy Management, Network Management, and Workforce Management), Service (Consulting, Integration and Deployment, and Support and Maintenance), Building Type (Residential, Commercial, and Industrial) – Industry Trends and Forecast to 2031
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The Global Smart Building Market size was valued at USD 106.29 USD Billion in 2023.
The Global Smart Building Market is projected to grow at a CAGR of 21% during the forecast period of 2024 to 2031.
The major players operating in the market include Honeywell International , Johnson Controls, Cisco System , Siemens, IBM, Schneider Electric, Intel Corporation, Huawei Technologies Co. , ABB, L&T Technology Services , 75F, Telit, Pointgrab , Logicladder, Spacewell International, PTC, Avnet , Softdel, Wirepath Home Systems LLC, HCL TECHNOLOGIES LIMITED .
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
