Intel, Schneider Electric, Siemens, and IBM Spearhead Transformative Trends in Asia-Pacific Smart Building Landscape
An increase in smart city initiatives across the Asia-Pacific is anticipated to provide numerous opportunities for the expansion of the market during 2022-2031.
PORTLAND, PORTLAND, OR, UNITED STATES, November 28, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Smart Building Market by Component, Solution Type, and Building Type: Regional Opportunity Analysis and Industry Forecast, 2022–2031,” The Asia-Pacific smart building market size was valued at $20,985.34 million in 2021, and is projected to reach $91,748.12 million by 2031, growing at a CAGR of 16.1% from 2022 to 2031.
A smart building is a structure that utilizes automation to oversee various aspects of its functioning, such as infrastructure, heating, cooling, security systems, lighting, and more. Digital technology is employed to enhance the building’s maintenance, efficiency, and safety. The increasing demand for wireless technology in smart buildings is propelling market growth.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/14573
The Asia-Pacific smart building market is witnessing expansion due to a surge in demand for energy-efficient solutions in construction and significant investments in smart building infrastructure. However, challenges like data privacy concerns, higher installation costs, and infrastructure requirements are limiting market growth. On the positive side, the integration of advanced technologies in smart buildings and the rise of smart cities initiatives in the Asia-Pacific region offer substantial opportunities for market expansion in the forecast period.
Key players like ABB Ltd, Bosch GmbH, Cisco Systems, Inc., Hitachi Ltd., Honeywell International Ltd., Huawei Technologies Co. Ltd, IBM Corporation, Intel Corporation, Schneider Electric, and Siemens hold a dominant position in the Asia-Pacific smart building market. These industry leaders have implemented diverse strategies to enhance their market presence and fortify their standing in the sector.
The report provides a detailed analysis of these key players of the Asia-Pacific smart building market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/14573
Covid-19 Scenario:
• The outbreak of the COVID-19 pandemic had a negative impact on the growth of the Asia-Pacific smart building market, as various commercial and residential smart buildings projects were halted due to rising number of COVID-19 patient in the Asia-Pacific.
• The implementation of global lockdown and curfew practices globally hampered the growth of the overall market.
• Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
• By the third quarter of 2022, the Asia-Pacific smart building market has recovered its losses and turned a profit.
In 2021, the smart building market share was predominantly led by the solution segment, a trend expected to persist due to heightened reliance on smart solutions fueled by increasing digital penetration across the Asia-Pacific region. Nevertheless, the services segment is projected to experience the highest growth in the coming years. This surge is attributed to heightened investments by market players in the Asia-Pacific region and governmental initiatives aimed at advancing smart building services.
Based on components, the solution segment held the highest share in 2021, accounting for around two-thirds of the Asia-Pacific smart building market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is expected to register the highest CAGR of 17.0% from 2022 to 2031.
Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/14573
Based on solution type, the security and emergency management segment accounted for the highest share in 2021, contributing to more than one-fifths of the Asia-Pacific smart building market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the energy management segment is expected to manifest the highest CAGR of 18.2% from 2022 to 2031.
China held a dominant position in the smart building market in 2021 and is anticipated to maintain this standing throughout the forecast period. This is driven by the rapid adoption of automation technologies for enhanced customer engagement, coupled with government initiatives promoting digitization and smart city development. Notably, India is poised for significant growth, fueled by the rising interest of consumers in cost-effective solutions, indicating a higher growth rate for the country and contributing to overall market expansion.
The COVID-19 outbreak has significantly impacted the Asia-Pacific smart building market, leading to the suspension of various commercial and residential smart building projects due to the escalating number of COVID-19 cases. Despite these challenges, key market players are actively introducing diverse solutions to mitigate the pandemic’s impact and bolster their market share. While the smart building market in the Asia-Pacific region has witnessed substantial growth in recent years, the onset of the COVID-19 pandemic resulted in a temporary decline in 2020. Lockdown measures imposed by governments and the closure of businesses and institutions contributed to this decline. However, the market is poised for recovery, supported by the shift of several IT companies from traditional buildings to smart buildings, thereby promoting market expansion even in the midst of a pandemic.
Buy this Report at: https://www.alliedmarketresearch.com/asia-pacific-smart-building-market/purchase-options
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Allied Market Research
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
