Asia-Pacific Smart Building Market Business Perspective, Opportunities and Key Players – ABB Ltd, Bosch Gmbh
Increasing demand for wireless technology in smart buildings is expected to drive the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, October 25, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the Asia-Pacific smart building market garnered $20.9 billion in 2021, and is estimated to generate $91.7 billion by 2031, manifesting a CAGR of 16.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
Smart building refers to a structure that uses automation to manage several aspects of its operation, including its infrastructure, heating, cooling, and security systems, as well as its lighting and other systems. Moreover, a smart building uses digital technology to make structures easier to maintain, more efficient, and safer for individuals. On the other hand, the rise in demand for wireless technology in smart buildings are driving the growth of the market. In addition, rising demand for energy-efficient solutions in building construction coupled with growing investments in smart building infrastructure is fueling the growth of the Asia-Pacific smart building market.
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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.
Depending on the component, the solution segment dominated the smart building market share in 2021 and is expected to continue this trend during the forecast period, owing to the increase in dependence on smart solutions due to rapidly growing digital penetration across the Asia-Pacific region. However, the services segment is expected to witness the highest growth in the upcoming years, owing to the increase in investments by the Asia-Pacific smart building market players and growing government initiatives to develop smart building services.
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Based on building type, the commercial segment accounted for the highest share in 2021, holding more than two-third of the Asia-Pacific smart building market, and is expected to continue its leadership status during the forecast period. However, the residential segment is estimated to grow at the highest CAGR of 19.4% during the forecast period.
By country, the smart building market was dominated by China in 2021 and is expected to retain its position during the forecast period, owing to the rapidly rising adoption of automation technologies to enhance their customer engagement, and government initiatives promoting digitization and smart city development aiding the growth of the smart building market. However, India is expected to witness significant growth during the forecast period, owing to consumer’s growing interest in developing solutions that lower operating costs means a higher growth rate over the country, which is expected to fuel the market growth in this country.
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.
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The Asia-Pacific smart building market is dominated by key players such as ABB Ltd, Bosch GmbH, Cisco Systems, Inc., Hitachi Ltd., Honeywell International Ltd., Huawei Technologies Co. Ltd, IBM Corporation, Intel Corporation, Schneider Electric, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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.
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