Asia-Pacific Smart Building Market Growth Insights, Size, Share, Trends and Forecast by 2030
Integration of AI in smart buildings and an increase in smart city initiatives across the Asia-Pacific region are expected to foster the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, October 10, 2022 /EINPresswire.com/ — The surge in the need for energy-efficient infrastructure, compatible standards and regulations for buildings smart buildings, and the increase in adoption of IoT-enabled building management systems propel the growth of the APAC smart building market.
On the other hand, high initial investment and complicated interoperability hamper the Asia-Pacific smart building market growth. On the contrary, the integration of artificial intelligence in smart buildings and the rise in smart city campaigns across the Asia-Pacific will create several market opportunities.
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The COVID-19 outbreak has a high impact on the growth of the smart building market as various commercial and residential smart building projects are halted due to the rising number of COVID-19 patients in the Asia-Pacific. In addition, various key players in the market are introducing different solutions to reduce the impact of the pandemic situation and to increase their Asia-Pacific smart building market share.
The Asia-Pacific smart building market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a downfall in 2020.
The report segments the Asia-Pacific smart building market on the basis of component, building type, solution type, and country.
Based on the component, the solution segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the services segment is estimated to witness the fastest CAGR of 17.6% from 2021 to 2030.
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Based on the solution type, the security & emergency management segment contributed to the highest market share in 2020, contributing to more than one-third of the total market share. On the other hand, the energy management segment is expected to manifest the fastest CAGR of 19.1% from 2021-2030.
Based on country, China contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, India is expected to portray the fastest CAGR of 22.3% during the forecast period.
This report gives an in-depth profile of some key market players in the Asia-Pacific smart building market are ABB Ltd., BOSCH, Cisco Systems, Inc., Hitachi Ltd, Honeywell International Ltd, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Schneider Electric S.E., and Siemens AG. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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Key Findings Of The Study:
• By component, the solution segment dominated the Asia-Pacific smart building market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
• On the basis of solution type, the security & emergency management segment accounted for the highest revenue of market in 2020; however, the energy management segment is expected to witness the highest growth rate during the forecast period.
• Depending on building type, the commercial segment generated the highest revenue in 2020. However, the residential segment is expected to witness the highest growth rate in the near future.
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