Asia-Pacific Smart Building Market to Reach USD 2.56 Trillion by 2031 | Top Players such- ABB Ltd, Bosch GmbH
Increase in smart cities initiatives across the Asia-Pacific is anticipated for the expansion of the market during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATE, April 17, 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 scenario, 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.
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Surge in demand for energy-efficient solutions in building construction serves as a potential opportunity for the expansion of the Asia-Pacific smart building market. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the Asia-Pacific smart building market. Based on country, China held the largest share in 2021, contributing to nearly one-third of the Asia-Pacific smart building market share.
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.
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The research provides detailed segmentation of the Asia-Pacific smart building market based on component, solution type, building type, and country. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on component, 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.
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.
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.
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Based on country, China held the largest share in 2021, contributing to nearly one-third of the Asia-Pacific smart building market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the India region is expected to manifest the fastest CAGR of 22.3% during the forecast period.
Leading market players of the Asia-Pacific smart building market analyzed in the research include ABB Ltd Bosch GmbH Cisco Systems, Inc. Hitachi Ltd. Honeywell International Ltd. Huawei Technologies Co. Ltd IBM Corporation Intel Corporation Schneider Electric Siemens.
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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