Smart buildings use smart technology to control lighting, heating and air conditioning, ventilation, elevators, security and other building management systems. Using technologies such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT) and Power over Ethernet (PoE) to connect buildings, transport and infrastructure, smart buildings create ecosystems that can optimize efficiency, use more renewable energy, minimize energy waste and slash carbon emissions. Smart buildings are integrated or retrofitted with internet-enabled, inter-connected appliances and devices whose systems can be automated and self-regulated. While demand for smart buildings slowed down during the global Covid-19 pandemic, the reopening of commercial buildings for in-office work will boost demand for smart buildings that can provide a safer environment.
In the U.S., the market reached $20.5 billion in 2021, representing the largest share (30.3%) in the global market, according to Reportlinker. Another report, published by ReportLinker, shows the market reaching $111.5 billion by 2026, growing at a CAGR of 10.2% during that period. The global smart building market is projected to expand from $80.62 billion in 2022 to $328.62 billion by 2029, growing at a compound annual growth rate (CAGR) of 22.2%, according to a report by Fortune Business Insights. Given what they are and what they can do for humans, it’s no wonder that they’re attracting a great deal of attention in the commercial construction world. Smart buildings are getting smarter and trendier.
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