Shaping tomorrow's skylines: The ascending trajectory of the smart building market

14 Aug 2023

In the realm of urban evolution, the global smart building market is poised for an extraordinary ascent, projected to swell to a substantial $570.02bn by 2030. Anchoring this meteoric growth is an impressive compound annual growth rate (CAGR) of 26.8%, spanning from 2023 to 2030. These figures not only signify financial promise but also herald a paradigm shift towards intelligent infrastructures.

Source: 123RF

This is according to a ResearchandMarkets.com report on the smart building market that provides insights into the industry’s trends, projections, as well as the impact on urban development.

With this goal in mind, governments spanning the globe are catalysing this transformation through substantial investments in smart city initiatives. This substantial impetus is propelling the widespread embrace of smart buildings across diverse regions.

At the forefront of this surge are governing bodies, emerging as potent advocates for cutting-edge solutions that foster adaptable regulations and pave the way for revolutionary innovations. Their role assumes pivotal significance, protecting the interests of both the populace and the urban landscape.

A prime illustration of this visionary approach is embodied by the Energy Conservation Building Code (ECBC), an innovation birthed by the Indian government. This groundbreaking initiative has laid down stringent benchmarks for energy performance in structures, enveloping aspects ranging from building facades to heating, cooling, and air-conditioning systems. Through this initiative, a trajectory towards sustainable, energy-efficient edifices aligns seamlessly with global imperatives.

To read more on the opportunities and challenges inherent in smart buildings, access the report here.