Europe smart building market is flourishing due to the development and increasing adoption of 5G technology across the region, massive urban redevelopment projects across European countries, particularly in Türkiye and Ukraine, rising investments in smart city projects, and a growing need for energy-efficient technologies.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe smart building market size at USD 4.15 billion in 2022. During the forecast period between 2023 and 2029, the Europe smart building market size is projected to grow at a robust CAGR of 16.65% reaching a value of USD 12.12 billion by 2029. The fast adoption of smart building techniques is majorly driven by the increasing demand for better building (and building premises) utilization as well as improved resource management in metropolitan areas. The desire for public safety and security is also driving growth the smart building market in Europe. It is expected that the increasing adoption of artificial intelligence (AI) in smart building technologies and the internet of things (IoT) would present significant growth opportunities for the market during the period in analysis.
Europe Smart Building Market – Overview
A smart building is a structure that uses IoT and automated technologies to control building functions, such as heating, ventilation, air conditioning, lighting, and security. A smart building uses sensors, actuators, and microchips to collect and manage data in response to an organization’s functions and services (or household). Building owners, operators, and facility managers can use smart infrastructure solutions to improve asset dependability and performance, reduce energy consumption, maximize space utilization, and reduce the environmental impact of buildings.
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Countrywide Urban Redevelopment & Recovery Projects in Türkiye and Ukraine
Major companies in Europe smart building market are expected to gain from significant opportunities provided by the massive infrastructure projects in earthquake-hit Türkiye and war-ravaged Ukraine.
On February 06, 2023, a 7.8-magnitude of earthquake hit Türkiye and Syria, killing tens and thousands of people and severely damaging infrastructure in cities and villages across its fault line. The President of Türkiye announced that the government would engage in a comprehensive construction program to rebuild cities with safety and sustainability. Analysts estimated that the urban redevelopment across Türkiye post the massive earthquakes would provide huge opportunities for the construction and related industries in total investment of more than USD 250 billion.
Russia’s war in Ukraine has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, Ukraine government, the European Commission, and the World Bank, along with their partners estimated the cost of Ukraine’s reconstruction and recovery would be about USD 350 billion. As the war continues, the cost is anticipated to escalate.
Redevelopment and recovery projects in Türkiye and Ukraine with heavy investments are expected to provide lucrative growth opportunities for construction and supplementary industries. It, in turn, is projected to aid the growth of Europe smart building market during the forecast period between 2023 and 2029 and beyond.
Europe Smart Building Market – By Building Type
Europe smart building market is divided into three segments based on end user: residential, commercial, and industrial. The commercial segment is expected to hold the highest market share in the Europe smart building market by building type. The stakeholders’ increasing focus on intelligent buildings to reduce operating costs is a major driver for the segment’s growth. Governments are closely examining commercial real estate to significantly increase investments and improve energy-saving building practices. Meanwhile, the residential segment is expected grow at the fastest rate during the forecast period. An increasing demand for smart home lighting, HVAC monitoring, smart door locking systems, and smart meters is expected to drive growth of the residential segment of Europe smart building market.
Competitive Landscape
Europe smart building market is fiercely competitive. Prominent players in the market include ABB Ltd., Cisco Systems Inc., Emerson Electric Co., Hitachi, Ltd., Honeywell International Inc., Johnson Controls, Legrand, Schneider Electric SE, Siemens, IBM Corporation, and Telit. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Europe Smart Building Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Smart Building Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Smart Building Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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