International. The number of buildings implementing smart building technologies worldwide will reach 115 million in 2026, up from 45 million in 2022, a study by analyst Juniper Research has revealed.
This growth of more than 150% reflects the growing demand for energy efficiency from businesses and residents alike, as energy costs rise.
Juniper Research, which specializes in identifying and evaluating high-growth market sectors, published the prediction in its new research report. Smart Buildings: Key Opportunities, Competitor Leaderboard & Market Forecasts 2022-2026 provides a detailed analysis of the evolution of the smart building market.
Juniper Research defines a smart building as a building that uses connectivity to enable the economical use of resources. It does this while creating a safe and comfortable environment for occupants.
The research found that by allowing buildings to monitor and automate common functions, significant efficiency gains can be achieved.
The report recommends that vendors focus on building analytics platforms to get the most value from deployments.
Non-residential smart buildings are projected to account for 90% of smart building spending globally by 2026; at a level similar to that of 2022. This is due to the greater economies of scale in commercial premises that drive this spending, as well as the commercial approach of most smart building technologies.
Co-author of the research, Dawnetta Grant, explained in a statement: "Smart building platform providers will understandably focus on non-residential use cases as they provide a higher return on investment, but should not neglect the importance of residential deployments as environmental concerns intensify."
Global shipments of sensors used in smart buildings will exceed one billion annually in 2026 from 360 million in 2022; a growth of 204%.
Sensors, when combined with intelligent management platforms, allow smart buildings to adapt to conditions. Elements such as lighting, heating and ventilation are thus adapted to the needs of life.
The report recommends that smart building vendors partner with AI vendors to maximize the benefits of automation, including reduced energy costs and improved work environments.