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In accordance with the scheme, buildings are given a traffic-light code that resembles their environmental-friendliness.

In addition to the Smart Nation initiative, the Singapore government has also launched a Green Mark Scheme.

As building contributes to the major energy consumption and investment, developing connected building is an initial step toward smart city projects.

Governments across the world invest in smart city projects with advanced infrastructure, cleaner transportation, intelligent buildings, and other smart technology considering the urbanization trend. This factor would surge the demand for buildings and spaces for sustaining livelihood and work requirements. For instance, as per a high-level Expert Forum 2019 report, 70% of the world population is expected to shift in urban areas by 2050. Rapid urbanization is expected to accelerate the global smart building market growth in the forthcoming years. Increasing Smart City Projects to Surge Market Opportunities

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Request a Free sample to learn more about this report. Thus, the demand for advanced infrastructure is expected to witness exponential growth post-pandemic in the long term. The pandemic has surged intelligent building solution opportunities to help cut the spread of airborne diseases. As intelligent technology interacts with systems and people, it can offer real-time data. This factor is expected to fuel the demand for smart building solutions.įurther, smart technology can be helpful in future to track employee movement for limiting the spread of infections. Thus, they are expected to utilize smart technologies in managing regular cleaning and sanitization, proper office ventilation, smart entry control, temperature measuring devices, and space optimization for physical distancing. The commercial building facility managers and the corporate tenants need to offer a safe office environment post lockdown. The reopening of commercial buildings post-pandemic for in-office work is expected to boost the demand for smart technologies for a safe environment. Surge in Demand for Safe and Healthy Workplace to Fuel Market Development

In September 2019, Coretrust Capital Partners implemented 5G from Connectivity Wireless Solutions to enhance the building's efficiency to convert the Los Angeles tower into a smart and connected building.

In December 2021, the National University of Singapore (NUS) Department of the Built Environment introduced a new research center to promote the adoption of 5G technologies, accelerate 5G training in smart facilities management, and boost the digital capability of Singapore’s construction industry,.

Furthermore, the emergence of 5G technology and rise in smart city projects are expected to create lucrative opportunities for the growth of the smart building industry. The market gains traction as these buildings offer capabilities to lower operational costs, tenant management, security management, and building performance management. Smart buildings contain a sophisticated control system that controls building operations, such as ventilation, air conditioning, heating, lighting, and other systems, consisting of sensors, actuators, and microchips. Based on our analysis, the global market exhibited a decline of 17.4% in 2020 compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with smart building experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The market is projected to grow from USD 80.62 billion in 2022 to USD 328.62 billion by 2029, exhibiting a CAGR of 22.2% during the forecast period.

The global smart building market was valued at USD 67.60 billion in 2021.

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