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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