By: admin

The Smart Building Market is growing, and it’s growing fast. According to Fortune Business Insights 2022, the Smart Building Market came in at around $67.8 billion in 2021 and is forecasted to reach as high as $328 billion in 2029.

Earlier this May, Power Design’s VP of Systems Technologies, Trent Morano, sat down with Igor’s SVP of Business Development, Jim Oldham, to discuss changes and trends in Smart Buildings, their integrated systems, technology, and automation. Smart Buildings are all about using technology efficiently and economically to create a safe and comfortable environment for occupants, whether that be through building or smart space automation.

During this webinar, Trent elaborates on these topics and highlights five top trends currently seen in the industry:

 

1. Net Zero and Regulatory Changes

“I don’t think a specific product is the trick here. It’s about understanding the type of leadership action that you can take to impact the race to net zero.”

Around 36% of carbon emissions come from buildings. Regulations are increasing as we race towards net zero, and customers want – or in some cases need – buildings that utilize clean energy and give visibility into their building’s carbon footprint. With sustainability being a top priority for many, and with regulations rapidly increasing, it’s critical to work with partners who are monitoring future legislative trends in the industry.

 

2. Increasing Energy Consumption and Costs

“It’s no secret that there are growing energy concerns. Buildings are utilizing approximately 50% of water and energy, and the electrical grid is overaged. Now more than ever, there is even more demand for cleaner energy solutions.”

With increasing energy consumption and costs, an opportunity to implement advanced technologies and systems that create clean, optimized, automated energy – as well as technology that measures energy consumption  – is essential to controlling costs.

 

3. Cyber Security Threats

“We are looking at all control systems: HVAC, elevator, lighting… any avenue someone could potentially use to get into that system from the outside.”

Heightened even further due to the current geopolitical state of the world, cyber security threats are top of mind in the market. With an estimated four in ten connected buildings being at risk for a cyberattack, elevating security posture and employee training are necessities in defending against cyber security threats.

 

4. Changes to Workforce – Hybrid Work

“The home is now an extension of the office. There is a completely different offering on the residential side from the OEMs than on the commercial side. They have different product types and different manufacturers.”

It comes as no surprise that one of the biggest changes in the market comes from the Pandemic’s effect on the workforce. Since the onset of COVID-19, remote and hybrid work has become common for companies across the globe, leaving many unanswered questions about the market for Smart Buildings. Now, as workers return to the office or shift to permanent hybrid roles, buildings have new technology requirements to support and manage commercial and residential demands.


5. Advancement in IoT and PoE solutions

“Clients are looking for fewer systems to manage. They are looking for some form of a centralized platform.”

Over 67% of firms either have IoT platforms or are in the planning stages for investment. It’s critical to monitor the rapid evolution of technology and work with partners who actively evaluate platforms and capabilities in this space.

 

Learn more by watching the full webinar below!