Europe Smart Building Market to Exhibit 19.7% CAGR from 2023 to 2030; Schneider Electric Establishes New Smart Factory in Hungary to Strengthen Industry Footing

The Europe smart building market size stood at USD 4.40 billion in 2022. The market value is slated to rise from USD 5.27 billion in 2023 to USD 18.59 billion by 2030 at a CAGR of 19.7% during 2023-2030. The expansion is driven by the growing smart security devices demand in the region and an increase in theft in residential or commercial properties. Other factors propelling industry growth are the escalating trend of the IoT and surging privacy and security concerns.

Fortune Business Insights™ presents this information in its report titled “Europe Smart Building Market Size, Share & COVID-19 Impact Analysis, By Solution (Security System, Safety System, and Others), By Application (Residential and Commercial), and Europe Forecast, 2023-2030”.

Rising Demand for Access Control Doors Propelled Industry Expansion amid Coronavirus Pandemic

The pandemic period registered a surging demand for intuitive and smart systems. Besides, the region recorded an increasing demand for touch-less buttons and voice-activated technology. This propelled market expansion to a considerable extent. However, there was a slight impact on the Europe smart building market share owing to disrupted manufacturing, constraints of supply chain, and economic uncertainty.

Schneider Electric Shares Plans to Invest in a New Hungary-based Smart Factory

In March 2023, Schneider Electric shared plans to invest in a new smart factory in Dunavesce, Hungary. With a headcount of 500 employees, the 25,000 m² EUR 40 million (USD 4.28 million) site is the 36^th smart factory in Europe.

According to Schneider Electric, the region is significant for the company. It also stated that the smart factory constituted a significant example of how Schneider bolsters its capacity for meeting the rising product demand through the energy transition.

Growing Number of Smart City Projects to Propel Industry Expansion in Europe

One of the pivotal factors propelling the Europe smart building market growth is the increasing number of smart city projects in European countries such as Spain, Italy, France, Germany, the U.K., and the Netherlands. Besides, the market expansion is being driven by rising investments from the financial infrastructure in Europe. For instance, the support from the EIB (European Investment Bank) helped in accelerating smart city developments across Europe.

However, the industry expansion may be hampered by the high prices of smart door locks and technical issues associated with them. This comes as any technical issue could cause a door to fail, malfunction, or cause other security risks.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/europe-smart-building-market-105128

Pivotal Players Enter into Collaborations to Expand Product Reach

Major companies are focused on adopting a range of strategic initiatives for the expansion of product reach and increasing their geographical footprint. These include merger agreements, acquisitions, and the launch of new products. Additional factors favoring industry expansion include an upsurge in partnership agreements, collaborations, and the formation of alliances.

Key Players Profiled:

• Novoferm GmbH (Germany)
• Bosch GmbH (Germany)
• GEZE GmbH (Germany)
• Johnson Controls (Ireland)
• Hormann (Germany)
• Schüco International (Germany)
• ZKTeco Europe, S.L. (Spain)
• Dormakaba (Switzerland)
• SALTO (Spain)
• SimonsVoss (Germany)
• Schneider Electric (France)
• ABB (Switzerland)
• Honeywell International Inc. (U.S.)

Notable Industry Development

• March 2023 – ABB launched a new solution dubbed ABB Ability Building Analyzer. The solution provides actionable insights that can provide cost reductions, enhanced energy efficiency, and escalated time savings and comfort.

Further Report Findings

• On the basis of geography, the market has been analyzed across the U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, and the rest of Europe.
• The Germany market share is touted to dominate the market, growing at an appreciable CAGR over the forecast period. The industry expansion is driven by increasing investments in digital technology by German businesses for the development of home-grown platforms.
• The France market is anticipated to depict substantial expansion over the study period. The rise is impelled by the increasing deployment of smart solutions.
• The Irish and Denmark markets are considered slow in the adoption of connected smart building solutions in comparison to other countries in Western Europe.
• Based on solution, the market is fragmented into security system, safety system, and others. The security system segment is expected to register considerable growth over the estimated period. The expansion is on account of the growing penetration of smart solutions in the region.
• On the basis of application, the Europe market for smart building is categorized into residential and commercial. The commercial segment is estimated to record commendable growth over the forecast period. The upsurge is impelled by the soaring adoption of safety solutions in the hotel, retail, and healthcare sectors.

 Table of Segmentation