Pune, India, April 30, 2021 (GLOBE NEWSWIRE) -- The Europe smart building market size is expected to grow from USD 3.59 billion in 2021 to reach USD 11.20 billion by 2028, exhibiting a CAGR of 17.6% during the forecast period. The rising trend for the internet of things (IoT) coupled with high security and privacy concerns will boost the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Europe Smart Building Market, 2021-2028.” The market size stood at USD 3.08 billion in 2020.
COVID-19 Impact:
Shrunk Hospitality Industry to Thwart Smart Building’s Demand amid COVID-19
COVID-19 outbreak has severely affected the hospitality and tourism industry. The restriction imposed by the governments on travel and tourism has negatively impacted the global market. However, the no-touch policy and hygiene norms will spur demand for automatic doors in European countries, thus aiding the market growth. Moreover, the construction of commercial buildings for co-working spaces, hotels, multi-tenant housing, retail, gyms, and others can enhance the market's development. Also, the growing collaborations and partnerships among major companies will uplift Europe smart building market share. For instance, SALTO Systems collaborated with BioCote, an antimicrobial technology provider, to integrate antimicrobial silver ion technology in its locker locks, electronic cylinders, smart electronic lock range.
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Market Segments:
Based on the solution, the market is categorized into security systems, safety systems, others (fire door control systems, others parts, and accessories). The security system is further divided into access control systems and smart door locks. The smart door look is further segmented into biometric door locks, electric strike door locks, smart card door locks, others (keypad door lock, etc.).
The security system held the largest share in 2020 due to its smart solutions with remote access. The increasing demand for access control systems and smart door locks in residential as well as commercial sectors will aid the segment’s growth.
Based on application, the market is categorized into residential and commercial. The commercial segment is further sub-segmented into hotels, healthcare, retails, and others (commercial buildings, airports, etc.).
Based on countries, the Europe smart building market involves the United Kingdom, Germany, France, Italy, Denmark, and the Rest of Europe.
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The report on this market uncovers:
- Important insights into the industry
- Vital data about companies
- Factors exhibiting market growth
- Comprehensive study about countries
- COVID-19 impact on the market
- Prime developments
Driving Factor:
Rising Acceptance of Access Control Solutions in Lodging Sector to Accelerate Business
The increasing implementation of access control systems for convenience, security, safety, and comfort of guests during their stays will foster healthy growth of the market. The increasing popularity of radio-frequency identification (RFID) and near-field communication (NFC) cards in Europe will bode well for the market. Moreover, keypad door locks, biometric door locks, electric strike door locks are emerging in the Europe smart building industry. Furthermore, the increasing application of access control technology in the hospitality industry to cut costs and streamline operations will influence the healthy growth of this European market. The advancement in secure access control systems to offer customized user experiences for guests will improve the market prospects in the forthcoming years. However, the technical issues associated with smart locks and access control systems can dampen the market's growth in the foreseeable future.
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Germany to Dominate the Market
Germany is expected to hold the lion’s share during the forecast period due to smart buildings' popularity, including building automation, smart locks, and access control systems. The heavy investments in digital technologies by German companies will stimulate the European market. The UK has massive potential owing to the deployment of smart building solutions in commercial and residential sectors. France is expected to experience a substantial growth rate due to the adoption of smart solutions such as access control, smart door lock, safety systems. The government support for smart building solutions will spur lucrative opportunities for the market in the foreseeable future.
Competitive Landscape:
Acquisition of Companies to Consolidate their Market Position
The market companies are focused on collaborations and acquisitions to reinforce their position in the global market. For instance, in October 2020, SALTO Systems announced that it had acquired GANTNER Electronic Austria Holding GmbH to strengthen its access control solutions portfolio and allow SALTO’s customers to offer their employees and guests a hassle-free experience.
Key Development:
December 2020: GEZE, an innovation and building services engineering company, launched ActiveStop door damper to help owners and tenants easily retrofit themselves. It is a high-quality solution that is alternative to standard door stoppers. It ensures that the opened door does not accidentally crash or slam into walls and furniture.
The Report Lists the Key Companies in the Market:
- Novoferm GmbH (North Rhine-Westphalia, Germany)
- Bosch GmbH (Gerlingen, Germany)
- GEZE GmbH (Leonberg, Germany)
- Johnson Controls (Cork, Ireland)
- Hormann (Steinhagen, Germany)
- Schüco International (Bielefeld, Germany)
- ZKTeco Europe, S.L. (Madrid, Spain)
- Dormakaba (Rümlang, Switzerland)
- SALTO (Oiartzun, Spain)
- SimonsVoss (Unterföhring, Bayern, Germany)
- Schneider Electric (Rueil-Malmaison, France)
- ABB (Zürich, Switzerland)
- Honeywell International Inc. (North Carolina, United States)
- Thales Group (La Défense, France)
- Hitachi, Ltd. (Tokyo, Japan)
- Assa Abloy AB (Stockholm, Sweden)
- Nuki (Austria)
- Samsung Electronics (Suwon-si, South Korea)
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Table Of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Europe Smart Building Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Overview
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