The homes and buildings industry is moving toward decarbonization and digitalization solutions, expecting $50.99 billion in revenue by 2028, says Frost & Sullivan
SAN ANTONIO, Sept. 27, 2022 /CNW/ -- Enterprise-level sustainability and decarbonization goals enable building owners to adopt digital solutions. Frost & Sullivan's recent analysis, Top 50 Start-ups Advancing Decarbonization and Digitalization in the Global Homes & Buildings Industry, finds that the need to address carbon emissions and energy savings encourages startups to invest in technologies and adopt new business models to strengthen their digital building portfolios. The homes and buildings industry's digital solution is expected to garner $50.99 billion in revenue by 2028 from $10.64 billion in 2021, registering exponential expansion at a compound annual growth rate (CAGR) of 25.1%.
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"Digital building solutions with Internet of Things (IoT), artificial intelligence (AI), and hybrid working models for the changing workplace are gaining momentum," said Anirudh Bhaskaran, Energy & Environment Industry Principal at Frost & Sullivan. "The trend has unlocked innovative business models, such as Digital Transformation Solution-as-a-Service and Air Quality-as-a-Service, and helped start-ups expedite growth."
Bhaskaran added: "Emerging and fast-growing companies are challenging established organizations with cutting-edge AI and IoT capabilities. These companies compete in machine health analysis, cloud-based remote services, digital twins, and heating, ventilation, and air conditioning (HVAC) optimization."
The increasing demand for digital solutions in the homes and buildings sector presents lucrative growth opportunities for market participants. To tap into the benefits of innovation in the homes and buildings industry:
Companies should look for investments and proposals in energy retrofit opportunities, implementing digital solutions in federal and residential buildings.
Market players offering healthy building services and lighting players offering human-centric and UV-C lighting can be ideal partners to develop a combined innovative building solution to improve occupant experience and well-being.
Building technology companies should increase investments in IoT and AI-and cloud-based technologies and applications, focusing on building energy and HVAC optimization, digital twins, and cloud-based remote services.
Top 50 Start-ups Advancing Decarbonization and Digitalization in the Global Homes & Buildings Industry is the latest addition to Frost & Sullivan's Energy & Environment research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Top 50 Start-ups Advancing Decarbonization and Digitalization in the Global Homes & Buildings Industry
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SOURCE Frost & Sullivan
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