The Commercial Buildings Global Market Report 2023, provides comprehensive information on the commercial buildings market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global commercial buildings market size is expected to grow from $1,811.03 billion in 2022 to $1,889.78 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global commercial buildings market size is expected to reach $2,126.93 billion in 2027 at a CAGR of 3.0%.
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Technological advancements are a key trend gaining popularity in the commercial building market. Major companies operating in the commercial building market are focused on developing new technological solutions to strengthen their position. For instance, in October 2020, BrainBox AI, a Canada-based autonomous building technology company launched a ground-breaking AI-powered solution in the UK and Irish commercial real estate markets. BrainBox AI is presently deploying its technology in 10 buildings totalling over 1,000,000 square feet of commercial space between the two countries. BrainBox AI’s technology enables the HVAC (Heating, Ventilation, and Air Conditioning) system in a building to run independently, in real-time, by utilizing artificial intelligence (AI) to estimate a building’s thermal load. This results in a decrease in the carbon footprint of 20–40%, a 25% reduction in overall energy expenses that can be achieved in under three months, and an increase in occupant comfort of 60%. Also, building managers should expect a 50% reduction in operating and maintenance expenses for the HVAC system.
The commercial buildings market is segmented:
1) By Product: New Construction, Repair And Maintenance, Refurbishment And Demolition
2) By Application: Owned, Rental
3) By End User: Offices, Retail, Leisure, Other End Users
Asia-Pacific was the largest region in the commercial buildings market in 2022.
The table of contents in TBRC’s commercial buildings market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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