Western European countries, especially Germany and the United Kingdom, have a high level of interest in smart space. In Western Europe, the demand for smart space is expected to witness a CAGR of 16.4% through 2034. The industry for Smart Space in Western Europe is projected to reach US$ 2,781.3 million in 2024 and US$ 12,713.9 million by 2034.
The rise of remote work has fueled the demand for smart workspaces, enabling enhanced productivity, collaboration, and communication. The future of telepresence is likely to be influenced by technologies such as virtual reality, augmented reality, and real-time communication.
The smart space of the future is projected to have the capability to better understand and adapt to the preferences of individuals. This is projected to include customized lighting and temperature settings, as well as recommendations for content in entertainment zones. Integrated public transit systems and autonomous vehicles is anticipated to be key components of smart cities as transportation systems continue to evolve. This is likely to result in reduced traffic congestion and improved urban mobility.
| Attributes | Details |
|---|---|
| Industry Size of Western Europe in 2024 | US$ 2,781.3 million |
| Expected Industry Size of Western Europe by 2034 | US$ 12,713.9 million |
| Forecasted CAGR between 2024 to 2034 | 16.4% |
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Energy management & optimization are projected to gain a 24.70% industry share in 2024. The use of technology and data-driven solutions improves energy efficiency, reduces consumption, and enhances overall sustainability in smart space, buildings, and environments. IoT and automation technologies drive the adoption of efficient and sustainable buildings and spaces.
| Western Europe Smart Space Industry Based on Application Type | Industry Share in 2024 |
|---|---|
| Energy Management & Optimization | 24.70% |
Solar and wind panels are common components of smart space. With energy management systems, renewable energy can be harnessed and balanced with grid power to ensure a sustainable energy mix. A battery energy storage system increases energy reliability and cost-effectiveness by having the ability to store energy during low-demand periods and release it when demand increases. Smart controls for LED lighting reduce energy consumption by adjusting to the conditions of occupancy and natural light, ensuring comfort and safety at the same time.
Based on the premise type, commercial smart space are anticipated to be the most popular type. The smart commercial space segment is expected to hold a 49.30% share in 2024. Smart technologies have become increasingly important to businesses at all levels, from small startups to large corporations, to improve operational efficiency.
| Western Europe Smart Space Industry Based on Premise Type | Industry Share in 2024 |
|---|---|
| Commercial Smart Space | 49.30% |
Smart space are gaining popularity in the commercial sector, driven by a desire to improve efficiency, reduce operational costs, and gain an advantage over their competitors. Increasing revenue and improving customer service are tangible advantages for smart commercial spaces, which are crucial for their growth. A business space is being transformed into an intelligent, data-driven environment that caters to the ever-changing demands of businesses and consumers.
| Countries | Forecast CAGRs of 2024 to 2034 |
|---|---|
| United Kingdom | 18.8% |
| Germany | 17:1% |
| France | 14.1% |
Aggressive investment in smart space technologies has resulted in ultra-modern hardware and software components. Smart space in the United Kingdom is projected to develop at a CAGR of 18.8% during the forecast period. Government support for smart infrastructure and sustainability initiatives has driven an increase in smart space adoption. There is a growing focus on sustainability in buildings and infrastructure, with efforts to reduce carbon emissions and energy consumption. Smart home solutions and IoT devices are also in increasing demand for residential and commercial properties.
Germany’s urban planning and construction industry prioritize energy efficiency and sustainability. The industry is projected to inflate at a CAGR of 17.1% through 2034. To enhance transportation, waste management, and environmental monitoring, German cities have implemented smart city solutions. As part of Industry 4.0, German manufacturing and logistics are embracing IoT and automation. Energy conservation and home security are among the key drivers of smart home technology adoption in Germany.
With an emphasis on improving urban infrastructure and services, France is extensively investing in smart city projects. France is expected to exhibit a 14.1% CAGR during the forecast period. Several smart city technologies have been implemented in France, including intelligent transportation systems and smart environmental monitoring systems. Renewable energy sources are encouraged by the French government as part of initiatives aimed at reducing energy consumption in buildings. Energy savings and increased convenience have driven the rise of smart homes and building automation systems in France.
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Several key companies dominate the Western Europe smart space industry, making it highly competitive. Through constant innovation and a strong supply chain presence, the industry has provided the players with a competitive advantage. They have been able to gain a firm foothold in the smart space industry in this region by investing heavily in research and development and strategic partnerships.
Recent Developments Observed in Western Europe Smart Space Business
| Attributes | Details |
|---|---|
| Estimated Industry Size in 2024 | US$ 2,781.3 million |
| Projected Industry Valuation by 2034 | US$ 12,713.9 million |
| Value-based CAGR 2024 to 2034 | 16.4% |
| Historical Analysis of the Smart Space in Western Europe | 2019 to 2023 |
| Demand Forecast for Smart Space in Western Europe | 2024 to 2034 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key Factors Influencing Smart Space in Western Europe Insights on Global Players and their Industry Strategy in Western Europe, Ecosystem Analysis of Local and Regional Western Europe Providers |
| Key Countries Analyzed While Studying Opportunities in Smart Space in Western Europe | Germany, Italy, France, The United Kingdom, Spain, Rest of Western Europe |
| Key Companies Profiled | Siemens AG; Schneider Electric; ABB; Honeywell International; Philips Lighting (now Signify); Bosch Building Technologies; Legrand Group; Johnson Controls; Dassault Systèmes; Cisco Systems; IBM; Microsoft; Nest (a subsidiary of Google) |
In 2024, smart space revenues in Western Europe are expected to reach US$ 2,781.3 million.
By 2034, Western Europe smart space industry is likely to have US$ 12,713.9 million.
Between 2024 and 2034, the smart space industry is expected to increase by 16.4% in Western Europe.
Based on premise type, commercial smart space is widely offered in Western European countries.
1. Executive Summary
1.1. Western Europe Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033
5.3.1. Hardware
5.3.1.1. Controllers
5.3.1.2. IoT Gateways
5.3.1.3. Occupancy / Motion Sensors
5.3.1.4. Climate Sensors (Temperature, Humidity, Pressure)
5.3.1.5. Air Quality Sensors
5.3.1.6. Others
5.3.2. Software
5.3.2.1. Integrated Management Software
5.3.2.2. IoT Platform
5.3.2.3. Others
5.3.3. Services
5.3.3.1. Managed Services
5.3.3.2. Integration & Implementation
5.3.3.3. Consulting
5.3.3.4. Support & Maintenance
5.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Energy Management & Optimization
6.3.2. Air Quality Monitoring
6.3.3. On-demand Cleaning
6.3.4. Building Security Management
6.3.5. Building Automation
6.3.6. Others
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Premises Type
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Premises Type, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Premises Type, 2023 to 2033
7.3.1. Residential Smart Spaces/Smart Homes
7.3.2. Commercial Smart Spaces
7.3.3. Industrial Smart Spaces
7.4. Y-o-Y Growth Trend Analysis By Premises Type, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Premises Type, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Country, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Country, 2023 to 2033
8.3.1. UK
8.3.2. Germany
8.3.3. Italy
8.3.4. France
8.3.5. Spain
8.3.6. Rest of Western Europe
8.4. Market Attractiveness Analysis By Country
9. UK Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Region
9.2.1.1. England
9.2.1.2. Scotland
9.2.1.3. Wales
9.2.1.4. Northern Ireland
9.2.2. By Component
9.2.3. By Application
9.2.4. By Premises Type
9.3. Market Attractiveness Analysis
9.3.1. By Region
9.3.2. By Component
9.3.3. By Application
9.3.4. By Premises Type
9.4. Key Takeaways
10. Germany Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Region
10.2.1.1. North-east (Germany)
10.2.1.2. North-west (Germany)
10.2.1.3. Central (Germany)
10.2.1.4. South (Germany)
10.2.1.5. Other(Germany)
10.2.2. By Component
10.2.3. By Application
10.2.4. By Premises Type
10.3. Market Attractiveness Analysis
10.3.1. By Region
10.3.2. By Component
10.3.3. By Application
10.3.4. By Premises Type
10.4. Key Takeaways
11. Italy Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Region
11.2.1.1. North (Italy)
11.2.1.2. Central (Italy)
11.2.1.3. South (Italy)
11.2.1.4. Islands (Italy)
11.2.2. By Component
11.2.3. By Application
11.2.4. By Premises Type
11.3. Market Attractiveness Analysis
11.3.1. By Region
11.3.2. By Component
11.3.3. By Application
11.3.4. By Premises Type
11.4. Key Takeaways
12. France Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Region
12.2.1.1. Northern (France)
12.2.1.2. Central (France)
12.2.1.3. Southern (France)
12.2.1.4. Eastern (France)
12.2.2. By Component
12.2.3. By Application
12.2.4. By Premises Type
12.3. Market Attractiveness Analysis
12.3.1. By Region
12.3.2. By Component
12.3.3. By Application
12.3.4. By Premises Type
12.4. Key Takeaways
13. Spain Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Region
13.2.1.1. Basque Country
13.2.1.2. Andalusia
13.2.1.3. Extremadura
13.2.1.4. Catalonia
13.2.1.5. Valencia
13.2.1.6. Rest of Spain
13.2.2. By Component
13.2.3. By Application
13.2.4. By Premises Type
13.3. Market Attractiveness Analysis
13.3.1. By Region
13.3.2. By Component
13.3.3. By Application
13.3.4. By Premises Type
13.4. Key Takeaways
14. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Component
14.2.2. By Application
14.2.3. By Premises Type
14.3. Market Attractiveness Analysis
14.3.1. By Component
14.3.2. By Application
14.3.3. By Premises Type
14.4. Key Takeaways
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Component
15.3.3. By Application
15.3.4. By Premises Type
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Cisco
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.2. Siemens
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.3. Huawei Technologies
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.4. IBM
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.5. Schneider Electric
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.6. Smartspace Software
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.7. Hitachi Vantara
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.8. ICONICS
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.9. Coor
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.10. Ubisense
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.11. Spacewell
16.1.11.1. Overview
16.1.11.2. Product Portfolio
16.1.11.3. Profitability by Market Segments
16.1.11.4. Sales Footprint
16.1.11.5. Strategy Overview
16.1.11.5.1. Marketing Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Smart Space Industry Analysis in Western Europe
