The market value for smart building technology is estimated to grow from $77.8 Billion in 2022 to $392.4 Billion by 2032 at an awe-inspiring 19.70% CAGR, indicating that businesses should start including smart technologies in their projects.
The commercial property market is undergoing a major transformation, with digital innovation driving the sector’s growth and expansion. With the extensive use of the Internet of Things (IoT), AI, and Machine Learning, smart buildings are leading to better security, energy efficiency and cost savings.
How IoT, AI, and Machine Learning are Revolutionizing Smart Buildings
Unlike regular buildings, IoT-enabled smart buildings use networks of interconnecting devices that communicate with each other over an internet connection. This allows for improved coordination among connected components, such as sensors, microchips, controllers and switches.
They can monitor various aspects of a building’s condition, such as commercial window cleaning, air quality, humidity and more, while controlling its resources more efficiently in response to different inputs from environmental conditions.
AI is also crucial for advancing smart building technology because it enables integrated systems to learn from their environment and adjust their functions accordingly. With the help of deep learning tools like ML algorithms analyzing user preferences within a wide range of factors, these automated systems can become increasingly reliable at determining which elements should be turned on or off when needed.
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Frasers Towers and The Duke Energy Center: Pioneering Smart Building Innovations
Frasers Tower in Singapore is an example of smart building technology and innovation. With the combined efforts of Schneider Electric and Bentley Systems, the Microsoft Frasers Tower 1 is truly a marvel on its own.
ASHB highlights that this 317 foot skyscraper 2 has been designed to be not only fully digitalized but also wholly automated.
Throughout the entire property and its multiple floors, there are 179 Bluetooth Beacons providing constant streams of data gathered by 900+ sensors connected with lighting, air quality, and temperature readings, all coordinated in real time via Smart Building CampusLink (SBCL).
This app also enables users to quickly find directions to specific rooms or book facilities anywhere within the premises without ever leaving their desks. With SBCL it’s easy for employees to keep tabs on any changes made inside Frasers Tower – making sure that nothing is overlooked.
The Duke Energy Center in Charlotte, North Carolina, is a landmark of innovation and sustainability. As the tallest skyscraper to receive LEED Platinum certification, it has set itself as the new standard for intelligent commercial property management.
PlaneTechUSA notes that the building uses about 10 million gallons of water per year – harvested from groundwater, rainwater and HVAC condensation.
Not only does this result in savings of vital resources, but it also fulfills 80% of the Duke Energy Center’s total water demands. The roof garden at the center is able to reduce stormwater run-off while eliminating excess heat with its vast botanical balance.
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Meanwhile, throughout the building – 450,000 energy-efficient LED lights illuminate pathways during night hours.
Advancements in technology have revolutionized how businesses maintain and manage their properties. By utilizing IoT powered Smart Buildings, properties can generate significant cost efficiencies and increased environmental sustainability. Modern examples, such as Frasers Tower and Duke Energy Centre, showcase just what modern technologies can do for business owners who are dedicated to creating vibrant communities with a healthy environment.