In this research note, we examine the Buildings business of Siemens, which operates within the Smart Infrastructure (SI) division, based on their Q4 press conference, Capital Markets Day presentations and building technology-related activities throughout 2021. The SI portfolio addresses the complete value chain across buildings and electrification, increasingly growing together at the grid edge. Their smart building and electrification products, systems, solutions and services improve energy and resource efficiency, facilitate the transition towards renewables and decentralized power generation while ensuring a resilient and reliable power supply.   The Buildings business is the largest of 3 segments in the SI portfolio, offering: Integrated building management systems and softwareHeating, ventilation & air conditioning (HVAC) controlsFire Safety/Security products and systemsSolutions and services, including energy and performance services. The SI division reported €15 billion in revenues, year ending 30th September 2021. While Siemens does not report financials for its Buildings business, the buildings portfolio accounted for €6.7 billion or 47% of SI 2020 […]