The intelligent building automation technologies market is expected to reach USD 98.95 billion by 2024 according to a new report by Grand View Research, Inc.
The increasing awareness regarding the workplace safety and security, a shift toward green and smart buildings, and improving the comfort level of the occupants through enhanced safety and security are a few of the major factors that are expected to fuel the demand for the Intelligent Building Automation Technologies Market.
The Intelligent Building Automation Technologies Market is expected to grow rapidly owing to the numerous benefits that it provides, such as increased energy efficiency, greater occupant comfort and productivity, and increasing government initiatives. The growing trend of sustainability and energy conservation are expected to boost the adoption of the building automation technology in the market.
The use of IP-based communication and the convergence of Internet of Things (IoT) and automation technologies are opening new avenues for the development of building automation systems across the commercial, residential, and industrial segments over the forecast period. As the need for energy conservation and reduction in the overall operating costs is high in commercial infrastructures, this segment is expected to lead the demand for building automation. The increasing demand for automated HVAC and life safety in the healthcare and hospital infrastructures are driving the automated building systems market.
The increasing demand for security and life safety systems in the education, hospitality, and large commercial complexes is expected to further boost the adoption of the building automation technology in these infrastructures. Moreover, the need for energy cost saving and building code compliance would aid the growth of the building automation market.
Further key findings from the report suggest:
- The recent developments in the web-based communication and the emergence of open protocols for communication in the automation system network are helping the systems in terms of interoperability and establishing standards for the wireless and Ethernet-based communication. The resulting capabilities would help the vendors to better serve the needs of diverse system users.
- The Zero Net Energy (ZNE) building concepts are gaining traction around the world with a greater emphasis on energy saving. This creates numerous opportunities for the building automation systems market to grow in different verticals.
- Siemens Building Technologies, Schneider Electric, Honeywell International, Johnson Control, and United Technologies Corporation are some of the prominent vendors in the market. The other key vendors include ABB Limited, Azbil Corporation, Eaton Corporation, General Electric, and Ingersoll Rand.