The global intelligent building automation technologies market size is expected to reach USD 105.2 billion by
2025, registering a CAGR of 7.0% from over the forecast period, according to a
new study conducted by Grand View Research, Inc. Rising awareness regarding
sustainability in the wake of increasing effects of global warming is expected
to drive demand for intelligent building automation technologies (IBAT) over
the forecast period. In addition, technological advancements such as internet
of things (IoT) and artificial intelligence (AI) are expected to boost market
growth.
Growing awareness regarding workplace
safety and security, a shift toward green and smart buildings, and improving
comfort level of the occupants are major factors that are expected to fuel
demand for IBAT. Increasing demand for automated HVAC and safety in the
healthcare and hospitality industries is also boosting market growth.
Intelligent building automation technologies assist various industries in the
optimization of energy usage and reducing its operating expenditure.
Rising establishment of smart infrastructure
across the globe is expected to contribute significantly to market growth.
Various factors such as increasing green building initiatives, development of
cloud-based IoT platforms, and growing environmental concerns are expected to
boost market growth over the forecast period. Surging energy prices and urgent
need to manage them also serve as key driving factors.
Prominent players are emphasizing on new
product launches in order to combat increasing competition. They are also
focusing on acquiring a larger market share through inorganic growth strategies
like mergers and acquisitions. For instance, Honeywell International Inc.
completed the acquisition of Transnorm, a warehouse automation solutions
provider, in September 2018. This enabled the former to expand its customer
base across Western Europe.
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Further key findings from the study suggest:
· By component, the service segment is
expected to exhibit the highest CAGR from 2019 to 2025. Service providers for
smart buildings assist in applying intelligent automation technologies for
efficient operation and maintenance of buildings in a cost-effective manner
· Based on product, the facility management
systems segment dominated the market owing to rising need to achieve economies
of scale in manufacturing facilities
· On the basis of application, the commercial
segment is expected to continue its dominance through 2025. This growth can be
attributed to increasing adoption of IBAT by hotels, airports, and retail and
IT companies
· Asia Pacific is expected to register the
highest CAGR of 9.4% from 2019 to 2025. Growth can be attributed to increasing
investments in infrastructure in order to support smart city initiatives across
the region
· Key players in the intelligent building
automation technologies market include ABB; Azbil Corporation; Eaton; General
Electric; Ingersoll Rand plc.; Siemens Building Technologies Inc.; Schneider
Electric; Honeywell International Inc.; Hubbell Inc.; Johnson Control; Rockwell
Automation Inc.; and United Technologies Corporation.
Grand View Research has segmented the
intelligent building automation technologies market on the basis of component,
product, application, and region:
Intelligent Building Automation
Technologies Component Outlook (Revenue, USD Billion, 2014 - 2025)
·
Hardware
·
Software
·
Service
Intelligent Building Automation
Technologies Product Outlook (Revenue, USD Billion, 2014 - 2025)
·
Security Systems
·
Life Safety Systems
·
Facility Management Systems
·
Building Energy Management Software
Intelligent Building Automation
Technologies Application Outlook (Revenue, USD Billion, 2014 - 2025)
·
Residential
·
Commercial
·
Industrial
Intelligent Building Automation
Technologies Regional Outlook (Revenue, USD Billion, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
France
o
Germany
·
Asia Pacific
o
Australia
o
China
o
India
o
Japan
o
Malaysia
o
Singapore
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
Saudi Arabia
o
UAE
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Technologies Market@ https://www.grandviewresearch.com/press-release/global-intelligent-building-automation-technologies-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
