(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The Intelligent Building Automation Technologies Market is estimated at USD 90.2 billion in 2023 to USD 152.4 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.0 % during the forecast period, according to a new report by MarketsandMarketsTM.
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Intelligent Building Automation Technologies Market Dynamics:
Increasing adoption of advanced energy-efficient systems in buildings Rising deployment of building automation systems Advancements in wireless protocols and wireless sensor technologies
High implementation costs Concerns regarding cyberattacks and data breaches.
Increasing government initiatives for developing connected infrastructure Increasing focus on integrated building information modeling solutions
List of Key Players in Intelligent Building Automation Technologies Market :
Honeywell International Inc. (US) Johnson Controls International plc (US) Siemens AG (Germany) Schneider Electric SE (France) ABB Ltd. (Switzerland) Eaton Corporation (US) Trane Technologies plc (Ireland) Carrier Global Corporation (US) Rockwell Automation, Inc. (US) Azbil Corporation (Japan)
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The imperative to upgrade and retrofit aging infrastructure stands out as a significant driver propelling the adoption of intelligent building automation technologies. Many existing buildings, especially those constructed before the widespread integration of advanced automation systems, face challenges in terms of performance, energy efficiency, and operational adaptability. Retrofitting provides a viable solution by allowing these structures to leverage the latest automation features. Intelligent building systems can be seamlessly integrated into older buildings, optimizing the use of resources, enhancing energy efficiency, and improving overall operational performance. Through the incorporation of smart sensors, advanced HVAC controls, and energy management systems, retrofitting transforms aging structures into more intelligent and responsive environments. This not only extends the lifespan of existing infrastructure but also aligns with contemporary sustainability standards. Retrofitting thus serves as a crucial catalyst for the growth of intelligent building automation technologies, enabling a bridge between legacy buildings and the demands of a modern, technology-driven built environment.
By end use, the commercial segment is expected to have the largest market size during the forecast period.
The growth of intelligent building automation technologies in the commercial segment is significantly influenced by the prevailing trend towards smart office spaces. Modern businesses increasingly prioritize flexible layouts and collaborative environments to foster innovation and adaptability. Intelligent building automation systems play a pivotal role in facilitating this transition by providing the technological infrastructure necessary for creating agile workspaces. These systems enable dynamic control over lighting, HVAC, and other environmental factors to accommodate various work scenarios. Moreover, integrated technology solutions, such as smart sensors and IoT devices, enhance the overall functionality of commercial spaces by offering real-time data on occupancy, resource usage, and environmental conditions. This data-driven approach not only supports efficient space utilization but also allows businesses to respond promptly to changing needs, optimizing comfort and productivity. As the demand for adaptable and technologically advanced workplaces continues to rise, the adoption of intelligent building automation technologies becomes integral to aligning commercial spaces with evolving business requirements and fostering a modern, collaborative work environment.
By technology, the computing technology segment is expected to hold a higher growth rate during the forecast period.
Cloud-based computing stands as a pivotal driver in the growth of intelligent building automation technologies by offering scalable and flexible solutions for managing the vast amounts of data generated by these systems. The ability to store and analyze substantial datasets in the cloud facilitates more efficient and cost-effective operations. Centralized management becomes possible, allowing building operators to oversee multiple systems from a single point of control. Remote monitoring, made feasible through cloud computing, enables real-time surveillance and proactive management, irrespective of physical location. This not only enhances the responsiveness of building systems but also supports predictive maintenance, minimizing downtime and reducing overall operational costs. Moreover, the cloud serves as a hub for seamless integration of various applications within intelligent building systems. This interoperability promotes a holistic approach to building automation, allowing different components to work together cohesively. Ultimately, cloud-based computing contributes to the overall efficiency of intelligent building automation by providing a robust and adaptable infrastructure that can scale with the evolving needs of the built environment.
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Based on region, North America is expected to hold the largest market share during the forecast period.
The COVID-19 pandemic has significantly impacted the demand for intelligent building automation technologies in North America, with a particular emphasis on touchless and contactless solutions. As health and safety concerns became paramount, building owners and facility managers sought innovative ways to minimize physical contact points within commercial and public spaces. Intelligent building technologies, such as touchless access controls, have gained prominence by offering secure and convenient entry mechanisms, reducing the risk of virus transmission. Smart elevators equipped with touchless controls and occupancy management have become essential for maintaining social distancing and ensuring a safer vertical transportation experience. Additionally, the integration of automated sanitation systems, including touchless dispensers and sensors for monitoring cleanliness, has become a critical component of intelligent building solutions. This heightened focus on hygiene and safety has not only addressed immediate pandemic-related challenges but has also fostered a long-term shift in preferences, driving the sustained growth of intelligent building automation technologies that prioritize occupant well-being in North America.
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