According to a recent report, the intelligent building automation technologies market is projected to reach USD 105.2 billion by 2025. The rising awareness about the need for incorporating sustainability measures amid global warming is expected to drive demand for intelligent building automation technologies (IBAT) over the forecast period. Furthermore, technological advancements such as artificial intelligence (AI) and the internet of things (IoT) are expected to boost the market growth.
Technologies such as microchips, sensors, and actuators are used to control and regulate air conditioning, lighting, ventilation, heating, and other systems. It leverages integrated and intelligent building technologies, including building automation, advanced telecommunications systems, fire safety equipment, and facility management. Growing emphasis on workplace safety and security and a shift toward green and smart buildings are major factors that are expected to fuel demand for the IBAT market.
Intelligent Building Automation Technologies Market Highlights
• Based on the component, the service segment is anticipated to exhibit the highest CAGR from 2019 to 2025. The services help in achieving safe and energy-efficient operation of building control systems in a cost-effective manner.
• Based on the application, the commercial segment is set to dominate the market through 2025. This can be attributed to the increasing adoption of IBAT by airports, hotels, and retail & IT companies.
• Based on product type, the facility management systems segment accounted for the highest revenue share in 2019 owing to the rising need to achieve economies of scale in manufacturing facilities.
• Asia Pacific is estimated to exhibit the highest CAGR of 9.4% from 2019 to 2025, on account of the increasing investments in infrastructure and the development of support smart city initiatives in countries like India, China, and Japan.
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Intelligent Building Automation Technologies Market Segmentation
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)
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)
Intelligent Building Automation Technologies Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• The U.K.
• Asia Pacific
• Latin America
• Saudi Arabia
List of Key Players of Intelligent Building Automation Technologies Market
• Azbil Corporation
• General Electric
• Ingersoll Rand plc.
• Siemens Building Technologies Inc.
• Schneider Electric
• Honeywell International Inc.
• Hubbell Inc.
• Johnson Control
• Rockwell Automation Inc.
• United Technologies Corporation.
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