Major players in the intelligent building automation technologies market are ABB, Azbil Corporation, Eaton Corporation, General Electric, Ingersoll Rand PLC, Siemens Building Technologies Inc., Schneider Electric, Honeywell International Inc., Hubbell Inc., Rockwell Automation Inc., United Technologies Corporation, Samsung, Delta Controls, Panasonic Holdings Corporation, and Bosch Security Systems.
The global intelligent building automation technologies market grew from $83.82 billion in 2022 to $91.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The intelligent building automation technologies market is expected to grow to $126.38 billion in 2027 at a CAGR of 8.5%.
The intelligent building automation technologies market consists of revenues earned by entities by providing life safety systems and security systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Intelligent building automation technologies (IBAT) refer to a software and hardware network that controls and monitors the environment of a building facility.It creates an atmosphere that is efficient, comfortable, and convenient by addressing basic demands such as structure, system, service, and management, and optimizing their interrelationship.
The intelligent building automation technologies are used for a faster, easier, and more convenient interface.
North America was the largest region in the intelligent building automation technologies market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this intelligent building automation technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The major types of intelligent building automation technologies are hardware, software, and services.Hardware refers to any actual physical objects that are part of a computer system.
The various communication technologies include wired technology and wireless technology. The major applications are residential, commercial, and industrial.
Increasing energy-efficient projects are expected to propel the growth of the intelligent building automation technologies market going forward.Energy-efficient projects refer to a structure that maximizes resource efficiency while maintaining comfortable living conditions within the home with the least amount of energy possible.
Intelligent building automation solutions help energy-efficient projects by reducing energy consumption by 10% to 25%, making the buildings highly energy efficient. For instance, according to Energy Star, a voluntary U.S. Environmental Protection Agency (EPA) program, in 2021, more than 6,100 commercial buildings earned the Energy Star, saving nearly $1.5 billion and preventing more than 4.6 million metric tons of greenhouse gas emissions. Therefore, increasing energy-efficient projects are driving the growth of the intelligent building automation technologies market.
Product innovation is the key trend gaining popularity in the intelligent building automation technology market.Major companies operating in the intelligent building automation technology market are focused on developing advanced technologies to sustain their position in the market.
For instance, in October 2020, Hubbell Lighting Inc., a US-based lighting fixture manufacturer that specializes in indoor and outdoor lighting products, launched SpectraClean 254, a unique series of ultraviolet germicidal lighting solutions for the commercial lighting marketplace. The unique features of SpectraClean 254 employ UVC illumination to inactivate airborne viruses like SARS-CoV-2 (COVID-19) and influenza. The control hub app is used to set up SpectraClean 254 luminaires to operate the germicidal lighting in several different modes for upper air disinfection using the NX Distributed Intelligence platform. NX Distributed Intelligence technology brings an integrated lighting control solution.
In January 2022, Johnson Controls, a US-based HVAC company that offers a portfolio of building technology, software, and service solutions, acquired Foghorn for an undisclosed amount.With this acquisition, Johnson Controls aims to expand its leadership in smart and autonomous buildings by integrating Foghorn’s industry-leading Edge AI platform.
Foghorn is a US-based developer of edge AI software for industrial, commercial, and smart buildings operating in the intelligent building automation technologies market.
The countries covered in the intelligent building automation technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The intelligent building automation technologies market research report is one of a series of new reports that provides intelligent building automation technologies market statistics, including intelligent building automation technologies industry global market size, regional shares, competitors with intelligent building automation technologies market share, detailed intelligent building automation technologies market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent building automation technologies industry. This intelligent building automation technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.