The global intelligent building automation technologies market is projected to reach USD 105.2 billion by 2025 and expected to grow with CAGR of 7.0% over the forecast period, from 2019 to 2025, according to Million Insights. Growing awareness of sustainability in the wake of rising global warming is anticipated to fuel the market growth during the forecast period. Emergence of new technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) is projected to propel the market growth in the near future.
Increasing concern about workplace security and safety, rapid shift towards smart and green building projects, and enhancing the comfort level of people are some of the major factors that are anticipated to witness a positive impact on market growth. Growing demand for safety and smart HVAC across the hospitality and healthcare sectors is also boosting the market demand. IBAT plays an important role across several industries, as it helps to reduce operational cost and increase energy efficiency.
Increasing number of smart infrastructure projects worldwide is anticipated to propel the market growth in the next few years. Several factors like the emergence of cloud-based internet of things platforms, initiatives for green buildings, and rising environmental issues are anticipated to drive the IBAT market growth. The high cost of energy usage and growing need to manage them are other key factors to propel market demand.
Key market players are focusing on some strategies like product launches and innovation to sustain in the competitive market. Tech giants are also concentrating on mergers &acquisitions to gain maximum market share. For example, in 2018, Honeywell International Inc. acquired a warehouse automation solutions provider Transnorm. This acquisition will help the former to gain a maximum customer base in Western Europe.
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Further key findings from the report suggest:
• Among components, service segment is projected to grow with the highest CAGR during the forecast period. Service providers assist to apply IBAT for maintenance and efficient operations in low cost.
• On the basis of products, facility management systems category is expected to dominate the intelligent building automation technologies (IBAT) market due to growing need for achieving economies of scale in manufacturing services.
• Commercial segment is projected to dominate the market by the end of 2025. This is due to growing adoption of IBAT in IT companies, airports, hotels, retails, and others.
• Asia Pacific is projected to grow with the fastest CAGR of more than 9.0% during the forecast period. Rising investment in developing infrastructure to support smart cities projects is expected to boost the regional market growth.
• Schneider Electric; United Technologies Corporation Azbil Corporation; General Electric; Ingersoll Rand plc; Siemens Building Technologies IncHubbell Inc.; Eaton; ABB; Johnson Control; Honeywell International Inc.; and Rockwell Automation Inc. are major players operating in this industry.
Million Insights has segmented the global 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 Systems
Intelligent Building Automation Technologies Application Outlook (Revenue, USD Billion, 2014 - 2025)
Intelligent Building Automation Technologies Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• Saudi Arabia