What is the Global market size of the Intelligent Building Automation Technologies Market?

Global Intelligent Building Automation Technologies Market size was valued at USD 78.17 billion in 2021 and is poised to grow from USD 83.82 billion in 2022 to USD 148.99 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).

What is the key driver of the Global Intelligent Building Automation Technologies Market?

Through biometric systems and videotape monitoring, building automation technologies assist in automating a structure's security. Thee surveillance systems installed at airports, churches, office buildings, and other locations. Due to the increased attention for security issues as a result of terrorist attacks and criminal activity, several governments have mandated to install these systems in public interest and prevention of any mishap in public spaces.

What is the key market trend for the Global Intelligent Building Automation Technologies Market?

High energy costs and increasing consumer awareness: The market for intelligent building automation is expanding as a result of rising energy costs, demand for efficient energy, and a significant rise in the use of renewable energy sources. Consumers are becoming highly aware of the need to safeguard the ecosystem which helps the industry grow. Government laws with stringent norms for energy use have also encouraged the deployment of intelligent building automation technologies.

Global Intelligent Building Automation Technologies Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Product(Facility Management Systems, Security Systems Defense & Aerospace), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG45F2126 | Region: Global | Published Date: February, 2024
Pages: 251 | Tables: 92 | Figures: 76

Global Intelligent Building Automation Technologies Market Dynamics

Intelligent Building Automation Technologies Market Driver

Increase in building automation of security systems

Through biometric systems and videotape monitoring, building automation technologies assist in automating a structure's security. Thee surveillance systems installed at airports, churches, office buildings, and other locations.
Due to the increased attention for security issues as a result of terrorist attacks and criminal activity, several governments have mandated to install these systems in public interest and prevention of any mishap in public spaces.

Intelligent Building Automation Technologies Market Restraint

Lack of technological awareness to lead imbalance in adoption of automation systems

Building automation technology helps in energy conservation and cost-saving operations. Despite this, end users are reluctant to implement automation systems owing to the disbelief and impression that these systems are expensive to install and costly to maintain. They also don't realise that the cost is mostly determined by how complicated the integration is for a particular operation. End users expect inexpensive structural automation systems but are unaware of the degree of the energy savings and the benefits of long-term cost reductions that go along with them.

Global Intelligent Building Automation Technologies Market Report Snapshots

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Intelligent Building Automation Technologies Market size was valued at USD 78.17 billion in 2019 and is poised to grow from USD 83.82 billion in 2023 to USD 148.99 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Partnerships, strategic mergers and acquisitions are the most efficient strategies for market companies to quickly enter new markets. The industry participants are exploring the markets to build potential in the long term. In the consumer space, with the demand for novel and innovative products, industry players are also emphasizing the consumer needs to create customizable technological solutions. 'Honeywell International Inc.', 'Siemens AG', 'Schneider Electric SE', 'Johnson Controls International plc', 'ABB Ltd.', 'United Technologies Corporation', 'Legrand SA', 'Cisco Systems Inc.', 'Lutron Electronics Co. Inc.', 'Crestron Electronics Inc.', 'Ingersoll Rand Inc.', 'Control4 Corporation', 'Delta Controls Inc.', 'Hubbell Inc.', 'Robert Bosch GmbH', 'Beckhoff Automation GmbH & Co. KG', 'Leviton Manufacturing Co. Inc.', 'BuildingIQ Inc.', 'Echelon Corporation', 'KMC Controls Inc.'

Through biometric systems and videotape monitoring, building automation technologies assist in automating a structure's security. Thee surveillance systems installed at airports, churches, office buildings, and other locations.

In 2022, the Europe market was estimated to be worth little about US$ 19.0 billion. Market expansion can be ascribed to EU regulations like the Energy Performance of Buildings Directive, which aims to enhance energy efficiency for residential buildings. Additionally, it is expected that the increasing use of security systems by homeowners will boost potential by increasing the demand for smart grid services and energy-efficient products in France and Germany. This objective is also expected to fuel the regional growth during the forecast period.

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Global Intelligent Building Automation Technologies Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Product(Facility Management Systems, Security Systems Defense & Aerospace), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Global Intelligent Building Automation Technologies Market Dynamics

Global Intelligent Building Automation Technologies Market Report Snapshots

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What is the global market size of Intelligent Building Automation Technologies Market?

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