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 Insights

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).

The intelligent building automation technology has gained a huge momentum due to increasing urbanization, and need for sustainable living. As the urban landscapes are expanding, it has resulted into a huge consumption of resources with creating more demands for energy resources. To address the unmet demands of urbanization, automation technologies have surfaced up to address energy distribution challenges and create a pathway for sustainability. Other reasons such as rising energy prices, increased concerns about global warming, and expanding public awareness for energy saving, it is contributing to developing more robust solutions.

The market for intelligent building automation technologies (IBAT) will be further driven by increase in consumer awareness of environmental protection. Technically, building automation systems (BAS) combine lighting, energy, safety, and security systems into a single, user-friendly system that balances energy consumption better efficiency. Additionally, intelligent building automation solutions offer resistance to a certain level against natural calamities such as earthquakes, tremors, and fire. When these solutions are deployed, the severity of financial losses can be reduced with optimizing rescue operations for human lives under these circumstances.

Intelligent building automation technologies are being rapidly adopted by businesses because of their many applications, including regulating lighting, controlling air conditioning and heat ventilation, and analysing building data. Organizations are primarily concentrating on ways to reduce energy use by turning on and off lights, HVAC systems, and other devices.

US Intelligent Building Automation Technologies Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Intelligent Building Automation Technologies Market Report Snapshots

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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 Insights

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