Intelligent Building Automation Technologies Market to Surpass 148.99 Billion by 2030 Drives Due to Increasing Urbanization
SkyQuest projects that the intelligent building automation technologies market will attain a value of USD 148.99 billion by 2030, with a CAGR of 7.2% over the forecast period (2023-2030). The rapid expansion of urban landscapes has ushered in a significant surge in the adoption of intelligent building automation technologies market. This momentum can be attributed to the pressing imperatives of increasing urbanization and the imperative for sustainable living.
Westford, USA, Aug. 10, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the growth of intelligent building automation technologies market is expected to be propelled by the rise in government policies and regulations focused on energy efficiency. Governments worldwide increasingly recognize the importance of reducing energy consumption and greenhouse gas emissions. Consequently, they are implementing stricter standards and incentives to encourage the adoption of energy-efficient technologies, including BAS.
Browse in-depth TOC on “Intelligent Building Automation Technologies Market”
- Pages – 251
- Tables – 92
- Figures – 57
Intelligent building automation technology has experienced a significant surge in popularity, driven by the rapid pace of urbanization and the growing importance of sustainable living. As a result, the demand for resources has soared, particularly regarding energy consumption, as cities continue to expand and populations increase in the intelligent building automation technologies market.
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Prominent Players in Intelligent Building Automation Technologies Market
• 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.
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Commercial is Expected to Dominate the Market Due to its Operational Efficiency
Commercial sector generated a substantial revenue share, reaching US$ 35.1 billion in 2022. This sector encompasses various establishments such as industrial zones, office parks, retail malls, airports, and seaports, which benefit immensely from intelligent building automation technology. Integrating smart systems and automation solutions in commercial sites has proven highly advantageous in cost reduction and operational efficiency in the intelligent building automation technologies market.
The markets in the Asia Pacific are poised to dominate the intelligent building automation technologies market in terms of regional growth during the forecast period. This is primarily owing to the rapid urbanization and increasing emphasis on sustainable development in the region. As a result, countries such as China, Japan, and India are witnessing a significant demand for smart building solutions to address the challenges of urban expansion and environmental concerns.
Residential Segment is Expected to Grow the Market Due to the Growing Security Concerns among Homeowners
The residential segment is anticipated to experience the highest CAGR in the intelligent building automation technologies market. This growth can be attributed to the growing security concerns among homeowners, driven by an increase in thefts and robberies worldwide. As a proactive measure, homeowners are increasingly turning to intelligent building automation technologies to enhance the security of their residential premises.
Regional markets in Europe for intelligent building automation technologies market were valued at approximately US$19.0 billion. The growth and expansion of this market can be attributed to various factors, including the influence of EU regulations such as the energy performance of buildings directive. This directive aims to improve energy efficiency in residential buildings, driving the adoption of intelligent automation solutions.
A comprehensive analysis of the major players in the intelligent building automation technologies market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Intelligent Building Automation Technologies Market
- A collaboration between Honeywell and SAP SE emerged, aiming to integrate solid business and operational technology data into building performance to enhance energy efficiency recently. This integration enables business organizations, real estate owners, and architects to access their portfolios’ comprehensive financial and operational insights.
- Recently, Siemens introduced the Desigo PXC5 and Desigo PXC4 for HVAC (Heating, Ventilation, and Air Conditioning) systems. The Desigo PXC5 offers advanced capabilities for the operation and integration of HVAC systems, while the Desigo PXC4 caters specifically to HVAC shops.
Key Questions Answered in Intelligent Building Automation Technologies Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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