Chicago, Feb. 13, 2024 (GLOBE NEWSWIRE) — The Intelligent Building Automation Technologies Market is estimated at USD 90.2 billion in 2023 to USD 152.4 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.0 % during the forecast period, according to a new report by MarketsandMarkets™.
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Intelligent Building Automation Technologies Market Dynamics:
Drivers:
Increasing adoption of advanced energy-efficient systems in buildings
Rising deployment of building automation systems
Advancements in wireless protocols and wireless sensor technologies
Restraints:
High implementation costs
Concerns regarding cyberattacks and data breaches.
Opportunities:
Increasing government initiatives for developing connected infrastructure
Increasing focus on integrated building information modeling solutions
List of Key Players in Intelligent Building Automation Technologies Market:
Honeywell International Inc. (US)
Johnson Controls International plc (US)
Siemens AG (Germany)
Schneider Electric SE (France)
ABB Ltd. (Switzerland)
Eaton Corporation (US)
Trane Technologies plc (Ireland)
Carrier Global Corporation (US)
Rockwell Automation, Inc. (US)
Azbil Corporation (Japan)
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The imperative to upgrade and retrofit aging infrastructure stands out as a significant driver propelling the adoption of intelligent building automation technologies. Many existing buildings, especially those constructed before the widespread integration of advanced automation systems, face challenges in terms of performance, energy efficiency, and operational adaptability. Retrofitting provides a viable solution by allowing these structures to leverage the latest automation features. Intelligent building systems can be seamlessly integrated into older buildings, optimizing the use of resources, enhancing energy efficiency, and improving overall operational performance. Through the incorporation of smart sensors, advanced HVAC controls, and energy management systems, retrofitting transforms aging structures into more intelligent and responsive environments. This not only extends the lifespan of existing infrastructure but also aligns with contemporary sustainability standards. Retrofitting thus serves as a crucial catalyst for the growth of intelligent building automation technologies, enabling a bridge between legacy buildings and the demands of a modern, technology-driven built environment.
By end use, the commercial segment is expected to have the largest market size during the forecast period.
The growth of intelligent building automation technologies in the commercial segment is significantly influenced by …
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