The intelligent building automation technologies market is anticipated to reach over USD 118.7 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the commercial intelligent building automation technologies segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The major driving factor for the intelligent building automation technologies market is the increasing need of infrastructure with reduced CO2 emissions, which further triggers governments to provide more incentives as the trend of smart-cities is on a rise. IBAT also has become a differentiator in the real estate business as it conforms with improved safety and security systems. The IBAT aims to reduce operational costs substantially through the integration of IoT platforms. Several stringent energy consumption regulations passed by governments worldwide have boosted the adoption of Intelligent Building Automation Technologies. Growing concerns regarding environment, depleting fuel resources, and increasing need to reduce energy consumption further support the growth of intelligent building automation technologies market. Other factors supporting market growth include supportive government regulations, increasing awareness, and technological advancements. Increasing investments by vendors in technological advancements coupled with research and development further boost the market growth.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. There are rising concerns among consumers regarding the environment, which coupled with increasing awareness regarding intelligent building automation technologies drives the intelligent building automation technologies market growth in the region. The governments in the region are collaborating with engineers and architects to promote the adoption of Intelligent Building Automation Technologies. Commercial buildings are adopting Intelligent Building Automation Technologies owing to stringent government regulations, and the need to reduce operation costs.
The major players operating in the intelligent building automation technologies market include Siemens Building Technologies Inc., General Electric, Johnson Controls Inc, ABB Ltd., Eaton Corporation, Rockwell Automation, Ingersoll Rand Inc., Schneider Electric, Honeywell International, and Delta Controls. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.