Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market for commercial building automation accounted for US$ 32.96 billion in 2020. TMR predicts the commercial building automation market is expected to reach US$ 76.49 billion by 2031. Through 2031, the market is expected to expand at a CAGR of 8.3%.
Businesses are more likely to invest in building automation systems as their awareness of the benefits grows. Building owners and managers are encouraged to participate in education and training programs to gain a deeper understanding of the advantages of automation.
The integration of building automation with advanced security systems enhances overall safety. Access control, surveillance, and emergency response systems can be integrated into the automation platform, providing a comprehensive approach to building security.
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Global Commercial Building Automation Market: Key Players
The top Commercial Building Automation vendors are focusing on making more affordable Commercial Building Automations. The leading players are also diversifying their product portfolios and acquiring other companies. Other key trends in the Commercial Building Automation market include
- ABB Ltd.
- Cisco Systems Inc.
- Honeywell International Inc.
- Hubbell Inc.
- Emerson Electric Co.
- Johnson Controls International plc
- Robert Bosch GmbH
- Schneider Electric SE
- United Technologies Corp.
- Siemens AG
Key Findings of Market Report
- The growing government initiative to promote green buildings is driving demand for commercial building automation.
- Smart city initiatives and technologies are expected to drive demand for commercial building automation systems.
- Using automation to control and monitor energy usage, buildings can be made more energy-efficient.
- Many building control systems, including heating and security, are becoming more sophisticated and often rely on cloud technologies to operate remotely.
- Artificial intelligence and machine learning help predict equipment issues and improve building performance.
- With features like smart lighting and personalized climate control, automating buildings makes them more user-friendly.
- The number of connected devices in buildings is increasing, which makes it essential to protect building systems from cyber threats.
Global Commercial Building Automation Market: Growth Drivers
The need for energy conservation and increased awareness of environmental issues have contributed to the focus on sustainable practices. Controlling lighting, HVAC, and other systems via building automation systems (BAS) optimize energy consumption.
By optimizing energy usage, preventing preventative maintenance, and enhancing overall efficiency, building automation systems help reduce operational costs. Businesses increasingly adopt these solutions to reduce utility costs and improve building operations.
Building automation systems have been adopted more commonly due to energy regulations and government initiatives encouraging sustainable practices. Organizations that implement energy-efficient technologies may be eligible for financial incentives and rebates.
Building automation solutions have become more sophisticated and interconnected with technological advancements, such as artificial intelligence (AI) and the Internet of Things (IoT). Data analytics, remote control, and real-time monitoring are all made possible by these technologies.
By integrating building automation systems, occupants may experience greater comfort and well-being. Increased productivity and employee satisfaction are attributed to these systems because they provide optimal lighting, temperature control, and air quality.
Buildings that are intelligent and integrate multiple systems are becoming popular. Several IoT devices are now included in building management ecosystems, including access control, security, and data collection.
With global events such as the COVID-19 pandemic, remote monitoring and control of building systems have become increasingly important. Automation is a way to improve the flexibility of building operations by allowing building managers to perform operational management and optimization from any location.
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Global Commercial Building Automation Market: Regional Landscape
Europe is expected to lead the commercial building automation market. Regulations in Europe mandate automation in large, non-residential buildings. Regulations of this kind also positively impact the market demand for these products. Security concerns also contribute to the growth of security systems as they become more prevalent in commercial buildings.
According to the Buildings Performance Institute Europe (BPIE), automation can significantly reduce energy costs in virtually any commercial building, regardless of energy prices, usage, and climate. By controlling access to certain areas and monitoring activity, building automation systems can enhance security in commercial buildings. By detecting fires and other emergencies, these systems can also enhance safety.
Key Developments
- In October 2023, 75F, a leading provider of smart building automation, launched Saffron AI, a building automation platform powered by artificial intelligence. Through Saffron AI, facilities professionals will be able to communicate directly with their buildings, helping them reach new levels of efficiency.
- In November 2023, with the growing demand for smarter, more sustainable, and more connected cities, Grundfos, a leading pump manufacturer and water technology company, unveiled its new NK and NKE products in Singapore. With enhanced monitoring capabilities, additional connectivity, and ease of use, energy efficiency is enhanced with NKE pumps.
Global Commercial Building Automation Market: Segmentation
- By Product Type
- Power Supply
- UPS
- Battery Modules
- Room Automation
- I/O Module
- Actuators & Actuators Module
- Controllers
- HVAC Systems
- Security and Surveillance
- Illumination and Light Sensors
- Fire Protection Systems
- Energy Management Systems
- Others (Interfacing Components, Elevator and Escalator Management, etc.)
- Power Supply
- By Solution Offering
- Lighting Control and Regulation
- Interfacing and Inter-working with Other Building Systems
- Blind and Shutter Control
- Temperature Control and Regulation
- Energy and Load Management
- Security and Fault Monitoring
- Visualization and Remote Control
- Monitoring, Reporting, Display
- By End-user
- Offices
- Retail
- Hospitality Sector
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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