Global Commercial Building Automation Equipment Market Size to grow by US$ 83.34 Billion in 2030
The commercial building automation equipment market is projected to reach USD 83.34 Billion by 2030, at a CAGR of 8.4%. The demand for more energy-efficient buildings with improved security systems is boosting the market for building automation systems. Aside from that, improvements in wireless communication technology have made implementing building automation systems in already-existing structures less complicated and more affordable. Buildings may now communicate information with the cloud and other electronic equipment without the need for direct human involvement thanks to the Internet of Things (IoT) and building automation. The market for building automation systems has grown more quickly as a result of this reason.
Processes in commercial buildings that conserve energy are in high demand. Building automation systems regulate, monitor, and automate operations in a variety of industrial structures, including commercial offices, hotels, IT tech parks, educational institutions, retail outlets, and hospitals. Several building functions can be controlled remotely and centrally by commercial building automation systems across various sites.
Government measures to encourage the construction of green buildings are driving the market for commercial building automation globally. The market is expanding as a result of growing consumer demand for lower construction operating costs and growing public awareness of environmentally friendly and sustainable building practices. Green structures help people use less water and energy. Building automation systems (BAS) are in charge of all the automation in a building, and they significantly contribute to energy savings by lowering operating expenses. Commercial building automation market suppliers are reaping considerable rewards by meeting the escalating demand from expanding commercial development projects. Rapid urbanization and increasing industrial activity are driving the commercial building automation market over the anticipated period of expansion. Additionally, governments are taking the lead in promoting green construction knowledge in order to protect the environment. It is anticipated that this aspect would increase demand for commercial building automation.
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Smart commercial buildings use cutting-edge IoT sensors to gather data from various building systems and services. The operator of the building makes use of this data to automate and enhance building maintenance and operations. The building operator may use IoT data to identify operational inefficiencies, enhance building controls, and automate crucial building-management tasks like controlling the temperature and lighting.
However, contemporary technology can go far further than a typical BMS (Building Management Systems) system. The goal of IoT for buildings is to maximize performance through data and autonomous control. As a result, the market is anticipated to experience growth over the forecast period due to the rising implementation of IoT technology for building automation, which makes data collecting and analysis easy and affordable.
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North America is expected to dominate the market share of global commercial building automation equipment market owing to the presence of major players and increased construction expenditure. Increasing automation services such as HVAC systems facilitate adequate air circulation, regulated HVAC systems aid in the automatic management of room temperatures, and they also contribute to energy conservation. Due to all these benefits, customers in North America are increasingly choosing to install HVAC systems in their homes, workplaces, and industries. \
KEY INDUSTRY DEVELOPMENTS:
Yokogawa Electric Corporation launched cloud-based plant asset monitoring service, OpreX™ Asset Health Insights which collects and refines distributed assets. It also offers real-time connection with assets and improves the lifecycle of any asset.
ABB partnered with BE Partners to provide commercial building sector solution suppliers the chance to join the ABB AbilityTM Building Ecosystem and advance the development of sustainable and carbon-neutral buildings.
December 2021- AMETEK acquired Alphasense to expand their presence in the attractive environmental health and safety market.
July 2021- Johnson Controls launched OpenBlue Net Zero Buildings as a Service that will offer a one-stop shop for solution seeking to meet the renewable energy and net zero carbon targets covering entire range of sustainability capabilities, including onsite renewable energy integration, increased energy efficiency, building electrification, offsite renewable energy integration, and grid interaction.
January 2019- Honeywell launched Zio® TR120 Wall Module designed for use in commercial buildings which provides a color touchscreen wall module solution with an easy-to-use interface that is more contemporary, practical, and versatile.
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