The Rise In Energy-Efficient Projects Is Expected To Drive The Intelligent Building Automation Technologies Market As Per The Business Research Company's Intelligent Building Automation Technologies Global Market Report 2022
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According to The Business Research Company’s research report on the intelligent building automation technologies market, increasing energy-efficient projects are expected to propel the growth of the intelligent building automation technologies market going forward. Energy-efficient projects refer to a structure that maximizes resource efficiency while maintaining comfortable living conditions within the home with the least amount of energy possible. Intelligent building automation solutions help energy-efficient projects by reducing energy consumption by 10% to 25%, making the buildings highly energy efficient. For instance, according to Energy Star, a voluntary U.S. Environmental Protection Agency (EPA) program, in 2021, more than 6,100 commercial buildings earned the Energy Star, saving nearly $1.5 billion and preventing more than 4.6 million metric tonnes of greenhouse gas emissions. Therefore, increasing energy-efficient projects are driving the growth of the intelligent building automation technologies market.
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The global intelligent building automation technologies market size is expected to grow from $77.38 billion in 2021 to $84.58 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The intelligent building automation technologies market is expected to grow to $120.30 billion in 2026 at a CAGR of 9.2%.
Product innovation is the key trend gaining popularity in the intelligent building automation technology market. Major companies operating in the intelligent building automation technology market are focused on developing advanced technologies to sustain their position in the market. For instance, in October 2020, Hubbell Lighting Inc., a US-based lighting fixture manufacturer that specialises in indoor and outdoor lighting products, launched SpectraClean 254, a unique series of ultraviolet germicidal lighting solutions for the commercial lighting marketplace. The unique features of SpectraClean 254 employ UVC illumination to inactivate airborne viruses like SARS-CoV-2 (COVID-19) and influenza. The control hub app is used to set up SpectraClean 254 luminaires to operate the germicidal lighting in several different modes for upper air disinfection using the NX Distributed Intelligence platform. NX Distributed Intelligence technology brings an integrated lighting control solution.
Major players in the intelligent building automation technologies market are ABB, Azbil Corporation, Eaton Corporation, General Electric, Ingersoll Rand PLC, Siemens Building Technologies Inc, Schneider Electric, Honeywell International Inc, Hubbell Inc, Rockwell Automation Inc, United Technologies Corporation, Samsung, Delta Controls, Panasonic Holdings Corporation, and Bosch Security Systems.
The global intelligent building automation technologies market is segmented by type into hardware, software, service; by communication technology into wired technology, wireless technology; by application into residential, commercial, industrial.
North America was the largest region in the intelligent building automation technologies market in 2021. The regions covered in this intelligent building automation technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Intelligent Building Automation Technologies Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide intelligent building automation technologies market forecast size and growth, intelligent building automation technologies market segments and geographies, intelligent building automation technologies market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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