Intelligent Building Automation Technologies Market - Reducing operating costs of the systems, focus on eliminating CO2 emissions, initiatives taken by governments, growth opportunities for developers, benefits for real estate developers and high return on investment for the end users are going to expel the market growth over the forecast period. Growing need for better security and safety in intelligent buildings is also expected to considerably augment the market growth in next five years. Implementation of various protocols of building automation, providing technological information, development of open ended architecture and adoption of intelligent building systems in residential buildings are expected to impact the market growth on a large scale. Increasing usage of mobile devices and IT applications is also going to spur the market growth significantly.
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However, lack of awareness among the end users, unavailability of skilled workers, lack of promotions and high initial instalment costs are projected as challenges for market growth over the forecast period. Development of wide-ranging valuation model and commoditization of the systems may offer market opportunities for the players. Lack of uniformity and misaligned regulations in the adoption of technology are expected to be the major concerns for the market growth
Product Insights
Life safety systems include fire security system, gas leakage alert system and earthquake alert system. These products are going to witness the fastest growth over the forecast period Physical security products are going to grow on a large scale followed by facilities management systems.
Application Insights
Key applications include lighting, fire & life safety, heating, ventilation & air conditioning (HVAC) system, building management systems, security & access control systems and physical security systems such as explosive detectors, screening solutions, CCTV/video surveillance, life safety security, fire security and emergency response. These solutions provide safety in security & access control and fire & life security application, leading towards the growth of the market. Growing concern about life damages in emergency situations, log of energy consumption by different equipments and security through video surveillance are expected to increase the demand of intelligent BAS technology, leading towards the growth of the market in coming years.
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Regional insights
North America and Europe are expected to witness the highest market growth due to technological advancements as well as investments in building security & services. Asia Pacific is expected to witness the fastest growth due to adoption of technology in emerging countries such as India & China.
Competitive Insights
AZBIL Corporation, Rockwell Automation, ABB Ltd, Eaton Corporation, Siemens Building Technologies Inc., Ingersoll Rand Inc., General Electric, Honeywell International Inc., Johnson Controls Inc. and Schneider Electric are some of the key players in the market. Players are expected to focus on new product development due to increasing competitive nature of market. Large number of technological implementation in services is expected to offer the opportunity to players for the market growth in coming years. Strategic promotions of these technologies are expected to spur the market growth over the forecast period.
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