Building automation is one of the most popular branched of building management systems that provides distributed control systems and computerized control of electronic devices in the building. Various systems in the building like lighting, fire safety, security, mechanics, HVAC, and lighting are controlled and monitored by intelligent building automation (IBA) systems. These systems help building strong prospects for the smart homes and smart cities. The comfort level and ease of operations provided by these systems make them one of the most sought after technologies in recent times. Rising demand from different parts of the world is considered to be the strong driving factor for the global intelligent building automation technologies market, which is maintaining an impressive growth rate.
Drivers and Restraints for IBA Market
Demand for the building automation systems in on the constant rise. This demand is driving the industry components to come up with more suitable systems to fulfill the changing demand patterns. Apart from the rising demand, several crucial factors are responsible for driving the intelligent building automation technologies market. These factors include rise in the CO2 emission, reduction of operation costs, incentives from governments, increase in return on investment for the end users and developers and rising demand to enhance the nature of safety and security proceedings in the smart buildings. Technological advancements also play a crucial role in the changing patterns of demand and revenue in the market.
Lack of promotion and knowledge about these systems among the developers and end users is the strongest restraining factor for the intelligent building automation technologies market. Unproven technologies and higher investments in the initial stages are also considered to be major hindrances for the small and medium businesses in the industry. However, framing comprehensive valuation model and commoditization are expected to create strong growth opportunities for the existing players in the market. Major winning imperatives for the market include provision of technological knowledge, development of open ended architecture and residential applications of these systems.
The global intelligent building automation technologies market is expected to witness growth in several predominant segments of the market. These segments include emergency response, energy management systems and CCTV/video surveillance systems. The life safety systems are also expected to witness strong growth in the market, during the forecasting frame of the next four to five years. From 2014, the market is anticipated to grow at a steady CAGR of over 4% by 2019. At the estimated compound annual growth rate, the market is expected to become worth $74.8 billion by 2019, which is currently estimated to be poised at $58.9 billion in 2014.