Intelligent Building Automation Technologies Market 2020 Research Report
The intelligent building automation technologies (IBAT) market is anticipated to reach over USD 118.7 billion by 2026 according to new research published by Polaris Market Research.
The major driving factor for the intelligent building automation technologies market is the increasing need for infrastructure with reduced CO2 emissions, which further triggers governments to provide more incentives as the trend for smart cities is on a rise. IBAT also has become a differentiator in the real estate business as it conforms to improved safety and security systems.IBAT aims to reduce operational costs through the integration of IoT (Internet of Things) platforms.
Stringent energy consumption regulations passed by governments worldwide have boosted the adoption of Intelligent Building Automation Technologies. Growing concerns regarding the environment, depleting fuel resources, and the increasing need to reduce energy consumption further support the growth of the intelligent building automation technologies market. Other factors supporting market growth include increasing awareness, and technological advancements, increasing investments by vendors in technological advancements coupled with research and development.
North America generated the highest revenue in the market in 2017 and is expected to lead the global market throughout the forecast period. This is driven by rising concerns among consumers regarding the environment, coupled with increasing awareness regarding intelligent building automation technologies. The governments in the region are collaborating with engineers and architects to promote the adoption of Intelligent Building Automation Technologies. Commercial buildings are adopting Intelligent Building Automation Technologies owing to stringent government regulations, and the need to reduce operating costs.
The major players operating in the intelligent building automation technologies market include Siemens Building Technologies Inc., General Electric, Johnson Controls Inc, ABB Ltd., Eaton Corporation, Rockwell Automation, Ingersoll Rand Inc., Schneider Electric, Honeywell International, and Delta Controls. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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