Market drivers include energy savings, increased focus on safety, and awareness of sustainability and decarbonization
BOULDER, Colo., Dec. 6, 2022 /PRNewswire/ -- A new report from Guidehouse Insights examines the global market for building automation and controls in the ten-year period between 2022 and 2031.
This market has been evolving over the last decade as building owners and facility managers aim to reduce energy consumption by improving their building automation technologies and energy efficiency. According to a new report from Guidehouse Insights, the global revenue attributed to building automation systems in commercial buildings is expected to increase from $32.5 billion in 2022 to $48.2 billion in 2031 at a compound annual growth rate (CAGR) of 4.5%.
"Many building automation technologies?HVAC, lighting, fire and life safety, security, and access controls?and building management systems are key components of an autonomous building," says David Gonzalez, research analyst with Guidehouse Insights. "The latest advances in building automation have enabled the process in which all of a building's sensors, electronics, and mechanical systems are connected and managed through a single system that allows real-time communication between the building subsystems for better energy consumption coordination."
The recent focus on occupancy safety and space utilization in commercial buildings has accelerated a shift toward smart integrated systems where communication among lighting, HVAC, and other subsystems is needed. Building automation technology vendors have been quick to adapt to their customers' demands by providing smart systems with open communication protocols that can be easily integrated into third-party software and allow for easier communication with other subsystems, according to the report.
A bottom-up and top-down approach was used for development of this report, Market Data: Building Automation and Controls. The basis of the bottom-up analysis started with Guidehouse Insights' Global Building Stock Database 3Q22. This data was combined with average selling prices per square foot for building automation controls, which were assembled during interviews with industry experts and research from online sources. The analysis was combined to calculate expected adoption curves by building type and by region. An executive summary of the report is available for free download on the Guidehouse Insights website.
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 15,000 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Building Automation and Controls, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse
SOURCE Guidehouse Insights
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