IoT analyst firm Berg Insight said there is a new urgency in the market due to factors such as energy conservation and mandates for green construction.
The installed base of connected building automation systems in Europe and North America is forecast to exceed 34 million by 2024, new research finds.
According to IoT analyst firm Berg Insight, this represents a compound growth rate (CAGR) of 11.0 per cent. Around 3.2 million connected building systems were shipped in the two regions in 2019 to reach an estimated total of 20.5 million systems in 2019. This includes building systems that are connected to the internet and can send data to a back-office platform.
At the same time, the building automation market in Europe and North America generated revenues of close to € 29.5bn in 2019. The analyst expects the market will grow at a CAGR of 10.4 per cent to €48.4bn in 2024.
Building automation systems include a wide range of solutions for controlling, monitoring and automating functions in buildings like commercial office spaces, retail stores, hotels, schools, hospitals and industrial buildings.
In the report, building automation systems are grouped into six primary categories: HVAC and energy management; lighting and window control; fire safety, security and access control; elevator and escalator management; audio, video and entertainment; and water management.
Building automation has been around for many decades but Berg Insight reports there is a new urgency due to factors such as energy conservation as well as mandates for green construction. IoT, cloud computing, data analytics, deep learning, artificial intelligence (AI) and other new technologies allow building owners to easily measure and conserve energy.
“New sensor-based solutions that provide real-time data on indoor climate, workplace occupancy and space utilisation have really gained traction during the past few years”
These technologies also help reduce operational expenditures, meet stringent global regulations and sustainability standards as well as increase occupancy comfort.
Building automation systems can also help boost workplace productivity and optimise office space, which in turn cut costs and increase revenues for companies. Data generated from these solutions can also be used to reduce the spread of viruses and other diseases inside buildings, increasingly important since the outbreak of Covid-19.
“New sensor-based solutions that provide real-time data on indoor climate, workplace occupancy and space utilisation have really gained traction during the past few years,” said Martin Backman, senior analyst, Berg Insight.
He continued: “Providers of occupancy and space utilisation applications now market their services as a tool to help workers return to work safely.”
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