Report: Intelligent building automation technologies market to grow
The intelligent building automation technologies market is expected to reach a value of $95.95 billion by 2022, according to new research.
Increasing awareness regarding workplace safety, a shift toward smart buildings, and improving the comfort level for occupants are expected to fuel the demand for intelligent building automation technologies, the report by Grand View Research Inc.
The intelligent building automation technology is an interconnected network of hardware and software that monitors and controls the building facility environment. Building automation systems aid in the seamless operation of HVAC, electricity, lighting and plumbing systems, as well as the security and life safety systems of a facility.
The intelligent building automation technologies market is expected to increase due to growth in GDP per-capita and international tourism, Grand View research says. Yet, the market faces some challenges such as global economic downturn and terror attacks.
The growth is expected to be driven by several factors, such as an increase in disposable income, increasing international inbound and outbound tourism and an aging demography.