Email
Print
Intelligent Building Management Systems Market - By Component , By Type , By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030
Intelligent Building Management Systems Market Report Overview
Intelligent Building Management Systems Market Size is forecast to reach $ 40,800 Million by 2030, at a CAGR of 18.92% during forecast period 2024-2030. Intelligent building management systems (IBMS) are used to handle the technology in modern structures. IBMS are building management systems that are further developed with the help of the Internet and accompanying IT infrastructure. The IBMS integrates all of the management systems placed in a building via the Internet protocol (IP) network. Field Programmable Gate Array is useful for prototyping application-specific integrated circuits (ASICs) or processors. Genetic Algorithms (GAs) are employed as an optimization tool to obtain efficient and diverse solutions. The Internet of Things, cloud computing, big data analytics (BDA), fog computing, and artificial intelligence accelerate building management progress. The IBMS market is being driven primarily by the rapidly expanding construction sector. As the population grows, so do the need for adequate infrastructure. In addition, buildings built nowadays incorporate technology to improve society's quality of life. The increasing use of technology in buildings has boosted the demand for IBMS. As new and innovative management solutions for managing technology applications are introduced in buildings. The IBMS provides a single front-end interface via which all subsystems are managed.
Report Coverage
The report: “Intelligent Building Management Systems Industry Outlook – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Intelligent Building Management Systems industry.
By Component: Hardware, Software, and Service
By Type: Intelligent Security System, Building Energy Management System, Infrastructure Management System, and Network Management System
By Industry: Commercial, Industrial, Residential
By Geography: North America, South America, Europe, APAC, and RoW
Key Takeaways
- The Building Energy Management System segment is expected to grow at a faster CAGR during the forecast period. Because of the increasing need for energy consumption reductions and the continued growth of energy usage as the number of commercial buildings increased, there was a need to develop novel approaches to decrease and optimize building energy use. Building energy management systems (BEMS) have grown in popularity as people become more interested in energy conservation and savings.
- North America is estimated to grow at the fastest CAGR of 24.3% during the forecast period. North America's revenue rise is primarily due to the region's growing adoption of innovative technology. Furthermore, the increasing number of buildings incorporating IBMS into their systems is an important component in the company's market domination.
- The global demand for intelligent buildings is increasing as people become more aware of the importance of energy conservation. Furthermore, the use of the green building and eco-friendly infrastructure has resulted in the creation of smart and energy-efficient buildings, which regulate energy usage and effectively manage energy consumption in buildings across all sectors.
Intelligent Building Management Systems Market, By Region, 2021
For More Details on This Report - Request for Sample
Intelligent Building Management Systems Market Segment Analysis – By Type
By Type, Intelligent Building Management Systems Market has been segmented into Intelligent Security System, Building Energy Management System, Infrastructure Management System, and Network Management System. The Building Energy Management System segment is expected to grow at a faster CAGR during the forecast period. Because of the increasing need for energy consumption reductions and the continued growth of energy usage as the number of commercial buildings increased, there was a need to develop novel approaches to decrease and optimize building energy use. Building energy management systems (BEMS) have grown in popularity as people become more interested in energy conservation and savings. A building energy management system is capable of controlling and monitoring the energy requirements of the facility. Larger buildings necessitate advanced building and predictive analytics, building optimization, and continuous optimization, demand response, automated building control, autoDR, and enterprise integration, whereas small buildings necessitate a system that can provide information on incentive availability, historical billing analysis, and behavioral, educational, and retrofit recommendations. BEMS is critical in meeting these standards. In July 2021, Honeywell and Nexii Building Solutions Inc. have formed a strategic partnership to accelerate the development of low-impact buildings. This collaboration establishes Honeywell as the sole supplier of building technology for Nexii's new buildings, with products that bring energy savings and operational improvements.
Intelligent Building Management Systems Market Segment Analysis - By Industry
By Industry, Intelligent Building Management Systems Market has been segmented as Commercial, Industrial, Residential. The Commercial segment is expected to grow at a faster CAGR during the forecast period. Office buildings, retail, and public assembly buildings, educational institutes, hospitals and healthcare facilities, airports and railways, and other nonmanufacturing commercial buildings are included in the commercial building section. In the commercial sector, office buildings are among the most significant end-users of building management systems. HVAC control systems, lighting control systems, and security and access control systems are all part of building management in office buildings. These are also sources of excessive power consumption, and regulating them aids in reducing crucial operational expenditures. Commercial applications account for a sizable portion of the overall building automation system market, as the need for energy-saving and cost reduction is strongest in this vertical. Various building standards and policy frameworks require commercial companies to control energy usage and carbon emissions, creating the demand for commercial building management systems.
Intelligent Building Management Systems Market Share Segment Analysis - Geography
By Geography, Intelligent Building Management Systems Market has been segmented under North America, Europe, APAC, South America, and RoW. North America is estimated to grow at the fastest CAGR of 24.3% during the forecast period. North America is one of the main markets for Smart Buildings and IoT-enabled smart devices, with the region seeing a surge in the application and acceptance of Smart building solutions. North America has a significant market share due to the existence of a large number of early adopters in the United States and Canada. The region is likely to lead the global market throughout the forecasted period, owing to its built infrastructure that can house smart automation solutions in the residential and commercial segments. With rising energy prices and environmental consciousness, an increasing number of Americans are seeking for smart, connected, and automated building solutions; with the addition of safety and alarm systems, the most installed items are fire safety, surveillance, and security. North America's revenue rise is primarily due to the region's growing adoption of innovative technology. Furthermore, the increasing number of buildings incorporating IBMS into their systems is an important component in the company's market domination.
Intelligent Building Management Systems Market
The growing demand for smart building is expected to drive the market growth:
The growing market for smart buildings in both established and developing nations is expected to boost demand. According to Johnson Controls' 2019 Energy Efficiency Indicator survey, organisations in the United States want to boost investments in smart building measures such as building controls and building system integration at a faster rate than more traditional energy efficiency measures. Governments from all around the world have been actively involved in establishing energy usage limitations. The Canadian government is prioritising energy conservation by utilising smart buildings in offices and households. During the same time period, the Government of India created 'The Energy Conservation Building Code,' which establishes minimum energy performance standards for buildings and covers the building envelope, heating, ventilation, and air conditioning. As a result, the increasing usage of connected technology may assist such regions in conserving energy. To promote smart building technology in Europe, a Smart Readiness Indicator was adopted as part of the 2018 modification of the European Energy Performance of Buildings Directive. The European Commission's Clean Energy for All initiative includes a scheme with the European Investment Bank to provide financing for smart buildings.
The need for intelligent buildings has increased in recent years, owing to a global increase in awareness about energy conservation:
The global demand for intelligent buildings is increasing as people become more aware of the importance of energy conservation. Furthermore, the use of the green building and eco-friendly infrastructure has resulted in the creation of smart and energy-efficient buildings, which regulate energy usage and effectively manage energy consumption in buildings across all sectors. Occupancy sensors, smart thermostats, and HVAC and lighting controls, among other smart technology, can cut energy use in empty offices, conference rooms, and other places. The American Council for an Energy-Efficient Economy (AMCEE) estimates that smart technology will save 8-18% of total energy usage in subsectors such as Class B offices, small chain, and independent retail outlets, middle-tier franchise hotels, and regional hospitals. The IBMS market is alsodriven by growth in the construction sector. As the world's population grows, so do the demands for good infrastructure. Furthermore, the increasing acceptance of technology in buildings has raised a demand for IBMS, as new and innovative management systems are introduced in buildings to handle technical applications. Power-line communications also offer enormous growth potential for the IBMS market. It benefits power-line communication technology by enhancing low and high-speed networking operations. In April 2021, Johnson Controls, a provider of smart, healthy, and sustainable building solutions, has collaborated with an Arm subsidiary that provides Connected IoT Device services to accelerate innovation in connectivity, security, and intelligence at the edge for Johnson Controls OpenBlue technology.
Intelligent Building Management Systems Market
The complexity of interoperability between different connected building automation systems, as well as the high investment cost required to establish an intelligent building, limit the intelligent building market's growth
The complexity of compatibility between different linked building automation systems, as well as the high investment cost required to establish an intelligent building, limit the growth of the intelligent building management market. The building management system market is hampered by a lack of technically competent staff and expensive initial implementation costs. Certain circumstances and technical needs must be completed before BMSs may be deployed, and these conditions might be internal, operational, or external, such as understanding computer software, networking, and applications; designing; and testing the system. Maintenance and service necessitate the use of trained and skilled workers to guarantee that BASs run properly and last a long time. Building management systems and services are difficult to execute in the absence of these prerequisites. The high initial investment is also expected to hamper the intelligent building market growth during the forecast period. Because of the integration of linked extra components, intelligent buildings have complex operational procedures. Due to the complexity of installation and the need for experienced and competent workers, this adds to the system cost as well as the overall cost for the smart building. These technologies necessitate regular maintenance checks to ensure system functioning and reliability, resulting in additional maintenance costs that limit the expansion of the intelligent building industry.
Intelligent Building Management Systems Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Intelligent Building Management Systems market. In 2021, the market of Intelligent Building Management Systems Market share has been fragmented by several companies. Intelligent Building Management Systems top 10 companies include
- Azbil Corp.
- Carrier Global Corp.
- Cisco Systems Inc.
- Delta Electronics Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Ingersoll Rand Inc.
- Johnson Controls International Plc
- Schneider Electric SE
- Siemens AG
Recent Developments
- In July 2021, Honeywell and Nexii Building Solutions Inc. have formed a strategic partnership to accelerate the development of low-impact buildings. This collaboration establishes Honeywell as the sole supplier of building technology for Nexii's new buildings, with products that bring energy savings and operational improvements.
- In April 2021, Johnson Controls, a provider of smart, healthy, and sustainable building solutions, has collaborated with an Arm subsidiary that provides Connected IoT Device services to accelerate innovation in connectivity, security, and intelligence at the edge for Johnson Controls OpenBlue technology.
- In March 2020, ABB acquired Cylon Controls, an Irish firm, to extend its foothold in the smart building area. The acquisition will broaden the company's range of commercial building solutions, with an emphasis on providing advances in energy optimization and comfort.
Key Market Players:
The Top 5 companies in the Intelligent Building Management Systems Market are:
- Azbil Corporation
- Carrier Global Corp.
- Cisco Systems, Inc.
- Delta Electronics, Inc.
- Honeywell International Inc.
For more Electronics Market reports, please click here