Dec. 31, 2014: Building Automation Expected to Exceed $86 Billion in Annual Revenue by 2023
Increased Adoption and Building Retrofits Are Expected to Provide Relatively Strong Growth
BOULDER, Colo. — The devices and systems that maintain a building’s HVAC, control its lighting, and ensure the security and safety of its occupants were, until fairly recently, rudimentary, says Navigant Research. Today, commercial building automation systems (BASs) are increasingly embedded with computing and digital communications tools that have transformed their capabilities to improve energy efficiency and optimization and enhance occupant comfort and health. According to a new report from the research firm, global revenue for commercial BASs is expected to grow from $59.3 billion annually in 2013 to $86.7 billion in 2023.
“Although the market for commercial BASs is mature, it is not stagnant,” said Benjamin Freas, research analyst with Navigant Research. “While the global outlook for economic growth, and thus for new construction activity, remains weak and uneven, increased adoption and building retrofits focused on improving energy efficiency and increasing occupant comfort are expected to provide the BAS market with relatively strong growth.”
A key driver in this sector, according to the report, is the evolution of energy efficient lighting, specifically the adoption of LED technology, which is opening new opportunities for advanced networked lighting controls. Building owners and managers, many of whom have become accustomed to the idea of centrally monitoring and managing their HVAC systems, are beginning to expect the same level of control from their lighting systems.
Publication date: 12/29/2014