Intelligent building is defined as an infrastructure which is based on a robust, open operating system that supports a well-connected and integrated network of building systems and controls. Intelligent building adjusts the internal functional aspects such as lighting, temperature, fire-fighting, ventilation, air-conditioning, parking, and water management, automatically with the changes in environmental conditions controlled by automated systems. The global intelligent building market was valued at $ 12,371 million in 2017, and is projected to reach $ 42,649 million by 2024, growing at a CAGR of 19.6% from 2018 to 2024.
Factors such as need for advanced energy efficient interventions, increased market for building automation and control systems, supportive regulatory structures and policies, and increased adoption of building energy management systems drive the intelligent building market growth. However, high investment cost and complex interoperability of the different systems installed for managing the smart building are expected to impede the growth of the intelligent building market. Furthermore, proactive government support for infrastructural expenditure and rise in development of smart cities are anticipated to present lucrative opportunities for intelligent building market growth in the near future.
Major Key Players of the Intelligent Building Market are:ABB, Cisco Systems, Delta Controls, Honeywell International , Intel Corporation, Johnson Controls, Legrand, Schneider Electric, Siemens AG, and United Technologies Corporation.
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