The global smart buildings market is forecasted to increase 13% in annual value, growing by USD 19.17 billion by 2024, according to a latest report by Technavio.
Despite steep switching and installation costs, growing demand for building automation systems emerged as a key driver for this growth trend. The market for these systems had already picked up tailwinds in 2019, the report noted. But industry-wide developments continue to push the growth of building automation systems forward.
These include industrial growth, commercialisation, and energy and building optimisation.
Technological innovation also plays a fundamental role in driving adoption for building automation systems, the report noted. Internet of Things (IoT), analytics, and cloud computing technologies all contribute to help monitor, control, and operate building facilities.
Meanwhile, smart buildings have also emerged as a small but rapidly growing segment of the real estate sector in the MENA region. Here’s what lies ahead for this sector.
MENA FOCUS: SMART BUILDINGS AND BUILDING AUTOMATION SYSTEMS
According to the IESE Cities in Motion Index 2020, Dubai and Abu Dhabi are two of the top-ranking smart cities for technology. Doha and Riyadh also find a place in the index. Smart buildings shore up this technological prowess, and make buildings more efficient, sustainable, and safe.
Amid the COVID-19 pandemic, interest in smart buildings has surged. In addition to building automation systems, the market is also keen on technologies such as contactless access control systems, facial recognition and heat sensors, advanced HVAC systems and even drones.
Developments on this front are already underway. AI-based O&M platform Felicia and HVAC field devices manufacturer Belimo, for instance, announced a joint solution for IoT-based building operations and management.
Another report by Honeywell points that smarter building regulations have helped propel Doha and Dubai ahead for their smart building capabilities. Regulations such as the Dubai Civil Defence 24x7 Smart Monitoring System for real-time life and safety alerts have been around as far back as the early 2010s.
At the same time, the report also suggests that the region needs to catch up with vertical system integration and asset uptime. Most industries in the region, including hotels, hospitals, retailing and offices, have poorly integrated building assets and lower annual functional service time for assets.
In order to push for progress, developers and governments in the MENA region will need to adopt integrated building technologies and maximise operational uptime for smart building assets, the report added.
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