Buildings are responsible for a significant portion of global energy consumption, with one-third of the world's energy used within them. As of the Transforma Insights report, the total number of Building Automation devices will grow from 358 million in 2020 to 1.6 billion in 2030, with a CAGR of 16%. This is explained by the fact that, digitalizing buildings, employing technologies like smart thermostats and lighting control, has the potential to reduce energy usage in residential and commercial buildings, while automation systems with HVAC and lighting control could reduce total building electricity consumption by 10-20%.
According to Berg Insight, by 2024, it is predicted that there will be 34.4 million connected building automation systems in North America and Europe with the market reaching €48.4 billion by 2024.
The 1NCE is strongly aware of the IoT relevance towards smart buildings and building automation systems. This is reflected in our customer base in the infrastructure and industry sectors, which constitutes 29% in total. Within this industry, Smart Building solutions emerge among the most prominent applications.