Proving the Business Case for the Internet of Things

Smart building wireless system revenues to hit $434 million in 2023: Navigant

Keith Kreisher
November 13, 2014
 
Wireless control systems for smart buildings will generate annual revenues of $434 million by 2023, according to a new study from Navigant Research.

The controls can be used to link devices found in various building systems, including heating, ventilation and air conditioning (HVAC) as well as lighting, fire and life safety, and security and access.

The also typically provide networked control in buildings or areas where it is too expensive to install wired controls, says Navigant.

Rising demand will drive annual revenues from $97 million in 2014 to $434 million in 2023.

“Although wireless controls are generally more expensive than their wired counterparts, that price gap is eroding quickly,” said Benjamin Freas, a research analyst with Navigant Research.

“Wireless controls also provide greater flexibility than wired ones, particularly the ability to install sensors and devices in buildings that cannot easily be torn apart to put in wiring, making wireless systems ideal for retrofit projects in existing buildings,” he added.

Navigant also notes that most wireless devices and control networks in use today are based on proprietary, vendor-specific communications technologies, even though the deployment of systems using standard technologies – like Wi-Fi, Zigbee and EnOcean – is increasing.

But as demand for interoperability continues to grow, so will the proportion of systems based on standard technologies, says Navigant.
 
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