In this Research Note, we examine Delta Electronics building automation business, based on their 2021 financial results, investor presentations, growth strategy and M&A. Delta Electronics is a Taiwanese manufacturer specializing in power and thermal management solutions. The group’s 2021 consolidated sales revenues were NT$314,671 million (USD 10.66 billion), an 11% increase as compared to 2020. The group has three reportable divisions, Power Electronics, Infrastructure and Automation, which is the smallest of the three business areas with 15% of total revenues. Delta’s Automation Segment includes industrial automation and building automation. In recent years, Delta has been enhancing its portfolio which integrate various IoT-enabled building systems, including building automation, energy management, commercial and industrial LED lighting, video surveillance, access control, as well as indoor environmental quality systems. Delta’s Automation Segment reported 2021 sales of NT$ 45,881 million (over USD 1.5 billion), an 18% increase on prior year. The revenue mix between industrial automation and building automation is unfortunately not disclosed. However, the building automation sector has been identified […]