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ButterflyMX Video Intercom & Access Control Business Examined
February 11th, 202575F Light Commercial Building Controls Business Examined
February 10th, 2025Honeywell Spinoff of Building & Industrial Automation Businesses into New Public Company
This Research Note examines the announcement of a new Honeywell Automation public company which will be formed from the spinoff of Building Automation (BA) and Industrial Automation (IA) businesses, reported in their Q4-2024 earnings call, on 6th February 2025. We also review the FY 2024 results and outlook for the Building Automation segment, highlighting its […]
Trane Technologies Commercial HVAC Business & 2024 Financials Examined
In this Research Note, we examine the commercial HVAC business of Trane Technologies. This article is based on the announcement of their Q4 and full-year 2024 results, investor presentation, and transcript of 30th January 2025. We also highlight the progress of Trane’s digital building services through connected buildings and assets, its recent acquisitions, and its growth strategy. Trane Technologies Profile Trane Technologies was formed in 2020 following a spin-off from Ingersoll Rand’s Climate Division. As a vertically integrated enterprise, Trane offers commercial and residential HVAC equipment and aftermarket services as well as transport refrigeration solutions under the ThermoKing brand. Since becoming a public company, Trane Technologies has repositioned itself as a pure-play climate company, with an increased focus on energy efficiency, sustainability and decarbonization of buildings, homes and transportation, to fuel their growth. The Commercial HVAC business unit provides heating and cooling systems, energy services and solutions, and building controls for commercial buildings. Their building controls […]
Consolidation in the Smart Buildings Startups Space 2024
Based on analysis from our latest research, Startups in Smart Buildings 2025, we examine M&A activity in the commercial buildings startups space. PitchBook has reported that M&A activity across all sectors in 2024 increased by 14% in volume and 19% in value YoY. In fact, deal activity reached its highest annual count ever, finishing with just over 45,000 deals. The commercial buildings space, broadly mirrored this trend with 2024 M&A activity increasing by 29% in volume to 197 acquisitions, of which 28% related to startups (companies founded since 2013). There were 56 acquisitions of startups in 2024, a number consistent with 2023 but down on the highs of 2021 and 2022. Of the 56 startup acquisitions in 2024: 21 transactions (37.5%) were for startups founded in North America. 33 transactions (59%) were for startups founded in EMEA. 2 transactions were for startups founded in Asia. Corporate buyers accounted for the majority while 6 deals were […]
ABB Electrification Business & 2024 Financials Explored
In this Research Note, we examine ABB’s Electrification business and its 2024 financial results announced on 30th January 2025, specifically in relation to commercial buildings and data center end markets. We also highlight acquisitions and investments made by the business throughout 2024. ABB Electrification Divisions The Electrification business is split into 5 divisions, which provide products, solutions and services across residential, commercial and industrial building markets: ABB Factsheet January 2025 In the Distribution Solutions and Smart Power divisions, ABB offers a portfolio of medium and low-voltage switchgear and uninterruptible power systems primarily to Data Centers and Buildings. The Smart Buildings division provides electrical distribution products such as wiring devices, miniature breakers, distribution enclosures and building automation solutions for both residential and commercial buildings. ABB Factsheet January 2025 The Service division offers a full suite of digitally enabled repair, modernization and advisory services for electrical systems. Investment in energy management solutions, particularly in technology startups, is […]
Signify’s Lighting Business & 2024 Financials Examined
In this Research Note, we examine the lighting business of Signify, based on their 2024 annual results announced on 24th January 2025 including the revised organization of four verticalized businesses, implemented in April 2024 and their guidance for 2025. Signify, headquartered in Eindhoven, the Netherlands, is the global vendor of conventional lighting, LED, and connected lighting, with approximately 29,000 employees and a presence in over 70 countries. Signify 2024 Financial Highlights The business reported a 2024 nominal sales decrease of 8.4% to EUR 6,143 million, including a negative currency effect of 1.8% from USD and CNY depreciation. Comparable sales declined by 6.6%, mainly due to the accelerated decline in Conventional business, weakness in the European professional lighting business and in China. Signify’s installed base of connected light points increased from 124 million in 2023 to 144 million at year end 2024. LED-based sales represented 93% of total sales (FY 23: 85%). The agriculture lighting segment […]
Smart Building Startup Investment Reached $6.9Bn in 2024
Our new research shows that funding from venture capital, private equity, and corporate backers for smart building startups reached $6.9 billion in 2024, the 3rd highest year in value since 2015. This funding was spread across 279 funding rounds, a 17% increase on 2023. We identified 1,331 startups founded since 2013 in the management and operations […]