Rapid adoption of newly set regulations among several countries of the world by building automation systems manufacturers is fuelling the demand for building automation systems. Introductionto new products is fulfilling these rising demands. The global market for building automation systems was worth US $43 billion in 2015 and US $48 billion in 2016, in terms of revenue. It is estimated to account for US $141.1 billion by 2026 end. The global market for building automation systems is expected to grow at 11.1% CAGR over the forecast period, 2016 to 2026.
Security & Surveillance to Dominate the Global Market of Building Automation Systems
Global building automation systems market is categorized into security & surveillance, commercial, residential and government segments. In terms of revenue, security & surveillance segment is estimated to witness robust growth and dominate the market during the forecast period.Increasing security violation incidences is expected to fuel the growth of security & surveillance. This segment is estimated to witness significant incremental $ opportunity surpassing US $28 billion by 2026 end. It is expected to account for market value of US $45 billion and witness 10.4% CAGR during the forecast period. In terms of revenue, security & surveillance is projected to occupy lion’s share of the global market for building automation systems.
North America to Account for US $55 billion by 2026 End.
The commercial segment is predicted to provide significant contribution to the global market for building automation systems. The commercial segment is expected to account for market value of US $63 billion and witness 10.9% CAGR by 2026 end.In addition the residential and government segments are also expected to exhibit increase in growth rate during the forecast period. North America is estimated to surpass US $ 55 billion market value by 2026 registering a boost in growth of building automation systems market luring most of the investors to peek interest in this region.
Top leading players in the global market for building automation systems are focusing on smart IT-backed platforms establishment for provision of innovative building automation systems for customers. These market players include The Rheem Manufacturing Company, General Electric, Philips Lighting Holding B.V., Honeywell International Inc., United Technologies, Lennox International, Ingersoll-Rand Plc. and Johnson Controls.
Factors influencing the growth of global building automation systems market are
- Developed economies such as US, Japan and Europe have come up with restrictive methods for the revision of prior trends.
- Adoption of various new regulatory methods for the reduction of energy consumption.
- Introduction to various precautionary measures by different governments from the world for elimination of energy wastage
- Better advanced technologies enhancing end user experience and increasing market outreach
- Introduction of intelligent cloud-based & web-based control networks backed by IOT (internet of things), facility management solutions, mobile technologies, and integrated building systems.
- Increasing necessity of consolidated security solutions.
High capital investments and huge costs of building automation systems is expected to hamper the growth of global market for building automation systems. Moreover, growth of this market is expected to be impeded by lack of skilled manpower for the operation of building automation systems.