Digitization to Play a Pivotal Role in Market Growth
In reference to a new report published by Persistence Market Research, the global building automation systems market will showcase significant growth between 2016 and 2026. Manufacturers of building automation systems are rapidly adopting new regulations set across the globe and they are also lining up new products to meet rising market demand.
“The global building automation systems market was valued more than US$ 43 Bn in 2015 and is expected to mint better revenue by the end of 2016, reaching approximately US$ 48 Bn. The market will continue its journey towards expansion and the market worth will reach US$ 141.1 Bn towards the end of 2026. The global building automation systems market will record a CAGR of 11.1% during the projected period”.
Global Building Automation Systems Market: Factors and Trends Impacting Growth
Governments around the globe are rolling out different precautionary measures to cut down the wastage of energy. Different new regulatory methods are adopted to reduce the consumption of energy. This is a massive booster for the global building automation systems market. Several big economies around the globe such as Europe, US and Japan have already curated some restrictive methods to revise the previous trends. This opens a new window of opportunity for the global building automation systems market. A slew of new technologies that are eroding this market are actively affecting the global canvas of the market. Better and more advanced technologies are enhancing the end-user experience and also increasing market outreach.
The introduction of smart web-based, cloud-based control networks backed by the Internet of Things (IOT), mobile technologies, integrated building systems and facility management solutions are expanding the periphery of the global building automation systems market. Last but not the least, the urgent need for consolidated security solutions is also pushing ahead the market growth of the global building automation systems market. These key factors will complement the all-round development of the market within the forecast period but there are also certain key factors that might barricade the normal development of the market within the period of forecast. Building automation systems come with a high price tag and this is expected to impact their widespread adoption. The absence of skilled manpower is another market growth deterrent.
Global Building Automation Systems Market: Revenue Forecast
The rising incidences of security violations across the globe are likely to impact the growth of the security and surveillance segment in the global building automation systems market. The security and surveillance segment will exhibit a robust growth in terms of revenue and will overshadow the market within the forecast period. The commercial segment will contribute notably to the global building automation systems market. Towards the end of the projected period, the commercial segment will touch a market worth of more than US$ 63 Bn and will record a CAGR of 10.9%. Apart from this the government and residential segments will also project promising growth trends by 2026 end. North America will lure maximum investors, as the building automation systems market in this region will exceed a whopping value of US$ 55 Bn by the close of 2026.
Global Building Automation Systems Market: Top Contenders
The global market for building automation systems is crowded with several players. The Rheem Manufacturing Company, United Technologies, General Electric, Lennox International, Philips Lighting Holding B.V., Ingersoll-Rand Plc. Honeywell International Inc., Johnson Controls are some of the major players contributing to the growth of the market. They are establishing smart IT backed platforms to provide advanced building automation systems to their customers.