Smart City Development across Various Countries to Bring Immense Growth Prospects for the Building Automation and Control System Market, Home Healthcare Segment Displaying High Growth Potential
– The growing requirement for proper energy management and the increasing urbanization levels will bring immense growth prospects for the building automation and control system market between 2019 and 2027
– The global building automation and control system market is estimated to expand at a CAGR of ~9 percent during the tenure of 2019-2027
Building Automation and Control System Market: Growth Summary
Automation is not a fancy term anymore. With the advent of new technologies and modernization around the world, many sectors have embraced automation in one way or the other. Building automation and control systems are one of them. The growing popularity of automation across various industries and sectors will bring expansive growth prospects for the building automation and control system market during the forecast period of 2019-2027.
A building automation and control system is used extensively to ensure proper controlling of HVAC and other systems such as water distribution, safety, security, and lighting without human interference. These systems are available in different variants and complexities, depending on the nature and objective of the building. Versatility plays a major role in increasing the growth rate of the building automation and control system market. In addition, with the help of a building automation and control system, all the electrical and HVAC systems run more efficiently. Such benefits bode well for the growth of the building automation and control system market.
Transparency Market Research has researched comprehensively on every aspect related to the building automation and control system market. The TMR team projects the building automation and control system market to record a CAGR of ~9 percent across the assessment period of 2019-2027. The global building automation and control system market is expected to surpass a valuation of ~US$ 326 bn by 2027, the end year of the forecast period.
The rising disposable income and the increasing levels of industrialization and urbanization across many regions positively impact the growth of the building automation and control system market. Emerging economies like China and India are adopting these systems on a large scale. The growth across these untapped regions is estimated to add extra stars of growth to the building automation and control system market due to a large population presence and increasing awareness about the importance of building automation. These factors will invite exceptional growth across the forecast period.
Emergence of Smart Cities to Have a Pivotal Part in the Growth of the Building Automation and Control System Market
Smart cities are emerging across various regions and countries. The government bodies of numerous countries are focusing mainly on developing smart cities because of the massive rural-to-urban migration. The rising industrialization and urbanization levels around the world have urged many countries to pay attention on the development of smart cities. Automation is the foundation of any smart city. Hence, the expanding number of smart cities is directly proportional to the growth of the building automation and control system market.
Benefits like Reduced Maintenance Costs and Improved Comfort bring Immense Growth Prospects
Building automation and control systems come with numerous advantages. Along with offering an excellent energy saving mechanism, these systems prevent breakdowns and other significant issues that help in improved efficiency and reduced maintenance. In addition, these systems provide extreme comfort to the user. They also have a vital role in commercial arena like workplaces. Corporate workplaces adopt these systems for enhanced employee comfort. An employee is automatically productive at work when s/he is at ease. Thus, these aspects will have a major impact on the growth of the building automation and control system market.