Demand for Comfort and Foolproof Security Systems to Drive Growth
The commercial building automation systems market is expected to be driven by factors such as demand for comfort and foolproof security systems. The market size is estimated to grow by USD 18.97 billion, at a CAGR of 8.98%, from 2021 to 2026.
The demand for comfort and foolproof security systems is one of the key factors driving the global commercial building automation systems market growth. The demand for advanced HVAC systems and security devices such as CCTV cameras has increased. For instance, in July 2021, Hikvision enhanced its offering of professional video surveillance cameras with ColorVu imaging technology that provides color images in virtually any lighting conditions, including zero-light environments. These factors will increase the implementation of building automation systems in the commercial sector during the forecast period.
Challenges in integrating building automation software coupled with interoperability issues will hinder the global commercial building automation systems market growth. As the building size increases, the number of sub-systems and the related complexity of the overall system also rise. The automation systems integrate multiple pieces of equipment and appliances, which makes the interface more complex. In addition, integrating existing legacy systems with new and complicated software may lead to various integration issues. Moreover, ensuring interoperability while switching from one network to another is a challenge. Such factors are expected to hinder the market from growing during the forecast period, despite having huge potential.
Some of the companies covered in this report are ABB Ltd., Beckhoff Automation GmbH and Co. KG, Carrier Global Corp., Cisco Systems Inc., Crestron Electronics Inc., Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Honeywell International Inc., Hubbell Inc., Johnson Controls International Plc, Legrand North America LLC, Lutron Electronics Co. Inc., Mitsubishi Electric Corp., OMRON Corporation, Phoenix Contact GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Trane Technologies Plc, and Yokogawa Electric Corp., etc.
The report includes the competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
- By application, the market is classified into wired and wireless. The wired segment will contribute the largest share of the market. The rapid adoption of technological advances in controlled wired devices will drive the growth of the market in focus through this segment.
- By Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa. APAC will have the largest share of the market. The rapid growth in the industrial sector, which has led to an increase in the demand for commercial office spaces, will drive the commercial building automation systems market growth in APAC during the forecast period.