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Commercial Building Automation Market: Booming Construction Industry and Strict Government Policies to Drive Market Growth,
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According to the research report published by Transparency Market Research, the global market for commercial building automation is reached an overall valuation of US$77.63 in the year 2016. This market valuation is expected to grow and touch the figure worth US$108.49 bn over the course of the given forecast period of 2016 to 2024 in terms of generation of revenue. The overall growth rate for the development of the global commercial building automation market is expected to show an impressive CAGR of 4.3% throughout the given period of forecast of 2016 to 2024. The extent of competition in the global market is projected to grow even more over the coming years of forecast period due to the aggressive expansion tactics adopted by the leading companies along with numerous lucrative opportunities emerging in the market that will attract new players in terms of swift growth.
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The chief factor responsible for driving the overall growth of the global commercial building automation market as well as the business expansion of players in it is the constant boom in the construction sector itself. Improvements in the economy across the globe are creating a wider scope of demand for different construction projects in residential as well as industrial sectors. This is more evident in the emerging economies of the Middle East and Africa region as compared to others. These regions are acting as a strong base for commercial building automation and thus are expected to significantly drive the overall growth of the market.
The swift development of the construction sector is presently the primary reason for causing high demand for more efficient projects that will use less volumes of materials along with having a comparatively lower requirement for power. In addition to this, the increasing concern over the rapidly decreasing stockpiles of fuel and growing environmental pollution have enforced numerous governments to impose stringent policies regarding the efficient use of resources. This is expected to directly impact the overall development of the global commercial building automation market in the near future.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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