Press release
Building Automation Systems Market to Grow at CAGR of 11% by 2024
In 2015, the global market for building automation system was valued at over US$ 43 Billion and set to increase to US$ 48 Billion by 2016 end. In addition, the market is projected to grow threefold in the next ten year, reflecting a GAGR of more than 11% over the forecast period. Government organizations in various countries are setting mandatory guidelines to check on energy wastage. New regulatory norms have been introduced which are aimed at reducing extensive energy consumption. This, in turn, is expected to boost the market growth during the forecast period. Various developed economies across the globe including the US, Japan and Europe have already implemented new policies, hence, creating lucrative market opportunities for further business. Besides, the spectrum of new technologies used in developing building automation system is also expected to favor the growth of the market. Enhanced technological features are significantly improving the end-user experience.
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The Global market for building automation systems is expected to witness an 11.1% CAGR during the forecast period
Development of smart cloud-based and web-based networks well supported by the Internet of Things (IOT), wireless technologies, facility management solutions and integrated building solutions are extending the technological boundaries of building automation systems Market. Moreover, increasing demand for consolidated security solutions is an additional factor propelling the overall market growth. Thus, the aforementioned factors will decide on the all-round development of the global market for building automation system throughout the forecast period
However, factors such as high-cost of initial setup coupled with extensive maintenance requirement may limit their widespread adoption. In addition, lack of skilled technicians to operate such advanced systems is also identified as one of the major restraining factors of the market. Therefore, these factors are the major lookouts and will need to be resolved in order to attain complete market excellence.
Demand for security and surveillance building automation systems Market will remain high owing to increasing incidence of security breaches and illegal encroachment across the globe. In terms of revenues, the security and surveillance segment will witness a robust growth as compared to other segments during the forecast period.
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While, the commercial segment will account for healthy share of the global market. In addition the segment is projected to reach US$ 63 Billion, expanding at a CAGR of over 10% between 2016 and 2026. Similarly, the government and residential segments are expected to showcase promising growth opportunities during the assessment period. On the basis of regional prospect, the market in North America is expected to lead owing to the strong presence of developers and key market players in the region. The region is expected to cross a market valuation of US$ 55 Billion by the 2026 end
Vendor News
Key players operating in the global market for building automation systems include Honeywell International Inc., United Technologies, Philips Lighting Holding B.V., Johnson Controls, The Rheem Manufacturing Company, General Electric, Ingersoll-Rand Plc., and Lennox International. Most of the companies are developing smart cloud platforms in order to provide smarter building automation systems to their clients.
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