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Building Automation and Control System Market Insights by 2027 | TMR Study
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Building automation and control systems find application in lighting control system, facility management, fire control system, heating, ventilation & air-conditioning, video surveillance, safety & security system, energy management system, and access control.
Analysts at TMR state that the global building automation and control system market will show prominent growth and expand at a prodigious CAGR of ~9% during the forecast period of 2019 to 2027. The list of important factors driving this market growth includes rising acceptance of IoT, advancement in cloud computing, and network infrastructure.
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Key Findings of Building Automation and Control System Market Report
The global building automation and control system market is projected to grow at a CAGR of ~9% during the period of assessment. Total valuation of the building automation and control system market is predicted to exceed ~US$ 326 Mn by 2027 end.
On regional front, North America is foreseen to gain major market share in the upcoming years.
Analyze global building automation and control system market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Building Automation and Control System Market: Key Driving Factors and Promising Avenues
The global building automation and control system market is foreseen to show prodigious growth during 2019-2027. Key reason attributed to this growth is noteworthy advancements in technologies.
Introduction of advanced technologies such as Zigbee, Wi-fi, and Internet of Things (IoT)in present building automation and control systems will help in the rapid expansion of this market in the years ahead. In recent period, major commercial as well as small to medium-sized residential buildings in all worldwide locations are inclined toward the use of building automation and control systems. This is one of the key factors stimulating the growth of building automation and control system market.
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Building Automation and Control System Market: Competitive Assessment
The building automation and control system market experiences highly competitive landscape on the back of presence of many well-established players in it. As a result, vendors are executing diverse strategies to maintain their leading market position. One of the important strategies in trend today is mergers and acquisitions. Industry leaders in the market for building automation and control systemare increasing focus on acquisitions of their smaller competitors.
Numerous companies engaged in the building automation and control system market are investing heavily in research and development activities. Key motive of this strategy is to develop technologically advanced products. In addition to this, the increased number of product launches by major enterprises is indicative of the rapid expansion potential in the global building automation and control system market in the years ahead.
The list of important companies profiled in the report on building automation and control system market includes ABB Ltd., Honeywell International Inc., BuildingIQ, 75F, LLC, Crestron Electronics, Inc, Johnson Controls International Plc, Siemens AG, Legrand, Hubbell, United Technologies Corporation, and Schneider Electric SE.
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