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Commercial Building Automation Market To Expand At A CAGR Of 8.3% From 2021 To 2031
There is a surging demand for energy-conservative processes in commercial buildings. Building automation systems include controlling, monitoring, and automating functions in buildings such as commercial offices, hotels, IT tech parks, schools, retail stores, hospitals, and various other industrial buildings. Commercial building automation system offers remote and centralized control of several building functions across multiple sites.Get Report Details- https://www.transparencymarketresearch.com/commercial-building-automation.html
There is an increasing demand for automation services such as HVAC and energy management, lighting and window control, fire safety, security and access control, elevator management, audio, video and entertainment, and water management. Commercial building automation market is majorly driven by factors such as rapid urbanization in developing countries, growth of the building & construction industry, and technological advancement in construction. Stringent government regulations in emerging economies to reduce the carbon footprint is contributing to market growth. Smart and connected commercial buildings with automated controls on heating, ventilation, and air conditioning, etc. offer significant opportunities for market players.
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Rising Focus of Manufacturers to Develop Environment-friendly Commercial Buildings
The global commercial building automation market is driven by government initiatives for construction of green buildings. The increasing demand for lowering operational costs in construction, along with rising awareness about sustainable and environment-friendly buildings, also contribute to market expansion. Green buildings help utilize less water and less energy. Building automation system (BAS) controls all the automation in buildings; BAS is responsible for saving energy to a great extent, as it also reduces operation costs. Manufacturers working in the commercial building automation market are gaining lucrative benefits by serving the increasing demand from rapidly developing commercial construction projects. Rising industrial activities, along with rapid urbanization is contributing to the commercial building automation market growth during the forecast period. The major market players in the commercial building automation market are expanding their business by collaborating with the small- and medium-scale manufactures.
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Penetration of IoT in Building Automation Systems Offers Lucrative Opportunities
Advanced IoT sensors are used in smart commercial buildings to collect data from various building functions and subsystems. This information can be used by the operator of the building and then automate various operations through IoT. IoT data can be used to find out operational inefficiencies and improve building controls. The whole purpose of IoT for buildings is to optimize performance through data and automatic control. Technological advancement help grow commercial building automation market. Governments are taking initiative to promote awareness about green buildings for protecting environment. This factor is projected to augment the demand for commercial building automation market.
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COVID-19 Impact on Commercial Building Automation Market
The COVID-19 pandemic has negatively affected the commercial building automation market. Strict lockdowns and disruption in supply chain have resulted in halting of all construction activities. Manufactures operating in the commercial building automation market are recovering from the losses caused by the pandemic. Majority of top market players in the commercial building automation market are taking initiatives to re-establish their closed projects.
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