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Global Building Automation and Control Market: Snapshot
The Internet of Things (IoT) plays an important role in building automation and control. The phenomenal growth of the IoT industry is, therefore, a shot in the arm for the global building automation and control market. Additionally, continuous advancements in the IoT technologies are allowing manufacturers in the market to take a transformational leap forward towards improved systems. Besides this, the emergence of wireless technologies and their paraphernalia is stoking the growth of the market. The demand for building automation and control systems is likely to remain high across commercial buildings, primarily due to favorable government initiatives.
On the flip side, the high cost of implementation of these systems is limiting their widespread adoption. Moreover, the dearth of skilled personnel and technical issues associated with existing technologies are inhibiting the growth of the market. The lack of a common communication protocol across all geographies is also acting as a stumbling block for the global building automation and control market. However, developing regions will offer ample growth opportunities owing to rapid infrastructure development.
The presence of a raft of regional and international companies has rendered the global building automation and control market highly fragmented. In order to overcome the fierce competition that a fragmented arena invariably bears, players are banking on growth strategies such as technological advancements and mergers and acquisitions. The soaring need for energy efficient systems is making the market highly opportunistic. However, the changing preferences of consumers and the low scope of product differentiation are some of the major challenges for market participants.
Global Building Automation and Controls Market: Overview
The building automation and controls market has been in existence since long. And, over the years this market has grown substantially. The system is widely used in residential, commercial, institutional, and public buildings to control and monitor system such as security, CCTV, fire alarm system, power monitoring, elevators and escalators.
Increasing security concerns and more stringent governmental regulations for building constructions has given the much desired push to the market growth. High rate of construction and large number of buildings are continuously coming up. Shopping malls, office buildings, educational institutes, hotels, and hospitals, they all require automation and control devices, hence becoming an integral part of building designs and construction.
Global Building Automation and Controls Market: Key Segments
In recent years, terror activities have doubled. With frequent terror attacks in schools, shopping malls and football grounds, it has become important to keep a vigilant eye on mostly every building and areas of mass gathering. Also, in large organizations, it is impossible to manually keep eye on each and every visitor, thus automatic systems become a necessity. Considering safety as a factor, the building automation and control market is expected to grow further in the next few years. There is high demand for security, access control, and HVAC devices in the market. HVAC holds the highest market share. Whereas, security and access control are the second largest segment in building automation and controls market. Wireless technologies are also catching up and becoming popular in the market.
The building automation and controls market is segmented on the basis of types, application, and geography. Types of devices include lighting control, security control, HVAC control, outdoor control, entertainment control, communication standards and protocols. Applications include commercial, institutional, residential, industrial and other buildings.
Global Building Automation and Controls Market: Trends and Prospects
The major drivers for the market include rising demand of energy efficient buildings, user friendly devices and enhanced security through building automation and controls. Moreover, rising awareness of wireless technologies and integration of wired and wireless technologies is expected to contribute to the market growth in the future.
Global Building Automation and Controls Market: Regional Overview
In terms of geography, Asia Pacific is projected to contribute to the growth of the global building automation and controls market. The construction industry is booming and is expected to grow further. Various government initiatives has also added to the market growth.
Europe, North America, and Rest of the world (ROW) are other regions that aid the growth of the market. Support of power line communication, wireless technology, global sporting events such as Olympics and World Cup have been instrumental in the growth of the global building automation and controls market.
Global Building Automation and Controls Market: Key Players
The key players in the global building automation and controls include Schneider Electric, Honeywell International Inc., Siemens Building Technologies, Johnson Controls, and United Technologies Corp.
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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