Building Automation System Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Building Automation System Market: Overview
With escalating population and rapid urbanization across the world, the need to conserve energy is paramount. It is estimated that buildings consumer nearly 40% of the World’s energy consumption. In this scenario, new technologies such as the Internet of Things (IoT) has paved a way for building automation system, with which energy consuming facilities including heating, lighting, air conditioning, and ventilation can be efficiently managed. The concept of building automation system is application not only for the new constructions but for the existing residential buildings too, and promises to prove as a highly useful concept for commercial buildings as well as revolutionize the healthcare sector. Consequently, the demand in the global building automation system is anticipated to increment at a healthy growth rate during the forecast period of 2017 to 2025.
Global Building Automation System Market: Key Trends
One of the primary property of building automation system is that they can be customized according to the need of the end-user, which can be either cost-efficiency with minimal automation or premium automation with a long-term goal. This factor is expected to augment the demand in the global building automation system market. In addition to that, several governments in developed as well as developing economies are offering lucrative subsidies for processes that conserve energy, and thereby encouraging the residential and commercial building owners to choose for these system. For instance, with building automation system, residential buildings can monitor and control security, HVAC, and lighting. Conversely, high implementation cost, long duration of return of investment, and lack of awareness among the consumers are some of the key factors challenging the market for building automation system from achieving its full potential.
Global Building Automation System Market: Market Potential
Increase in the use of personnel assistant in residential buildings, growing use of the Internet of Things, rising popularity of LED lights, and increased reliance on wireless technologies are some of the key factors favoring the global market for building automation system. In addition to that, growing security concerns is escalating the need to add strength to security, control personnel access, and monitor activity. With IoT, building automation system can also provide real-time medical help, which is opening various new opportunities for the players in this market. On the other hand, commercial applications such as shopping complexes, public transport areas such as airports and railway stations, and corporate office buildings are other targetable avenues for the participants of the global building automation system market.
Global Building Automation System Market: Regional Outlook
Developed countries such as the U.S., the U.K., Canada, France, and Germany currently offer most of the demand for building automation system and makes North America and Europe as the most lucrative regions. However, Asia Pacific resides several emerging economies such as India, Japan, China, South Korea, and Malaysia. These countries are investing heavily towards improving their infrastructure and consequently, the construction industry is thriving. Increasing disposable income among the urban population in Asia Pacific region is adding to the demand for secure and efficient residential and commercial environment and hence is expected to expand the demand at most robust rate during the forecast period.
Global Building Automation System Market: Competitive Landscape
Due to the presence a large number of players who operate at regional or international level, the global market for building automation system is fragmented in nature with high degree of competition. However, as the demand to conserve energy escalates across the world, there is enough fodder for everyone. Some of the leading players in the global building automation system market are Automated Logic, Honeywell, Johnson Controls International, and Schneider Electric, whereas other prominent vendors including Bosch Sicherheitssysteme GmbH, Dwyer, Emerson Electric, Beckhoff Automation, ABB, DELTA CONTROLS, CONTROL4, Distech Controls, Evon Technologies, Itron, and Legrand.
This study provides a particularized anatomy according to the L.E.A.P mechanism
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The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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