Building automation is one of the most popular distributed control systems that monitor and control security, mechanical, emergency lighting humidity and HVAC systems in a building. The basic objective of these systems is to improve comfort, convenience and safety of the building occupants. These systems are often known by different names including smart building and intelligent building systems. Growth in the demand for the smart cities and homes is considered to be a vital driving factor for the building automation and controls market. This market is estimated to witness impressive growth in the coming few years. This growth is predominantly driven by the emerging regions and their economic growth. As a result, key players in this market are looking forward for better investment opportunities in such regions.
What Drives the Market for Building Automation and Control?
According to the experts, one needs to analyze the industry segmentation in order to understand the growth trends, drivers and restraints for this market. In order to understand these trends, they segment the market on the basis of the types of products, their applications, and demand from various application verticals and geographic regions. The products in the market are broadly segmented into HVAC control, lighting control, access control and security control. Based on the types of applications, the market is segmented into commercial, residential and industrial buildings. Geographic regions in the market are broadly categorized into Europe, North America, Asia Pacific and rest of the world. Analysis of all these segments easily provides information about the future growth in the market.
Major Drivers
According to the researchers, the global building automation and controls market is strongly driven by the strong technological advancements in the market. Strong convergence of internet of things and building automation is also expected to present major growth opportunities for this market in the years to come. This market growth is also triggered by rising demand for energy efficient systems, power backup and saving solutions and convenient systems. Strong acceptance of the advanced services and growing government support and funding are also expected to be some of the vital driving factors for the building automation market. Growth in demand from the emerging markets like Asia Pacific, Latin America, Middle East and Africa are also expected to create growth avenues for the key players.
What to Expect?
According to the researchers, building automation & controls market is expected to grow at a projected CAGR of over 9% from 2014 to 2020. At the estimated growth rate, the experts suggest this market to be worth $55.48 billion by the end of the year 2020. In 2014, the market was expected to be worth $33.01 billion in 2014. North America is estimated to account for the largest share in the global market. Emerging markets like Asia Pacific and Middle East are expected to witness the strongest growth rate during the forecasting period.
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