Building management system finds building automation to be the ultimate goal. They provide distributed control systems designed to control, monitor and supervise the safety, temperature, lighting and ventilation features. The global building automation and controls market is witnessing impressive rise since the past few years. This growth in the industry signifies the increasing adoption of the advanced technology, growing global presence of the industry and utilization of smart building technologies across the world. Innovative products and their applications are also expected to drive the market at a steady growth rate, which is considered to be a vital sign for the established as well as potential players in this market.
Scope of Research – Segmentation
Researchers segment the global building automation & controls market on the basis of its basic components, which include the types of products, their applications and demand as per different geographic segments. The basic products covered in this market are sub-segmented for further analysis by the researchers, which include security and access, temperature, lighting, entertainment, HVAC, building management systems, and elevation systems. The application segments in this industry are sub-categorized into commercial, residential, industrial, institutional and other buildings.
Key Drivers & Hindrances
As per the analysis by the expert researchers, the building automation & controls market is strongly driven by certain key factors. These driving factors include strong convenience level of these products as compared to their traditional counterparts. Strong demand for the energy efficient and green products and solutions for building automation and enhanced security services and more efforts towards the systems are also expected to create potential rise in the demand for the industry. Perception of high costs of these products and solutions is expected to be a crucial restraining factor for the market. Lack of expertise is also projected to be key restraint for the market. However, recent global sporting events like FIFA World Cup, growing assistance of powerline communication and strong initiatives from the governments to promote green buildings and green cities are expected to help the market grow.
Thanks to the technological advancements and growth trends across the developing parts of the world, the market is anticipated to maintain healthy growth rate. From 2014 to 2018, the building automation & controls market is expected to maintain a CAGR of over 11%. At the projected growth rate, the market is expected to become worth $49.5 billion by the end of the year 2018. While the market is currently dominated by the developing regions like North America, emerging markets like Asia Pacific, Middle East, Latin America and Africa are expected to witness steady rise in demand as well.