Commercial Building Automation Market to Rise at CAGR of 8.3% During Forecast Period, Observes TMR Study
The value of global commercial building automation market stood at US$ 32.96 Bn in 2020. The global market is predicted to rise at a CAGR of 8.3% during the forecast period, from 2021 to 2031.
The global commercial building automation market is likely to surpass valuation of US$ 76.49 Bn by 2031. The global commercial building automation market is being driven by the growing use of green buildings in developing nations to reduce their carbon impact.
In order to gain a competitive advantage in the global market, firms are speeding up product development and uncovering new revenue prospects. In a bid to achieve a competitive advantage, market participants are expanding their service offerings.
Due to increasing demand from developing nations and increasing commercial building & construction projects throughout the world, the market is likely to witness steady growth.
The global commercial building automation market is likely to benefit from the increase in demand for energy-efficient and environment-friendly buildings during the forecast period. Besides, the increasing adoption of IoT in building automation systems to bolster the growth of the market.
Automation services, including water management, video and entertainment, HVAC and energy management, audio, elevator management, lighting and window control, access control and security, and fire safety are in high demand.
Expansion of the building & construction industry, growing urbanization in emerging nations, and technology advancements are likely to drive the global commercial building automation market. Government rules in developing markets to decrease carbon emissions are estimated to fuel market expansion.
Commercial buildings that are smart and networked, with automated controls for HVAC (heating, ventilation, and air conditioning), among other things, are likely to present considerable growth prospects for the market participants.
Key Findings of Market Report
Government measures for green building construction are likely to bolster the expansion of the global commercial building automation market. Growing demand for reducing cost of construction-related operations and increasing awareness about environment-friendly and sustainable buildings are estimated to drive market growth.
Technological advancements have aided in the expansion of the commercial building automation market. Governments are taking steps to raise public awareness about the importance of green buildings in saving the environment.
The need for commercial building automation is expected to rise as a result of this factor. Due to significant attempts to reduce energy consumption of commercial facilities, smart, networked buildings are rapidly becoming the new standard.
Owing to rigorous government requirements, this technique has gained a lot of popularity in terms of reducing carbon footprints. Commercial building automation includes the smart regulation of a building’s HVAC system and also its lighting systems.
Different automation technologies, such as sensors, present a considerable business opportunity. The North America commercial building automation market is expected to grow with the rise in demand for versatile and innovative facilities.
Building automation systems manage, analyze, and gather up critical data, allowing for faster and better decision-making, which improves effectiveness and brings down operating costs.
Commercial Building Automation Market: Growth Drivers
Companies in the global commercial building automation market are benefiting from the rising demand of their products from constantly expanding commercial development projects.
The global market is likely to observe considerable growth due to rising industrial activities and fast urbanization. The leading players in the global market are partnering with small and medium-scale manufacturers to boost their business.
The commercial construction industry consumes majority of power, resulting in a significant quantity of greenhouse gas (GHG) output. This factor encourages building owners to lower their structures’ energy use in order to meet national energy consumption and environmental goals.
Some of the Key market players are Robert Bosch GmbH United Technologies Corp. Honeywell International Inc. Johnson Controls International plc Cisco Systems Inc. Schneider Electric SE
Global Commercial Building Automation Market: Segmentation Lighting Control and Regulation Interfacing and Inter-working with Other Building Systems Blind and Shutter Control Temperature Control and Regulation Energy and Load Management Security and Fault Monitoring Visualization and Remote Control Monitoring, Reporting Display
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