Building Automation System Market: To Witness Excellent Revenue Growth, Emerging Trends & Forecast To 2019 - 2027
Global Building Automation System Market: Overview
Growing popularity of new technologies like Internet of Things, has impacted the product development and operations process of enterprises. Building automation system market is being introduced to new and existing buildings to automate various processes like heating, ventilation and air conditioning (HVAC), lighting, and many more. Furthermore, this technology is not limited to residential buildings but is also being implemented in commercial buildings and various sectors like healthcare.
Global Building Automation System Market: Notable Development
Key developments in the building automation systems market
- In November 2017, Ingersoll Rand has taken over CALMAC Corporation. It is a privately organization concentrates in cool energy technologies, incorporating IceBank storage tanks. CALMAC has near about 4,000 enterprises and institutions in 60 countries. This aided Ingersoll to grow its thermal energy storage solutions portfolio and reinforce the enterprises’ climate commitment.
- In August 2017, Ingersoll Rand PLC took over the company of Thermocold Costruzioni Srl, a distributer and producer of heating, air-conditioning, ventilating solutions and systems. The takeover is projected to offer the company with prospects to increase in Europe and globally.
- In June 2017, Honeywell contracted an agreement to takeover Nextnine, a service provider of security management technologies and solutions. Added in Nextnine’s market is leading secure remote and security solutions service abilities will improve the establishment’s current range of innovative cyber security tech and substantially growth Honeywell’s Connected Plant cyber security customer base.
The global building automation system market mark the presence of top players such as Honeywell International (US), Siemens AG (Germany), Johnson Controls International (Ireland), Schneider Electric (France), United Technologies Corp. (US). These players are increasingly undertaking acquisitions and product launches to develop and introduce new technologies and products in the market.
Global Building Automation System Market: Key Drivers
Security and access control systems accounted for the largest share of the building automation systems market is likely to continue in the forthcoming years. The demand for home security solutions is growing at a rapid pace due to several aspects, like technological advancements, the rise in crime rates. Along with these, the increased need for medical assistance to senior citizens at home and monitoring the children at home is also driving the market.
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Worldwide governments are also investing heavily to develop reliable and robust security systems for safeguarding their citizens from terrorist attacks. Automated systems offer a great level of convenience to users, which is a factor driving the growth of building automation systems market. Companies are adopting cost-reducing methods to offer affordable building automation systems that can be availed by all. High installation cost and lack of skilled labor are two factors hindering the growth of building automation system market.
Global Building Automation System Market: Geographical Distribution
North America is expected to be a leader in building automation systems, followed by Western Europe, owing to the presence of key players in this region. But Asia Pacific and Japan are expected to witness a high growth rate over the forecast period. Latin America is expected to grow moderately in this market as countries like Brazil are opening up to new technologies. Middle East and Africa market is impacted by UAE’s market, which is fast in adopting new technologies and will help the market grow. In Germany, the minimum performance of new buildings has been set for optimal thermal comfort, indoor air quality, and U-values for non-residential buildings. Additionally, in new buildings, minimum performance of technical building systems has been set for control of heating, generation distribution, and hot water systems.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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