New York, NY, December 20, 2017 (Newswire.com) - Building automation systems are installed in commercial or residential buildings for controlling and maintaining some important services, which are air conditioning, ventilation, heating, safety & security, water supply, lift service, electricity regulation and many more. In a published report by Persistence Market Research (PMR), it is estimated that the global building automation system market is likely to witness an expansion at a CAGR of 11.1% along with a predicted revenue of US$ 141.1 Bn throughout the forecast period, (2016-2026).
Market Dynamics of Global Building Automation System Market
To reduce the wastage and consumption of energy across the globe, the governments are taking up some stringent rules and regulations for the sake of future world. Being influenced by the governmental initiatives, different developed countries, such as U.S, Europe and Japan are following the notions and have added up some more restricted and revised rules according to their convenience. These lead to create the latest trends and opportunities in the global market for building autonomous system in the near future. It is also planned that more new and advanced technologies are going to be installed very soon to increase the demand for building autonomous system and expansion of the global building autonomous system market.
Furthermore, cloud-based control networks with Internet of Things (IoT), smart web-based networks, integrated building systems, facility management solutions and mobile technologies have been installed to develop the market. Most importantly, the urgent requirement of consolidated security solutions is fueling the market to be expanded robustly during the forecast period.
Though the global market for building autonomous system has many drivers, there are some restraints also that are cutting off the speed for rapid expansion. Due to the scarcity of skilled personnel and expensive system, the extensive adoption of building autonomous system in the market is getting affected.
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Analysis of Global Building Automation System Market Key Segmentation
The report by PMR has also analyzed and forecasted the expansion of global building autonomous system market on the basis of their applications, system and regions. The building automation system is vastly applied in different practices, such as residential, commercial, government and others. A noticeable contribution of US$ 63 Bn along with an estimated expansion of a CAGR of 10.9% is expected from the commercial segment in the years to come. It is also foreseen that the other segments, namely residential and government are going to witness a promising growth in latest trends in the assessment period.
The different systems, such as building energy management, lighting solutions, HVAC, security & surveillance and others are present in building automation system (BAS). Owing to the surge of criminal activities and several security violence, the security and surveillance segment is expecting an increasing growth, both in demand and revenue, towards the end of the forecast period.
On the basis of geography, there are six major regions, include Latin America, Western Europe, North America, Eastern Europe, Middle East & Africa (MEA) and Asia-Pacific excluding Japan, have strong implementation of building automation system. Henceforth, the building automation system market in these regions are growing rapidly. The report is estimated that North America is likely to witness a rapid growth in demand for building autonomous systems over the forecast period. It is also predicted that the marker for building automation system in this region will share US$ 55 Bn market value through 2026 and also will bait almost all the investors.
The global market for building autonomous system has included some key participants that are expected to dominate throughout the forecast period. The key stakeholders are United Technologies, General Electric, Schneider Electric, Ingersoll-Rand Plc., Philips Lighting Holding B.V., Lennox international, Honeywell International Inc., Siemens AG, Cisco Systems, Inc., Legrand, Rheem Manufacturing Company, Bosch Security Systems (Bosch Sicherheitssysteme GmbH) and others, among others.
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Source: Persistence Market Research