- The security and surveillance system is anticipated to witness an attractive growth rate.
- The commercial application division is likely to reach a remarkable contribution.
- North America’s regional market is projected to see a fast expansion.
A building automation controls as well as monitors an establishment’s systems consisting of air conditioning, ventilation, heating, lighting, mechanical, flood and fire safety in addition to security.
A building automation system may possibly light rooms as per the occupancy schedule, keeping building climate in a specific scope, alarm facility managers in case of a breakdown and device failures and monitor performance in all systems. This directs towards creating an effective, intelligent building framework as well as decrease maintenance costs and energy of the establishment.
The global market for building automation system is projected to see a growth at an 11.1% CAGR together with an estimated revenue of $141.1 billion all through the calculated time frame of 2016-2026.
North America to lead the global building automation system market during the assessment period of 2016-2026
On the basis of the system, the overall market is categorized as HVAC, security & surveillance, building energy management, lighting solutions and others. The security and surveillance system is anticipated to witness an attractive growth rate both with revenue and demand as a result of the rise in the criminal activities in addition to a number of security violence all through the end of the predicted time frame of 2016-2026.
On the basis of the application, the worldwide market is divided into government, residential, commercial along with others. The commercial application division is likely to reach a remarkable contribution of about $63 billion together with a projected growth of a 10.9% CAGR all through the approaching years. The other division along with residential as well as government division is estimated to show a potential growth all through the predicted time frame of 2016-2026.
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On the basis of the region, the overall market is assessed across six prominent regions, namely Japan, Asia Pacific Excluding Japan, Middle East & Africa, Latin America, North America, Western Europe along with Eastern Europe that have a strong adoption of building automation system. Hereafter, the building automation system market in these regions is increasing quickly. North America’s regional market is projected to see a fast expansion in the requirement for building autonomous systems all through the predicted time frame. The region is in addition estimated to account for a market value share in excess of $55 billion in value terms all the way through 2026 and will also attract most of all the investors.
The major market players functional in the worldwide market for building automation system include
Cisco Systems, Inc.
Honeywell International Inc.
Philips Lighting Holding B.V.
Rheem Manufacturing Company