LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global building automation and control systems market is projected to grow to USD 54.84 billion by 2021, at a CAGR of nearly 10% over the forecast period.
This research report titled ‘Global Building Automation and Control Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Building automation and control systems are solutions installed in buildings to increase operational efficiency and reduce overall energy consumption. The rising demand for energy efficiency in buildings to bring down utility bills and incur cost savings are key drivers of the market.
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Based on the end-users, the report categorizes the global building automation and control systems market into the following segments:
- Commercial buildings
- Residential buildings
- Government buildings
- Other buildings
The top three revenue-generating end-user segments in the global building automation and control systems market are discussed below:
“Commercial buildings were the largest adopters of building automation and control systems in 2016, and are expected to hold onto their lead through the forecast period. Emerging economies in APAC are expected to be the key revenue contributors to the market segment,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.
Most commercial buildings in APAC are implementing building automation and control systems. Supportive government regulations and growing awareness about the importance of energy efficiency are other key drivers impacting growth in this segment. Vendors are also offering customized services to increase their market shares.
Home automation solutions are mainly adopted in large residential complexes for security, heating, ventilation, air conditioning (HVAC), and lighting controls. Home automation is projected to showcase a CAGR of almost 12% through 2021 and is set to be the fastest-growing market segment.
The adoption of these solutions is mainly among end-users with a high requirement to reduce energy consumption. Companies like Amazon and Google have entered the market space, and are offering smart home solutions capable of providing complete integration solutions to devices like lighting, thermostats, HVAC systems, and other smart devices within the home.
The adoption of automation and control systems in government buildings is likely to generate a revenue of USD 10.5 billion by 2021. High investment from countries in North America, Europe, and the Middle East towards the modernization of government infrastructure is a key driver for the market segment.
“Various governments are consulting building automation and control systems providers to optimize the operational efficiency of these buildings and to reduce their energy consumption by conducting energy audits and a detailed energy flow analysis,” says Bharath.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Automated Logic
- Johnson Controls International
- Schneider Electric
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