LONDON--(BUSINESS WIRE)--The new building automation and control systems market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing demand for energy efficiency”, says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the building automation and control systems market size to grow by USD 27.83 billion during the period 2020-2024.
Building Automation and Control Systems MarketSegment Highlights for 2020
- The building automation and control systems market is expected to post a year-over-year growth rate of 8.45%.
- The commercial buildings end-user segment led the global building automation and control systems market in 2019.
- The growth of the market in the commercial buildings end-user segment will be significant during the forecast period.
- 35% of the growth will originate from the APAC region.
- The APAC region will offer maximum growth opportunities for vendors during the forecast period.
- China is the key market for building automation and control systems in APAC.
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- The building automation and control systems market size is expected to accelerate at a CAGR of over 9% during the forecast period.
- The building automation and control systems market is segmented by End-user (Commercial buildings, Residential buildings, Government buildings, and Other buildings) and Geography (Europe, North America, APAC, MEA, and South America).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, Legrand SA, Raytheon Technologies Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, and Siemens AG.
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