DUBLIN--(BUSINESS WIRE)--The "Building Automation and Controls Market by Product Type, Offering and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global building automation and controls market is expected to reach $215.59 billion by 2027 from $101.91 billion in 2019, growing at a CAGR of 11.10% from 2020 to 2027.
Building automation and controls system is an automaticcentralized control system. This system finds application for heating, ventilation, & air conditioning, lighting, and security & access control. Increased demand for energy efficiency and maintaining a secure & safe environment with enhanced user convenience in various industry verticals, such as industrial, enterprises, retail, hospitality, residential, and others, boost the market growth.
The major players in the building automation and controls market are Siemens and Honeywell. This report features information on intelligent building solutions offered by key vendors. Furthermore, the report also highlights the strategies of the market players to improve their market share and sustain the competition.
The global building automation and controls market is expected to witness significant growth during the forecast period, owing to the surging need for advanced energy-efficient interventions, growing deployment of building automation systems, and rise in demand for convenient user experience. Moreover, constant development of the supportive regulatory structure and legislative requirements fuel the demand for intelligent building solutions.
In addition, development of smart cities in emerging countries and government initiatives are expected to boost the growth of the building automation and controls market in the coming years. However, lack of interoperability between devices hampers the growth of the building automation and controls market.
The global building automation and controls market is segmented on the basis of product type, offering, industrial vertical, and region. On the basis of product type, the market is divided into HVAC control, lighting control, and security & access control. Based on offering, it is bifurcated into integration and services. Based on industry vertical, it is classified into residential, enterprise, industrial, hospitality, retail, and others.
Region-wise, the building automation and controls market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe accounted for the highest share, owing to the development of wireless technology and increase in construction of smart cities.
Market Dynamics
Drivers
- Surging need for advanced energy-efficient interventions
- Growing deployment of building automation systems
- Rise in demand for convenient user experience
Restraint
- Lack of interoperability between devices
Opportunities
- Government initiatives
- Increase in development of smart cities in emerging countries
Key Players
- Honeywell International
- Beijer Electronics
- ABB
- Siemens AG
- Johnson Controls
- Schneider Electric
- General Electric
- Legrand
- Lutron Electronics Co.
- Control4 Corporation
For more information about this report visit https://www.researchandmarkets.com/r/oyb1eh
