Commercial Building Automation Market: Introduction
Transparency Market Research delivers key insights on the global commercial building automation market. In terms of revenue, the global commercial building automation market is estimated to expand at a CAGR of 8.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global commercial building automation market.
The global commercial building automation market is broadly affected by several factors, including surge in the demand for energy-conservative processes, increase in awareness among people about green buildings, and rise in government initiatives for green building.
Commercial Building Automation Market: Dynamics
Government initiatives for construction of green buildings and rising primary focus on green building by major companies are key factors driving the global commercial building automation market. Furthermore, factors such as growing commercial building construction activities, rising demand for lowering operational costs in construction, and increasing demand for comfort level & mental satisfaction for environment-conscious buyers are propelling the market.
Governments from several countries supported the green building initiative to boost the construction of commercial building that result in energy-efficient, healthy, and environmentally sustainable buildings. Several governments are continuously focused on reducing carbon emission through sustainable buildings. Accordingly, governments are offering schemes for energy efficient buildings by providing incentives to builders and property tax concessions to users. Green buildings help utilize less water and lower energy consumption, as well as offer healthier spaces for occupants and increase value of the property.
Automated building operations lower the facility management cost, as systems regulate the operation of building features such as HVAC and lighting. Automation also decreases total energy consumption that help a building become green-certified. Building automation runs via a BAS (Building Automation System) that manages all of a building’s connected automations. Building automation offer some benefits such as saving energy, reducing operational expenditures, increasing occupancy comfort and helps in complying stringent regulations and sustainability standards. Therefore, all these factors are promoting the green building initiative with the aid of automation, thereby driving the market.
Commercial Building Automation Market: Prominent Regions
The commercial building automation market in North America is projected to expand significantly during the forecast period, owing to the rapid adoption of commercial building automation in the U.S. and Canada. These countries offer significant opportunities for automation providers on a long-term basis due to the expansion of the commercial sector in the region.
Rise in awareness regarding the environment is prompting a majority of environmentalists in the region to increase their focus on the adoption of the concept of green building. Moreover, surging economic growth in the region, along with a consistent rise in construction and industrial activities propels the demand for building automation.
The commercial building automation market in North America is projected to expand further due to an increase in the demand for innovative and flexible facilities, as building automation systems help collect, analyze, and manage critical data, facilitating swift and improved decision-making, which drives efficacy and lowers operating expenses.
The commercial building sector accounts most of the electricity consumption, which results in considerable amount of associated greenhouse gas (GHG) emissions. This factor prompts building owners to reduce the energy consumption in buildings in order to comply with national energy and environmental challenges. All these factors are fueling the demand for commercial building automation in the region.
Commercial Building Automation Market: Key Players
Key players operating in the global commercial building automation market are ABB Ltd., Cisco Systems Inc., Honeywell International Inc., Hubbell Inc., Emerson Electric Co., Johnson Controls International plc, Robert Bosch GmbH, Schneider Electric SE, United Technologies Corp., and Siemens AG.
Global Commercial Building Automation Market: Segmentation
Commercial Building Automation Market, by Product Type
Commercial Building Automation Market, by Solution Offering
Commercial Building Automation Market, by End-user
Commercial Building Automation Market, by Region
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