Global Commercial Building Automation Market: Use of IoT sensors to Become a Trend, says TMR
The global commercial building automation market was led by ABB Ltd., United Technologies Corp., and Siemens AG in 2015 as these three companies account for 39.1% of the market. These three companies are adopting strategies such as expanding their presence in developing nations and developing new products, states a new report by Transparency Market Research (TMR). Mergers and acquisitions are also a part of their growth strategy. There exists a large number of regional players giving competition to larger players. It is expected that the degree of competition will become more intense through the forecast period on account of the aggressive business strategies adopted by players for expansion. Also, growth can be expected in the global commercial building automation market as new players enter in the market and create several opportunities to widen the scope of the industry.
According to Transparency Market Research, the global commercial building automation market, which was valued at US$77.63 bn in 2016, is expected to be worth US$108.49 bn by 2024, expanding at a 4.3% CAGR from 2016 to 2024. By geography, North America, followed by Europe not only held dominant shares in the market in 2015, but are also expected to continue to do so in the coming years. Asia Pacific is anticipated to witness a fast-paced growth in the market over the coming years. By type of material, the temperature control and regulation segment led in the past and is expected to retain its hold in the market for the coming years. The lighting control and regulations segment trailed the temperature control and regulation segment. On the basis of product type, the HVAC systems segment is predicted to lead during the forecast period.
Surge in Construction Activities to Create Opportunities
The global construction industry is flourishing and this is creating opportunities of growth in the commercial building automation market. Some of the factors driving the construction industry include growing population, rapid industrialization, and improvement in the global economy. The resultant development in the construction industry in turn inspires growth in the commercial building automation market. Growth is especially predicted in the developing countries of Middle East and Africa. Growing pollution and depleting fuel stockpiles are among other factors behind the higher adoption of commercial building automation. Governments are also imposing strict policies regarding the efficient use of resources. This will boost the commercial building automation market over the years.
High Cost of Commercial Building Automation to Deter Adoption
The global commercial building automation market faces challenges in the form of high cost of installing, maintaining, and operating these systems. This in turn discourages new entrants from entering into the market. “Also, the return on interest (ROI) for adopting commercial building automation systems is at a slow rate and this is a big concern for small players in the market,” states a TMR analyst. On the other hand novel concepts such as deep learning are expected to revolutionize the market. This involves the use of IoT sensors that improves automation processes. Such concepts are expected to ensure promising growth of the commercial building automation market.
The information presented in this review is based on a Transparency Market Research report, titled, “Commercial Building Automation Market (Products - Power Supply, Interfacing Components, Room Automation, HVAC Systems, Security and Surveillance, and Illumination and Light Sensors; Materials - Lighting Control and Regulation, Interfacing and Inter-working with Other Building Systems, Blind and Shutter Control, Temperature Control and Regulation, Energy and Load Management, Security and Fault Monitoring, Visualization and Remote Control and Monitoring, Reporting, and Display; End Users - Offices, Retail, Hospitality Sector, and Healthcare) - Global Industry, Size, Share, Growth, Trends and Forecast 2016 - 2024"
Key segments of the Global Commercial Building Automation Market
Global Commercial Building Automation Market: By Product Type
- Power Supply
- Battery Modules
- Interfacing Components
- Room Automation
- I/O Module
- Actuators & Actuators Module
- HVAC Systems
- Security and Surveillance
- Illumination and Light Sensors
Global Commercial Building Automation Market: By Material Type
- Lighting Control and Regulation
- Interfacing and Inter-working with other Building Systems
- Blind and Shutter Control
- Temperature Control and Regulation
- Energy and Load Management
- Security and Fault Monitoring
- Visualization and Remote Control
- Monitoring, Reporting, Display
Global Commercial Building Automation Market: By End Use Type
- Hospitality Sector
Global Commercial Building Automation Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East
- Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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