Yahoo Finance Global Building Automation System Market Predicted to Generate a Revenue of $142,257.3 million at a CAGR of 9.9% during the Forecast Period, 2020-2027 – Exclusive Report [218 Pages] by Research Dive
Global building automation system market is expected to witness a significant growth during the forecast period. Hardware sub-segment is expected to be the most lucrative. Commercial sub-segment is estimated to be the most profitable. Security and access control sub-segment is expected to be the most beneficial. North America is expected to dominate the market.
New York, USA, April 19, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global building automation system market is estimated to garner a revenue of $142,257.3 million at a CAGR of 9.9% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics
Most of the smart buildings have a building automation system software installed. This system helps in saving energy and electricity. These smart buildings can automatically control the building operations such as air conditioning, ventilation, heating, and security. The increasing demand for energy-efficient and eco-friendly green buildings is predicted to enhance the market growth during the forecast period.
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The main restraint hindering the growth of the market is the high cost of building automation systems. The SMEs and startups of the real estate cannot afford the building automation system software because of its high cost.
The adoption of artificial intelligence for fully automated construction process is supposed to create more opportunities for the global building automation system market during the estimated period.
Segment-wise Analysis of the Market
The report has divided the market into different segments based on component, application, offerings, and regional outlook.
Hardware Sub-Segment Expected to Earn the Highest Market Share
The hardware sub-segment is predicted to grow with a CAGR of 8.6% in the estimated period. Hardware being an essential component for the setting up of automation system in the building construction process, there is an increase in the demand of hardware in building automation systems. This is the reason behind the growth of the market during the forecast period.
Commercial Sub-Segment Estimated to be the Most Profitable
Commercial sub-segment is predicted to grow with a CAGR of 8.9% during the forecast period. The main reason behind this growth is the rising usage of building automation system for various security reasons in the commercial sector.
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Security and Access Control Sub-Segment will be the Most Beneficial
The sub-segment is predicted to grow with a CAGR of 8.6% during the forecast period. Security and access control helps to control, manage, and access the security along with the control panels and servers.
North America to Dominate the Market
The North America regional market is projected to grow with a CAGR of 9.1%. The presence of large number of companies for construction activities in the region is expected to be the biggest driving factor for this growth.
Key players of the Market
The report includes the most significant players of the market which are -
Honeywell International Inc.
Robert Bosch GmbH
General electrical
Mitsubishi Electric Corporation
ABB Ltd.
Johnson Controls International PLC
Siemens AG
Hubbell Inc.
Schneider Electric SE
United Technologies Corporation
The report also reviews many other important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact of COVID-19 on the market
Due to the temporary slowdown of the construction activities during the nationwide shutdowns, the market has witnessed a negative impact. However, as the pandemic restrictions are cleared, the demand for the building automation systems has increased, indicating a rise in the growth of the market.
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