Building Automation Sector on Fast Growth Track

By February 28, 2017Product News

Two studies released in recent weeks show that building automation continues to grow.

Last week, Transparency Market Research offered an assessment of the global commercial building automation market. The category, the organization said, was expected to be valued at $77.63 billion by end last year and to reach $108.49 billion by 2024. That represents a compound annual growth rate (CAGR) of 4.3 percent during the forecast period. North America, the press release said, represented $22.03 billion of the 2015 total.

United Technologies Corp., ABB Ltd. and Siemens AG – account for 39.1 percent of the cumulative market share, the press release says. This may not last long, however:

The most stable technical evolutions are those with more than one driver. Energy efficiency, of course, is a core rationale for buildings of all sizes and descriptions to automate. Many of the tools upon which energy efficiency rests also support security. Persistence Market Research said that a key to the growth is security:

The degree of competition in the market is expected to intensify over the coming years owing to the aggressive expansion strategies adopted by leading players, as well as the several opportunities available for new entrants in terms of fast growth.

The modern installations are mostly equipped with smart fire and social alarm systems and most of the government and private buildings are gearing themselves with intrusion alarms and assess control systems to shield themselves from any unforeseen incidences of terror. In the modern era security has a monumental importance. The highly digitized and compatible building automation systems are in great demand in the market, as the advanced crop of these systems is backed by IOT, Bluetooth and other mobile applications. Apart from private and commercial buildings some of the best luxury properties around the globe are putting security at the top of their list. This changing scene will speed up the development of the global building automation systems market.

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