A collective share of 39.1% permitted three players in the global commercial building automation market to take lead in the year 2015. Siemens AG, ABB Ltd., and United Technologies Corp, each enjoyed vital tactical advantage in the global market for commercial building automation in 2015 through numerous avenues such as mergers and acquisitions, tapping the unexplored markets of emerging economies in the world, and launching enhanced products. The remaining market across the globe for commercial building automation showed high levels of fragmentation at the mentioned time, with the existence of a large pool of regional players in the market.
According to the research report published by Transparency Market Research, the global market for commercial building automation is reached an overall valuation of US$77.63 in the year 2016. This market valuation is expected to grow and touch the figure worth US$108.49 bn over the course of the given forecast period of 2016 to 2024 in terms of generation of revenue. The overall growth rate for the development of the global commercial building automation market is expected to show an impressive CAGR of 4.3% throughout the given period of forecast of 2016 to 2024. The extent of competition in the global market is projected to grow even more over the coming years of forecast period due to the aggressive expansion tactics adopted by the leading companies along with numerous lucrative opportunities emerging in the market that will attract new players in terms of swift growth.
he commercial building automation market has been segmented on the basis of end use into offices, retail, hospitality sector, healthcare and others. The retail segment constituted the largest market share, followed by the offices segment, in 2015. The major reason for this growth is attributed to the ability of commercial building automation to raise profit by reducing energy and operating costs in retail shops. In addition, adoption of building automation in retail stores makes life easier. It not only smoothens the management of the retail store regulating system, such as temperature and light, but also provides a host of other services such as video surveillance, HVAC services, easier energy management, and efficient security system.
Moreover, the use of building automation in retail shops represented the largest market share in the global commercial building automation market in 2015. This is primarily due to an increase in the use of building automation in enclosed malls and individual shops. Commercial building automation in retail stores has a number of uses, such as providing security to the owner of parked cars, to conserve energy and offering a great ambience.
By geography, the commercial building automation market has been broken down into four regions namely North America, Europe, Asia-Pacific, and Rest of the World (RoW). Presently, North America held the major share of the market, followed by Europe, Asia Pacific and Rest of the World (RoW).
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