The Internet of Things (IoT) plays an important role in building automation and control. The phenomenal growth of the IoT industry is, therefore, a shot in the arm for the global building automation and control market. Additionally, continuous advancements in the IoT technologies are allowing manufacturers in the market to take a transformational leap forward towards improved systems. Besides this, the emergence of wireless technologies and their paraphernalia is stoking the growth of the market. The demand for building automation and control systems is likely to remain high across commercial buildings, primarily due to favorable government initiatives.
On the flip side, the high cost of implementation of these systems is limiting their widespread adoption. Moreover, the dearth of skilled personnel and technical issues associated with existing technologies are inhibiting the growth of the market. The lack of a common communication protocol across all geographies is also acting as a stumbling block for the global building automation and control market. However, developing regions will offer ample growth opportunities owing to rapid infrastructure development.
The presence of a raft of regional and international companies has rendered the global building automation and control market highly fragmented. In order to overcome the fierce competition that a fragmented arena invariably bears, players are banking on growth strategies such as technological advancements and mergers and acquisitions. The soaring need for energy efficient systems is making the market highly opportunistic. However, the changing preferences of consumers and the low scope of product differentiation are some of the major challenges for market participants.
Global Building Automation and Controls Market: Overview
The building automation and controls market has been in existence since long. And, over the years this market has grown substantially. The system is widely used in residential, commercial, institutional, and public buildings to control and monitor system such as security, CCTV, fire alarm system, power monitoring, elevators and escalators.
Increasing security concerns and more stringent governmental regulations for building constructions has given the much desired push to the market growth. High rate of construction and large number of buildings are continuously coming up. Shopping malls, office buildings, educational institutes, hotels, and hospitals, they all require automation and control devices, hence becoming an integral part of building designs and construction.