Skip to main content

Recent research: Building Automation System Market is expected to grow at a CAGR of ~8% by 2029

VALLEY COTTAGE, New York, Aug. 14, 2019 /PRNewswire/ -- The global building automation system market grew 7% in 2018 to total ~ US$ 35 Bn, registering an upward spiral from ~ US$ 33 Bn in 2017, according to the new research study by Future Market Insights (FMI). Schneider Electric SE, ABB, Siemens AG, Johnson Controls Inc., and Honeywell International Inc. remain the top 5 players in the building automation market, commanding nearly 40% of the global market share.
The FMI analyst is of the opinion that growing investments in smart buildings is one of the key shapers estimate to mould the growth of building automation system market in 2019 and beyond.
Despite of having a robust sphere of influence, leading players in the building automation system market will continue to face competition threats from new vendors entering the scenario with newer promises.
According to the analyst, the likes of Apple and Google NEST are entering into the building automation space and upending the market structure, which, in turn is hard-pressing the established players to come up with new strategy models. These new vendors are focusing on residential spaces and addressing special requirements coming from them, which, in turn, is enabling these companies to tap into niche corners and reap sizeable profits throughout. These particulars signal that manufacturers don't have to stick to their conventional ideologies to sustain growth, they can go beyond core competencies and catch up with some new market trends instead, finds FMI.
In 2018, end users increasingly adopted building automation services over hardware and software, and 2019 is also expected to see a similar pattern of choice. This inclination is primarily conditioned by attractive packages offered by the service providers along with satisfactory pre-sales and post-sales customer assistance, starting from installation to maintenance. However, a significant portion of end users will continue to lean toward building automation software, with global value estimated to reach ~ US$ 10.5 Bn in 2019.
Market Players to Eye Massive Opportunities in East Asia
FMI forecasts that adoption of building automation systems in commercial applications will grow by ~ 8% YOY in 2019, representing ~ 64% of the total revenue in that year. Commercial structures such as offices, schools, hospitals, and others, stay at the forefront of demand for a centralized control system that offers hassle-free operations. This, in turn, is a key factor pushing the adoption of building automation systems in the commercial spaces, states the FMI analyst.
Europe (32%) and North America (30%) retained their lead as the largest markets for building automation systems in 2018, and this status quo is remain the same in 2019 and beyond. When it comes to technological revolutions, developed markets stand firm as trailblazers and often lay down new paths for developing markets to follow suit. In similar lines, North America and Europe will continue to be the most attractive regions for the building automation system market players to make investments in, finds the FMI analysis.
However, East Asia is likely to emerge as the new gold mine of opportunities, with growth primarily driven by a drastic make-over of the regional AEC (architecture, engineering, and construction) industry. With 'smart buildings' emerging as the point of convergence across developing markets, the East Asia building automation system market is set to exhibit growth by ~ 9% YOY in 2019, says the FMI analyst.
This study outlines the prominent opportunities in the building automation system market and finds that the market would exhibit growth at a value CAGR of ~ 8% during the assessment period.
More Related Press-Release –
About Us
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
Contact UsMr. Abhishek Budholiya
616 Corporate Way, Suite 2-9018
Valley Cottage, NY 10989
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): +44(0)20-7692-8790
Sales: sales@futuremarketinsights.com

Comments

Post a Comment

Popular posts from this blog

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, and
Post a Comment
Read more

Perineal Care Market : Value Chain, Stakeholder Analysis and Trends by 2032

 The perineal care market is a segment of the healthcare industry that focuses on products and services designed to maintain hygiene and manage health concerns in the perineal area. The perineal region includes the genital and anal areas, and effective perineal care is crucial for maintaining personal comfort and preventing various health issues, particularly in aging populations and individuals with limited mobility. One of the primary drivers of the perineal care market is the growing aging population worldwide. As people age, they may experience mobility issues, incontinence, and an increased risk of developing conditions like pressure ulcers. Proper perineal care is essential in preventing complications and maintaining the quality of life for elderly individuals, leading to increased demand for perineal care products and services. In addition to the elderly population, perineal care is vital in healthcare settings, particularly in hospitals and long-term care facilit
Post a Comment
Read more

U.S. Automotive and Aircraft Interior Genuine Leather Aftermarket Key Players, Industry Overview, Applications and Analysis 2031

  The   U.S. automotive and aircraft leather aftermarket  is projected to reach a valuation of   US$ 7.8 Bn   in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at   3.6% CAGR,   with the market valuation reaching   US$ 11.1 Bn   in 2031. Automotive and aircraft interior genuine leather is designed to provide comfort and to improve the visual appeal of the interiors. It also leaves the vehicle with a remarkable appearance and feel. It is used widely in midrange and premium passenger vehicles and in business class aircraft. The interior of a vehicle and aircraft that adds to the aesthetic appeal, is also a major factor that influences consumer buying decision. Longer operational life and extended warranties are some factors aiding the growth of the market. Request a Sample of this Report @   https://www.futuremarketinsights.com/reports/sample/rep-gb-14237 Leather manufacturers are providing customizat
3 comments
Read more