by Brianna Crandall — December 7, 2015—The global building automation market accounted for $32.91 billion in 2014 and is expected to reach $66.8 billion by 2022, growing at a compound annual growth rate (CAGR) of 9.3%, according to a new report from Stratistics just added to the Wise Guy Reports online store.
Strict government initiatives, growing demand for energy-efficient systems and solutions, and increasing cost-saving needs of building owners have played a key role in boosting market growth, according to the report. Factors such as limited availability of skilled experts and lack of consciousness about installation costs are the factors limiting the market growth.
The report offers market trends, market share assessments for regions and countries, market forecasts for all sectors for a minimum of eight years, company profiling, supply chain trends and more.
Products covered are:
- HVAC control: smart thermostats, heating and cooling coils, sensors, pumps and fans, smart vents, control valves, actuators, dampers.
- Security and access control: biometric systems, video surveillance.
- Lighting control: transmitters, receivers, daylight sensors, relays, occupancy sensors, blind / shutter actuators, switch actuators, dimming actuators, timers.
- Others: smart locks, smart plugs, smart hubs, smart meters, smoke detectors.
The security and access controls sector holds the main share of the building automation market, followed by heating / ventilation / air-conditioning (HVAC) controls, owing to growing concerns about energy conservation. The automation and control market is dominated by building automation owing to the early implementation of control products in this sector.
North America currently leads the building automation systems market. Asia Pacific is expected to witness a rapid growth rate led by countries such as Japan, China, India and South Korea. Germany, France, Spain, and the U.K. are expected to boost the European building automation market in the near future.
The report identified key market players as: Siemens Ag, Schneider Electric., Honeywell International, Inc., Emerson Electric Co., ABB, Bosch Security Systems, Johnson Controls, Inc., United Technologies Corp. and Legrand S.A.
Building Automation Market Outlook – Global Trends, Forecast, and Opportunity Assessment (2014-2022) is available for purchase from Stratistics or Wise Guy Reports.
