Building Automation and Controls Market to Reach $215.59 Bn, Globally, by 2027 at 11.10% CAGR Says AMR
Surge in demand for convenient user experience, rise in deployment of building automation systems, and growth in need for advanced energy-efficient interventions drive the growth of the global building automation and controls market
PORTLAND, Ore., Jan. 25, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Building Automation and Controls Market By Product Type (HVAC Control, Lighting Control, and Security & Access Control), Offering (Integration and Services), and Industry Vertical (Residential, Enterprise, Industrial, Hospitality, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published, the global building automation and controls industry was estimated at $101.91 billion in 2019 and is expected to hit $215.59 billion by 2027, registering a CAGR of 11.10% from 2020 to 2027.
Prime determinants of the market
Surge in demand for convenient user experience, rise in deployment of building automation systems, and growth in need for advanced energy-efficient interventions drive the growth of the global building automation and controls market. On the other hand, lack of interoperability hampers the growth to certain extent. However, development of smart cities in emerging economies and government initiatives are anticipated to present numerous opportunities for the market players in the approaching time.
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- The coivd-19 outbreak disrupted supply chain and manufacturing processes during the initial phase. In addition, the market has witnessed a decline in demand for residential, enterprise, & industrial use of building automation system.
- Nevertheless, the government in various regions have relieved the regulations. Thereby, assisting the manufacturing & supply of building automation and controls system to return to normal levels.
The HVAC control segment to lead the trail throughout the forecast period
Based on product type, the HVAC control segment contributed to nearly two-fifths of the global building automation and controls market share in 2019, and is likely to maintain its dominance by 2020. The advancement in the HVAC system and penetration of artificial intelligence and IoT technology drive the growth of the segment. However, the lighting control segment is expected to exhibit the fastest CAGR of 12.40% throughout the forecast period. This is owing to increase in demand for intelligent street lighting systems, rise in need for energy-efficient lighting systems, and high penetration of LED bulbs and lightings.