Building Automation & Controls to Reach $US215.59B By 2027 at 11.10 Per Cent CAGR
Allied Market Research has published a report, titled, “Building Automation and Controls Market By Product Type (HVAC Control, Lighting Control, and Security & Access Control): Global Forecast, 2020–2027” in which it forecasts that the global building automation and controls industry, estimated at $US101.91 billion in 2019, is expected to hit $215.59 billion by 2027, at a CAGR of 11.10 per cent.
According to AMR, a surge in demand for convenient user experience, rise in deployment of building automation systems, and growth in need for advanced energy-efficient interventions are driving the growth of the global building automation and controls market.
The report also found lack of interoperability is hampering growth. 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.
AMR found COVID-19 disrupted supply chain and manufacturing processes during the initial phase but government in various regions has relieved regulations, assisting manufacturing and supply of building automation and controls system to return to normal levels.
Based on product type, the HVAC control segment contributed to nearly 2/5ths 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 continue to drive the growth of the segment.
Lighting control is expected to exhibit the fastest CAGR of 12.40 per cent 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.