Building Automation and Controls Market to Reach $215.59 Bn, Globally, by 2027 at 11.10% CAGR: Says AMR

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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Covid-19 scenario-

• 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.

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The integration segment to dominate throughout the forecast period

Based on offerings, the integration segment accounted for more than three-fifths of the global building automation and controls market share in 2019, and is anticipated to retain its dominance till 2027. The growth in infrastructural development, increase in demand for energy efficient control system as well as security & access control drive the growth of the segment. Simultaneously, the services segment would showcase the fastest CAGR of 12.10% during the forecast period. The fact that rising number of residential buildings are being equipped with specialized security systems that have controlling capabilities for the electronic components proliferate the growth of the segment.

Europe, followed by North America, to rule the roost throughout the forecast period-

Based on region, Europe, followed by North America, held the major share in 2019, generating more than one-third of the global building automation and controls market. Increase in penetration of digital electronic devices and high adoption of advanced technologies have driven the growth of the market in this region. On the other hand, market across Asia-Paific is expected to showcase the fastest CAGR of 13.20% from 2020 to 2027. High economic expansion of leading Asia-Pacific countries and the subsequent construction industry growth forecast fuels the market growth in this region.

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Key market players-

• Schneider Electric
• General Electric
• Legrand
• Lutron Electronics Co.
• Control4 Corporation
• Honeywell International
• Beijer Electronics
• ABB
• Siemens AG
• Johnson Controls

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