NEW YORK, April 12, 2016 /PRNewswire/ -- "The growing demand for energy efficient and enhanced security buildings would drive the building automation system market"
The building automation system market is expected to grow from USD 49.37 billion in 2015 to reach USD 100.60 billion by 2022, at a CAGR of 10.65% between 2016 and 2022. The growing concern for the conservation of energy coupled with the rising cost of energy is driving the demand for energy-efficient buildings. The building automation system not only helps to increase the energy efficiency of the building but also help to enhance the security and safety in buildings. This is driving the demand for building automation system.
"Commercial buildings sector to hold the largest share of the building automation system market"
The commercial buildings application is expected to hold the largest share of the global building automation system market during the forecast period. The demand for energy conservation and reduction of the overall operating cost is the highest in this sector, which is one of the major driving factors for the growth of this market.
"The market in APAC is expected to grow at the highest rate"
The market in APAC is expected to grow at a high CAGR between 2016 and 2022. The rapid growth of the construction industry in this region along with the government initiatives has contributed to the growth of the building automation system market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of profile of primary participants is given below:
- By Company Type: Tier 1 – 22 %, Tier 2 – 35%, and Tier 3 – 43%
- By Designation: C level – 29%, Director level – 37%, Others – 34%
- By Region: North America – 39%, Europe – 31%, APAC – 21%, RoW – 9%
The key players in the market include Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls Inc. (U.S.), Hubbell, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Legrand SA (France), Ingersoll Rand PLC (Ireland), ABB (Switzerland), and Robert Bosch GmbH (Germany) among others.
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the building automation system market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to better understand the competitor and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product develpoments, partnerships, and mergers and acquisitions.
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