VALLEY COTTAGE, New York, Aug. 14, 2019 /PRNewswire/ -- The global building automation system market grew 7% in 2018 to total ~ US$ 35 Bn, registering an upward spiral from ~ US$ 33 Bn in 2017, according to the new research study by Future Market Insights (FMI). Schneider Electric SE, ABB, Siemens AG, Johnson Controls Inc., and Honeywell International Inc. remain the top 5 players in the building automation market, commanding nearly 40% of the global market share.
The FMI analyst is of the opinion that growing investments in smart buildings is one of the key shapers estimate to mould the growth of building automation system market in 2019 and beyond.
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Despite of having a robust sphere of influence, leading players in the building automation system market will continue to face competition threats from new vendors entering the scenario with newer promises.
According to the analyst, the likes of Apple and Google NEST are entering into the building automation space and upending the market structure, which, in turn is hard-pressing the established players to come up with new strategy models. These new vendors are focusing on residential spaces and addressing special requirements coming from them, which, in turn, is enabling these companies to tap into niche corners and reap sizeable profits throughout. These particulars signal that manufacturers don't have to stick to their conventional ideologies to sustain growth, they can go beyond core competencies and catch up with some new market trends instead, finds FMI.
In 2018, end users increasingly adopted building automation services over hardware and software, and 2019 is also expected to see a similar pattern of choice. This inclination is primarily conditioned by attractive packages offered by the service providers along with satisfactory pre-sales and post-sales customer assistance, starting from installation to maintenance. However, a significant portion of end users will continue to lean toward building automation software, with global value estimated to reach ~ US$ 10.5 Bn in 2019.
Preview Analysis of Building Automation Systems Market is segmented by (Product Type - Hardware, Software & Services; System Type - Security & Surveillance, HVAC, Lighting Solutions, BEMS (Building Energy Management) & Others; Application - Commercial, Residential, Government & Others;) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029: https://www.futuremarketinsights.com/reports/building-automation-systems-market
Market Players to Eye Massive Opportunities in East Asia
FMI forecasts that adoption of building automation systems in commercial applications will grow by ~ 8% YOY in 2019, representing ~ 64% of the total revenue in that year. Commercial structures such as offices, schools, hospitals, and others, stay at the forefront of demand for a centralized control system that offers hassle-free operations. This, in turn, is a key factor pushing the adoption of building automation systems in the commercial spaces, states the FMI analyst.
Europe (32%) and North America (30%) retained their lead as the largest markets for building automation systems in 2018, and this status quo is remain the same in 2019 and beyond. When it comes to technological revolutions, developed markets stand firm as trailblazers and often lay down new paths for developing markets to follow suit. In similar lines, North America and Europe will continue to be the most attractive regions for the building automation system market players to make investments in, finds the FMI analysis.
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However, East Asia is likely to emerge as the new gold mine of opportunities, with growth primarily driven by a drastic make-over of the regional AEC (architecture, engineering, and construction) industry. With 'smart buildings' emerging as the point of convergence across developing markets, the East Asia building automation system market is set to exhibit growth by ~ 9% YOY in 2019, says the FMI analyst.
This study outlines the prominent opportunities in the building automation system market and finds that the market would exhibit growth at a value CAGR of ~ 8% during the assessment period. For more insights into the building automation system market, write in to the analyst at firstname.lastname@example.org
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SOURCE Future Market Insights