“The report on Building Automation and Control System Market was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter’s five forces.
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Building Automation and Control System Market: Overview
- According to the latest report on the global building automation and control system market for the base year 2018 and the forecast period of 2022-2031, the global market is expected to expand at a moderate rate during the forecast period, owing to the large number of applications of building automation and control systems in industrial, commercial, and residential sectors
- In terms of revenue, the global building automation and control system market is estimated to reach value of ~US$ 326 Bn by 2031, expanding at a CAGR of ~9% during the forecast period
Increase in Building Automation Applications: A Key Driver
- Different applications of building automation and control systems include the following: lighting, safety a-nd security, entertainment (audio and video), and HVAC (heating, ventilation, and air-conditioning)
- In addition to these, several new applications of building automation and control systems are being developed and offered by players from different sectors. These include home healthcare, remote monitoring (as a specialized part of safety and security), home robotics, and pet care.
- The home healthcare segment holds high growth potential, due to increase in elderly population and rise in the need for elderly care homes. As for home healthcare, use of automation systems helps save on expenses incurred for visits to the doctor or for deputing a nurse at home. It also saves efforts to dedicatedly monitor people at home.
- The market is also witnessing growth in a single or specific application segment. This growth potential of individual application segments offer scope for players specializing in an individual segment to enter the market.
- This has promoted growth of the global building automation and control system market, as consumers have more solutions to choose from and they enjoy their discretion in terms of price and features. Moreover, the development and adoption in applications, such as facility management, fire control system, safety & security system, is anticipated to increase during the forecast period, thereby fueling the global building automation and control system market.
Introduction and Development of Managed Building Automation and Control System Services: Latest Trend in Building Automation and Control System Market
- A recent and prominent market trend is the introduction and development of managed building automation and control system services. Demand for these services is driven by increased involvement in managed services by companies from sectors such as information technology (IT), telecommunications, cable, energy, and security. For instance, Siemens, ABB, and Johnson Controls have included home automation services to their list of monthly billed services so as to leverage their existing assets and expand in a new and evolving market. These companies have collaborated with new as well as existing home automation service providers, such as BuildingIQ, to provide their existing consumers with building energy and operational intelligence solutions.
- This strategy not only offers low-cost building automation and control system services, but also helps increase awareness about and adoption of such services. Thus, it enhances growth potential of the market in the mid and long terms.
- Moreover, managed home automation services are primarily preferred by low- and middle-income groups, as these services allow them to enjoy benefits of home automation services at a reasonable price and enjoy extended support offered by service providers for building automation services
- Thus, introduction and development of managed home automation services is anticipated to be a key driving factor for the global market during the forecast period
Low Consumer Awareness and Costlier Solutions: Major Challenge for Building Automation and Control System Market
- The global building automation and control system market is largely driven by custom (luxury) solutions, which are costlier than mainstream or managed services. At the same time, consumers opting for a DIY model to save on costs have to face challenges in terms of technical knowhow required to install and integrate different applications. As a result, they have to rely on electricians or other service providers, which again increases the cost.
- As a result of increased costs, low- and middle-income groups are less inclined toward adoption of the home automation technology, thereby lowering the rate of penetration of this technology in emerging markets. For instance, the rate of penetration of the home automation technology in India is approximately 2%, which is lower than that in countries of Europe and the U.S.
- However, the deterring impact of this factor is expected to weaken during the forecast period, as the adoption of managed building automation services is expected to rise and awareness among end-users is expected to grow
Building Automation and Control System Market: Competition Landscape
- Detailed profiles of manufacturers of building automation and control systems have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global building automation and control system market are
- Honeywell International Inc.
- ABB Ltd.
- Crestron Electronics, Inc
- 75F, LLC
- Siemens AG
- Johnson Controls International Plc
- Schneider Electric SE
- United Technologies Corporation
Building Automation and Control System Market: Key Developments
- Key manufacturers operating in the global building automation and control system market, such as
- Honeywell International Inc. ABB Ltd., BuildingIQ, and Johnson Controls International Plc, are increasing their sales by engaging in merger & acquisition (M&A) and research & development (R&D) activities. Some of the key developments in the global market are as follows:
- In August 2018, ABB Ltd. acquired Buildingsense Australia Pty Ltd., an Australia-based company. The latter offers building management systems, energy management systems, and hotel room automation systems.
- In May 2018, Honeywell International, Inc. launched a new mobile app called ‘Honeywell Home’ in place of Lyric app. This app is intended to list all smart devices provided by Honeywell installed in premise and improve the user experience. The app offers membership plans for upcoming smart security systems and C1 and C2 Wi-Fi security cameras.
- In April 2018, ABB launched a new building systems control device called i-bus KNX PEONIA sensor in the China market. This smart control panel automatically adjusts lighting; closes or opens blinds or shutters; and regulates air conditioning. The user can monitor changes in light, temperature, and air control.
- In November 2017, Johnson Controls, Inc. launched an enhanced version of their smart building automation system called BCPro, which provides simple yet powerful tools for rapid and easy setup, reducing the system configuration time by 50% and workload of the user interface configuration by 90%
- In the report on the global building automation and control system market, we have discussed individual strategies, followed by company profiles of manufacturers of building automation and control systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global building automation and control system market.
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Building Automation and Control System Market –Scope of the Report
A new study of the global building automation and control system market presents detailed information of key market dynamics, including market drivers, trends, and challenges for the global building automation and control system market as well as its structure. The study offers valuable information on the global building automation and control system market in order to illustrate how the market is expected to expand during the forecast period i.e. 2019–2027.
It also focuses on market drivers, restraining factors, and opportunities for the building automation and control system market during the forecast period. The study provides a complete perspective on the market, in terms of revenue (US$ Bn), across various geographies including Asia Pacific, South America, North America, Europe, and Middle East & Africa (MEA).
The report includes detailed market value chain analysis, which is focused on providing an extensive view of the global building automation and control system market. Porter’s Five Forces analysis has also been provided in the report to help understand the competition scenario of the market. The study includes market attractiveness analysis, wherein market segments have been benchmarked based on their market size, growth rate, and attractiveness in terms of opportunity. In order to offer complete analysis of the competition scenario in the global building automation and control system market, every geographical region mentioned in the report is provided with attractiveness analysis.
Key Questions Answered in the Study on Building Automation and Control System Market
- What would be the Y-o-Y growth trend of the global building automation and control system market between 2019 and 2027?
- What is the influence of the changing trend in technologies on the global building automation and control system market?
- Would Asia Pacific continue to remain the most profitable regional market for providers of building automation and control systems in the next few years?
- Which factors would hinder the global building automation and control system market during the forecast period?
- Which are the leading companies operating in the global building automation and control system market?
A unique research methodology is utilized to conduct comprehensive research on the global building automation and control system market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn. Secondary research sources referred to by analysts during production of the report on the global building automation and control system market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of the study on the global building automation and control system market as a primary research source. These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global building automation and control system market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global building automation and control system market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making the estimates on future prospects for the global building automation and control system market more reliable and accurate.
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