Global Commercial Building Automation Market: Snapshot
The global commercial building automation market is highly likely to experience surge in demand for energy-conservative processes and reduction of overall operating costs, especially in the government buildings’ segment. Government initiatives for constructing green buildings and the rising primary focus on green building by more companies are the key contributors to the growth of the global commercial building automation market. Other factors driving it include a gain in demand for building automation within the small and medium sized buildings segments after the growing use of include energy consumption analytics, the need to improve occupant comfort level and mental satisfaction for environment-conscious buyers.
The global commercial building automation market is likely to reach US$77.63 bn by the end of 2016. In terms of revenue, this market is expected to reach US$108.49 bn by 2024, after expanding at a steady CAGR of 4.3% from 2016 to 2024.
Very High Focus Gained by HVAC in Global Commercial Building Automation Market
Power supply, interfacing components, room automation, HVAC systems, security and surveillance, and illumination and light sensors are the commonly known types of products within the global commercial building automation market. Of these, HVAC systems are expected to be lead the market between 2016 and 2024. The power supply market is also a strong segment within the global commercial building automation market and is further segmented into UPS, battery modules and others.
By type of material, the global commercial building automation market is divided into lighting control and regulation, interfacing and inter-working with other building systems, blind and shutter control, temperature control and regulation, energy and load management, security and fault monitoring, visualization & remote control and monitoring, reporting, display. Among these, in terms of revenue, temperature control and regulation held the leading share in the market for 2015, followed by lighting control and regulations. It is very likely that both segments will retain their spots in the global commercial building automation market over the coming years.