DALLAS — The global building automation and controls market was valued at $29.8 billion in 2013 and is expected to reach $55.5 billion by 2020, growing at a compound annual growth rate (CAGR) of 9.04 percent from 2014 to 2020, according to a new market research report published by MarketsandMarkets.

The report notes that the concept of building automation has been in existence for a long time but it has witnessed a profound growth in the last five years. Regulations being imposed by governments, which have been augmented by the increasing cost-saving needs of building owners, are the primary factors contributing to the growth of this market. The growing awareness of wireless technologies and developments in terms of the integration of wired and wireless technologies are expected to propel the market in the future.

According to the report, the top five prominent players in the building automation and controls market are Honeywell International, Siemens, Johnson Controls, Schneider Electric, and United Technologies. Some of the other companies that hold a significant share in this market include Lutron, Bosch security systems, Control4, Legrand, and Tyco.

For more information on the Building Automation & Controls Market report, click here.

Publication date: 12/8/2014

Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!