NEW YORK — Rapid adoption of newly set regulations among several countries of the world by building automation systems manufacturers is fueling the demand for building automation systems.
The global market for building automation systems was worth $43 billion in 2015 and $48 billion in 2016, in terms of revenue, and is estimated to account for $141.1 billion by the end of 2026. The global market for building automation systems is expected to grow at an 11.1 percent compound annual growth rate (CAGR) from 2016-2026.
The global building automation systems market is categorized into security and surveillance, commercial, residential, and government segments. In terms of revenue, the security and surveillance segment is estimated to witness robust growth and dominate the market during the forecast period. Increasing security violation incidences are expected to fuel the growth of security and surveillance. This segment is estimated to witness significant incremental opportunity, surpassing $28 billion by the end of 2026 and is expected to account for a market value of $45 billion and witness 10.4 percent CAGR during the forecast period. In terms of revenue, security and surveillance is projected to occupy the majority of the global market for building automation systems.
The commercial segment is expected to account for a market value of $63 billion and witness 10.9 percent CAGR by the end of 2026. In addition, the residential and government segments are also expected to exhibit an increase in growth rate during the forecast period. North America is estimated to surpass $55 billion in market value by 2026, registering a boost in the growth of the building automation systems market, luring most of the investors to look into this region.
Publication date: 6/8/2017