Building automation and controls market poised to experience significant growth in next five years
According to a market research report released earlier this year, “Global Building Automation & Controls Market (2013 – 2018): By Product,” published by MarketsandMarkets, the total building automation and controls market is expected to reach $49.5 billion by 2018 growing at a CAGR of 11.2% from 2013 to 2018. The area of building automation has witnessed profound growth in the last five years. Energy efficiency is the most important factor in almost all the building programs, hence the demand for energy-efficient solutions, enhanced security, increasing venture capital funding, and more convenience have spurred the market for building automation and control market. The growing awareness of wireless technologies and the developments toward the integration of wired and wireless will propel the market in the future.
Commercial application remains the major application market; however, high growth is expected in stadiums market due to the events such as 2012 London Olympics, the FIFA World Cup to be held in Brazil in the year 2014, Winter Olympics, the Universiade Student Games and the 2018 World Cup in Russia. It is observed that HVAC, security and access controls accounted for the major market share in 2012.
The report’s detailed segmentation by products, by applications, and by geography covers all the major controls and technologies used in for building automation. The major control products that have been extensively covered in the report include lighting, security & access, HVAC, entertainment, elevator and outdoor controls, in addition to building management systems (BMS).