Commercial Building Automation Market - Global Industry, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 09/15/2017 -- A cumulative share of 39.1% allowed three companies to take the lead in the global commercial building automation market for 2015. United Technologies Corp., ABB Ltd., and Siemens AG each had held key strategic advantages in the global commercial building automation market for 2015 through various avenues such as new product developments, mergers and acquisitions, and stepping forth into the world's emerging economies. The remainder of the global commercial building automation market showed a very high level of fragmentation at the time, with the presence of a large number of regional players.
As stated in a research report released by Transparency Market Research, 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 CAGR of 4.3% from 2016 to 2024. The degree of competition in the market is expected to intensify over the coming years owing to the aggressive expansion strategies adopted by leading players, as well as the several opportunities available for new entrants in terms of fast growth.
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Construction Automation Needed to Reduce Resource Consumption
"The primary factor that is allowing for a great scope of expansion for players in the global commercial building automation market is the booming construction industry itself. Improvements in the global economy are creating an increase in the demand for construction projects in industrial and the residential sectors. This is more pronounced in the emerging economies of the MEA region than others. These regions are where the global commercial building automation market will find a very high level of interest from clients," states a TMR analyst. The growth of the construction industry is currently also a leading cause in the demand for highly efficient projects that will consume lesser volumes of materials as well as a lower power requirement. Additionally, the growing concern over depleting fuel stockpiles and increasing pollution have pressured several governments to adopt increasingly strict policies regarding efficiency of resource usage. This will directly favor the global commercial building automation market in the years to come.
Slow ROI a Hassle for Smaller Players in Global Commercial Building Automation Market
The overall cost of installing, operating and maintaining commercial building automation systems is quite high. This already deters new entrants from the global commercial building automation market, but compounding the issue is the slow rate of ROI that end users can achieve with the adoption of these systems. This is a cause for concern for the smaller players in the global commercial building automation market as they will be getting a much lower interest from clients than what the more prominent players may get.
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"Deep Learning is one of the novel concepts expected to revolutionize the global commercial building automation market over the coming years. It involves the gradual development of an IoT sensor system that can generate groundbreaking solutions in terms of improving the automation process. It is concepts like this that are expected to bring a wider scope of opportunities for players in the global commercial building automation market over the coming years," added the analyst.