Albany, NY -- (SBWIRE) -- 07/20/2018 -- 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.
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.
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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.
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North America Strikes Dominant Chord in Global Commercial Building Automation Market
Based on the geography, the global commercial building automation market is segmented into North America, Europe, Asia Pacific and the rest of the world. North America held the top value share in 2015, followed by Europe. Both regions are expected to remain at the same spots from 2016 to 2024. The global commercial building automation market generates a substantial volume of revenue from a few end users.
The overall demand for energy conservation and reducing the overall operating cost is one of the key factors driving the market for commercial building automation market in North America as well as Europe. Asia Pacific, on the other hand is expected to show a fast growth rate in its demand for commercial building automation systems, but is currently being stifled by factors such as a slow rate of ROI for builders due to the high installation costs.
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Key players active in the global commercial building automation market for 2015 included ABB Ltd. (Switzerland), Honeywell International Inc. (United States), Cisco Systems Inc. (United States), Ingersoll Rand Plc. (Ireland), Hubbell Inc. (United States), Robert Bosch GmbH (Germany), Johnson Controls International plc. (United States), United Technologies Corp. (United States) Schneider Electric SE (France), and Siemens AG (Germany).