Monday, 12 December 2022 12:33 PM
Company Update
WILMINGTON, DE / ACCESSWIRE / December 12, 2022 / Transparency Market Research Inc. - As per the commercial building automation market research report by Transparency Market Research (TMR), the market is anticipated to expand at a CAGR of 8.3% during the forecast period, starting in 2021 and ending in 2031.
The last decade has witnessed steady rise in awareness about environmental protection among consumers in different age groups. As a result, stakeholders across different end-use industries such as construction are looking to develop eco-friendly buildings and commercial structures. The demand for automation processes and integration of different technologies is ensuring that buildings are more eco-friendly, which is fueling the growth in commercial building automation market.
Some of the buildings that are deploying automation include offices, hospitality sector, and retail sector. Launch of new products feasible for use in commercial buildings is helping leading market players in gaining a competitive edge over other players and in generating new revenue streams.
For example Honeywell Building Technologies, in November 2020, announced the launch of new air cleaners integrated with ultraviolet systems and new indoor air quality sensors to measure indoor air quality in commercial buildings.
Furthermore, prominent commercial building automation market players are collaborating with smaller players to expand their presence in global market and increase their revenue shares.
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Key Findings of Commercial Building Automation Market Study
- Rising Government Initiatives towards Green Buildings Propelling Commercial Building Automation Market: The last few years have witnessed increasing government initiatives to construct green buildings. Key reasons behind the rising construction of green buildings are they incur reduced operational costs and increasing awareness about eco-friendly buildings. Presence of building automation systems in these structures helps in decreasing operational costs and assists in saving energy. Furthermore, strict rules and regulations imposed by governments in developing economies to decrease carbon footprint is also augmenting growth in commercial building automation market
- Increasing IoT Adoption to Optimize Performance Boosting Growth in Commercial Building Automation Market: The past few years have witnessed a growing adoption of advanced technologies such as Internet of Things (IoT) in building structures. Key reason behind IoT integration in building structures is to optimize building performance by deploying automatic and data control. IoT sensors have shown an ability to gather data from different buildings. The operator collects this information and uses it to improve the overall functioning of the building. Rising IoT adoption is expected to trigger the growth in commercial building automation market during the forecast period
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Commercial Building Automation Market: Key Drivers
- Rising demand for rapidly developing construction projects is one of the key growth drivers of global commercial building automation market
- Rapid urbanization, as well as increasing industrial activities, could also play key roles in triggering the growth in commercial building automation market during the forecast period
Commercial Building Automation Market: Key Players
The global commercial building automation market is competitive, with the presence of numerous prominent players. It is expected that the entry of new players will intensify the competition in overall market, during the forecast period.
Prominent market players are making huge investments in R&D undertakings to produce improved products that would meet consumer requirements across different application areas.
Few leading players in global market include Cisco Systems Inc., Honeywell International Inc., Emerson Electric Company, Johnson Controls International PLC, ABB, and Schneider Electric SE.
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The global commercial building automation market is segmented as follows:
- Product Type
- Power Supply
- UPS
- Battery Modules
- Room Automation
- I/O Module
- Actuators & Actuators Module
- Controllers
- HVAC Systems
- Security and Surveillance
- Illumination and Light Sensors
- Fire Protection Systems
- Energy Management Systems
- Others (Interfacing Components, Elevator and Escalator Management, etc.)
- Solution Offering
- 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 and Remote Control
- Monitoring, Reporting, Display
- End-use
- Offices
- Retail
- Hospitality Sector
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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