The report titled Building Automation and Control System Market which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031. The market is further anticipated to grow with a robust CAGR throughout the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Building Automation and Control System Market Products.
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The Information and Communications Technologies (ICT) sector in Canada consists of more than 41,500 companies, out of which, over 37,000 companies come under the category of software and computer services industries. Hence, around 89.8% of key players in the ICT industry are involved in software and computer services, 4.5% companies are in ICT wholesaling, 3.4% in communications services and the remaining 2.2% companies are involved in ICT manufacturing in the country, as per the Canadian ICT Sector Profile released by the Government of Canada in 2018.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Building automation and control system market was estimated as USD 30.8 Billion in 2014 and is expected to grow at a CAGR of 9.04% over the forecast period.
The control system is applied to control and monitor the MEP system such as power monitoring, security, escalators & elevators, CCTV, water monitoring, fire alarm system and plumbing. The control system is installed majorly in residential, commercial, public buildings and institutional buildings. Therefore, the system is also referred as the structural interlink network control system.
Increasing need for quick response with accuracy has led to the enhanced adoption of automation and control system in the industry. The control system helps in reducing the operating cost with existing energy resource and decreases the emission of carbon dioxide in the environment. Furthermore, growing need for the maintenance, reliability, support, customization and demand for the energy efficiency is projected to fuel the market growth over the forecast period.
One of the major factor for aiding the market growth and implementation in building is energy efficiency. The energy efficiency helps in reducing the environmental footprints and controls rising energy cost, hence raising the value of a building. Additionally, increasing trend of the wireless connectivity which further supports in control, remote monitoring, and increased security in buildings has also benefitted the industry growth.
Increasing implementation of IoT in commercial buildings such as corporate offices, retail stores, and production factories has further decreased the energy consumption, enhancing the energy efficiency. The industry players are switching from pneumatic devices to digital direct control (DDC) owing to their compatibility with the new devices.
Furthermore, the market is segmented by products which include security and access control, lighting system, BMS, HVAC control, Fire and life safety, and others. The end users of building automation and control system market are categorized into residential, commercial and institutional and public buildings.
Increasing trend for the energy efficient buildings has managed the premises to implement automated lighting control system such as sensors, timers, photo sensors, thus saving the excess usage of energy. Several lighting sources are employed in building for achieving the energy efficiency factor including incandescent lamps, LEDs which requires less maintenance with better lighting coverage.
Furthermore, the enhanced security systems such as CCTV, HDR system integrated with software for illegal intrusion, smoke and fire alarms are also installed for enhanced security within the premises. Rising demand for operational efficacy, ease of maintenance and energy efficiency in the commercial sector has positively impacted the industry.
The emergence of several local, regional, international automation solution vendors have increased high competition in the commercial automation sector. The industry vendors offers customized automation solutions at competitive price for specific applications to meet the diversified needs of the customers which include increasing the operation efficiency and reducing the energy costs, thus generating various opportunities for growth.
North America is expected to dominate the automation market over the forecast period owing to the increasing large scale adoption in healthcare and industrial market in countries such as Mexico, U.S. and Columbia. Rising awareness for energy efficiency and growing investments in infrastructure is further anticipated to boost the market in Europe region. Furthermore, Asia Pacific is projected to witness significant growth over the forecast period owing to increasing investments from foreign investors in Oil and Gas sector, infrastructure, and industrial parks.
The major players in the market include Johnson Controls, Honeywell, Automated Logic and Schneider Electric. The competitive business environment within the players has led to the product innovation and extension within the industry. The players are investing heavily in R&D activities enabling them to offer innovative solutions to the customers.Key players: Overview of market leaders in Thermoform Packaging Market by top manufacturers/players, with Thermoform Packaging Market revenue (Billion USD) and market share for each manufacturer/player; the top players including Amcor Limited, Anchor Packaging, Sonoco Products Company, Placon Corporation, Bemis Company, Inc., Display Pack Inc., Pactiv LLC, Westrock Company, E.I. Du Pont Nemours and Company, and DS Smith PLC.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Building Automation and Control System Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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