New research from Future Marketing Insights revealed that the market for building automation systems is expected to grow by 8% between 2019 and 2029.
The study stated that commercial construction will remain the predominant application area for building automation systems. Indeed, it pointed at the possibility of optimizing the use of building automation systems. This should then give more opportunities for the construction value chain as well as create new prospects for the energy management of buildings and greatly lower building operation costs.
The report also noted that many factors contributed to the growth of building automation systems such as the increasing awareness of its effectiveness, more service providers, and government regulations designed to reduce energy consumption.
By the end of 2029, it is expected that North America and Europe will account for 3/5 of the revenue shares in the industry. Besides, South Asia will hold the potential for growth, especially as builders are witnessing more frequent power outages and erratic power supply.
The report also revealed that market players will introduce easier-to-use system developments and will offer a wide scope of opportunities such as wireless building automation systems. This should improve operational activities and add more market value to these systems.
The building automation systems market is on its way to implement wireless with an emphasis on connective solutions. By doing so, it will redefine the way building automation installations work and make them more efficient and productive.
Hence, many companies that are offering building automation systems are now focusing on smarter R&D investments, as they aim to find new and more effective wireless solutions.