According to Allied Market Research published recently, the global building automation and controls industry was estimated at $101.91 billion in 2019 and is expected to hit $215.59 billion by 2027, registering a CAGR of 11.10% from 2020 to 2027. Surge in demand for convenient user experience, rise in deployment of building automation systems, and growth in need for advanced energy-efficient interventions drive the growth of the global building automation and controls market. On the other hand, lack of interoperability hampers the growth to certain extent. However, development of smart cities in emerging economies and government initiatives are anticipated to present numerous opportunities for the market players in the approaching time.
The growth in infrastructural development, increase in demand for energy efficient control system as well as security & access control drive the growth of the segment. Simultaneously, the services segment would showcase the fastest CAGR of 12.10% during the forecast period. The fact that rising number of residential buildings are being equipped with specialized security systems that have controlling capabilities for the electronic components proliferate the growth of the segment.
Advancement in HVAC system and penetration of artificial intelligence and IoT technology drive growth of this segment. Market across Asia-Paific to showcase CAGR of 13.20% from. Economic expansion of leading Asia-Pacific countries and the construction industry growth forecast fuels the market growth in this region.