Building Automation and Controls Market to Reach Nearly $50 Billion

February 19, 2013
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Image (c) FreeFoto.com

Image (c) FreeFoto.com

A research report by Research and Markets says the global building automation and controls market is expected to reach $49.5 billion by 2018 and grow at a double-digit compound annual growth rates (CAGR) from 2013 to 2018.

According to the report, demand for energy-efficient buildings, more convenient devices and enhanced security via building automation and controls are the major drivers for the building automation controls market.

The report states that dimming systems and sensors are expected to grow at high rate in the lighting controls market for the next five years. Currently, HVAC controls contribute to more than 33 percent of the global building automation and controls market. However, security and access controls are estimated to contribute the highest by the end of 2018.

Stringent regulations being imposed by governments, augmented by the increasing need felt by building owners to save operational costs, has enhanced the demand for building automation and controls, states Research and Markets.

The company also cites the growing awareness of wireless technologies and developments in the integration of wired and wireless platforms that will propel the market in the future.

Growth in government incentives, assistance of powerline communication and global sporting events such as World Cup Soccer in 2014 and the Olympics in 2016 offer excellent opportunities to the market growth, states a release.

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