The global building automation system market grew 7% in 2018 to reach $35 billion (up from $33 billion in 2017), according to a new study from Future Market Insights called “Building Automation Systems Market: The Future is Intelligent.” Based on this recent research, five main players command nearly 40% of the global market share in this sector.
The study forecasts that adoption of building automation systems in commercial applications will grow by approximately 8% year over year in 2019, representing around 64% of the total revenue in that year. Commercial structures, such as offices, schools, hospitals, and others, are expected to stay at the forefront of demand for a centralized control system that offers hassle-free operations.
Europe (32%) and North America (30%) retained their lead as the largest markets for building automation systems in 2018, and this status quo is expected to remain the same in 2019 and beyond. However, analysts expect East Asia is to emerge as the new gold mine of opportunities, with growth primarily driven by a drastic make-over of the regional AEC (architecture, engineering, and construction) industry. With smart buildings emerging as the point of convergence across developing markets, report analysts predict the East Asia building automation system market will be set to grow by 9% year over year in 2019.
For more information, see the full report.