Last week, Transparency Market Research offered an assessment of the global commercial building automation market. The category, the organization said, was expected to be valued at $77.63 billion by end last year and to reach $108.49 billion by 2024. That represents a compound annual growth rate (CAGR) of 4.3 percent during the forecast period. North America, the press release said, represented $22.03 billion of the 2015 total.
United Technologies Corp., ABB Ltd. and Siemens AG – account for 39.1 percent of the cumulative market share, the press release says. This may not last long, however:
The degree of competition in the market is expected to intensify over the coming years owing to the aggressive expansion strategies adopted by leading players, as well as the several opportunities available for new entrants in terms of fast growth.
The most stable technical evolutions are those with more than one driver. Energy efficiency, of course, is a core rationale for buildings of all sizes and descriptions to automate. Many of the tools upon which energy efficiency rests also support security. Persistence Market Research said that a key to the growth is security:
The modern installations are mostly equipped with smart fire and social alarm systems and most of the government and private buildings are gearing themselves with intrusion alarms and assess control systems to shield themselves from any unforeseen incidences of terror. In the modern era security has a monumental importance. The highly digitized and compatible building automation systems are in great demand in the market, as the advanced crop of these systems is backed by IOT, Bluetooth and other mobile applications. Apart from private and commercial buildings some of the best luxury properties around the globe are putting security at the top of their list. This changing scene will speed up the development of the global building automation systems market.
The firm says that the security and surveillance segment witnessed “a significant rise” in 2016 and will grow by a factor of 2.6 between last year and 2026. By the end of the forecast period, the company says, the security and surveillance sector of the worldwide building automation market will be valued at $45 billion.
One of the key ongoing issues will be how to handle the massive amount of data that building automation generates, according to a post this month by AutomatedBuilding.com. The reality simply is modern technologies, including the Internet of Things, generate so much data that doing anything meaningful with it represents a challenge for which organizations must prepare:
With the increasing number and variety of equipment, sensors, devices and building systems available to connect to and the amount of data that is available from them, many data projects stall or never reach their potential because companies struggle with the complexity of the data.
The obstacles, according to the post, include inadequate planning for data access and management; meeting cyber security requirements; lack of standardized name conventions and insufficient data validation.