International.
The global market for building automation systems is projected to reach $100.6 billion by 2022, increasing at a compound annual growth rate (CAGR) of 10.65% between 2016 and 2022, according to a new market research report published by MarketsandMarkets.
The ability of building automation and control systems to increase energy efficiency and improve safety in buildings are the major factors driving growth in the market. In addition, advances in wireless communication technologies and the convergence of the Internet of Things (IoT) and building automation are further driving the market.
The commercial building sector is expected to hold the largest share of the building automation and control systems market during the forecast period. This is because this sector has the highest demand for energy conservation and reduced operating costs.
The Asia Pacific (APAC) region is expected to continue to grow at the highest rate during the forecast period. The rapid growth of new construction in this region, as well as government initiatives, have contributed to the growth of the building automation market in the APAC region.
