International. In a report published by Persistence Market Research (PMR), it is estimated that the global building automation systems market will likely experience expansion to a CAGR of 11.1% along with a forecasted revenue of US$141.1 billion during the forecast period (2016-2026).
To reduce waste and energy consumption around the world, governments are adopting some strict rules and regulations for the good of the future world. Being influenced by government initiatives, different developed countries such as the United States, Europe and Japan are following the notions and have added some more restricted and revised rules as per their convenience. These lead to creating the latest trends and opportunities in the global market to build an autonomous system in the near future. More new and advanced technologies are also planned to be installed very soon to increase the demand to build an autonomous system and the expansion of the global construction autonomous systems market.
In addition, cloud-based control networks with Internet of Things (IoT), web-based smart grids, integrated building systems, facilities management solutions and mobile technologies have been installed to develop the market. Most importantly, the urgent need for consolidated security solutions is driving the expansion of the market during the forecast period.
Although the global market for building an autonomous system has many factors, there are also some constraints that are slowing down for rapid expansion. Due to the shortage of qualified personnel and an expensive system, the wide adoption of the autonomous construction system in the market is being affected.
A notable contribution of US$63 billion is expected along with an estimated expansion of a CAGR of 10.9% of the business segment in the coming years. The other segments, namely residential and government, are also expected to witness promising growth in the latest trends in the evaluation period.
Based on geography, there are six major regions, including Latin America, Western Europe, North America, Eastern Europe, the Middle East and Africa (MEA) and Asia-Pacific, excluding Japan, that have a strong implementation of the building automation system. From now on, the market for building automation systems in these regions is growing rapidly. It is estimated that North America will experience rapid growth in demand for autonomous systems during the forecast period. It is also predicted that the marker for the building automation system in this region will share a market value of US$55 billion through 2026 and will also attract almost all investors.
