International. In reference to a new report published by Persistence Market Research, the global building automation systems market will show significant growth between 2016 and 2026. Manufacturers are rapidly adopting new regulations around the world and are also aligning new products to meet growing market demand.
This market was valued at more than $43 billion in 2015 and is expected to improve revenue by the end of 2016, reaching approximately $48 billion. The market will continue its path to expansion and the market value will reach US$141.1 million by the end of 2026. The global building automation systems market will record a CAGR of 11.1% during the projected period.
Governments around the world are implementing different preventive measures to reduce energy waste. Different regulatory methods are adopted to reduce energy consumption. This is a massive boost for the global building automation systems market. Several major economies around the world, such as Europe, the United States and Japan, have already curated some restrictive methods to review previous trends. This opens a new window of opportunity for the global building automation systems market.
A number of new technologies that are eroding this market are actively affecting the global canvas of the market. Better and more advanced technologies are improving the end-user experience and also increasing market reach. The introduction of web-based and cloud-based smart grids, backed by the Internet of Things (IOT), mobile technologies, integrated building systems, and facilities management solutions are expanding the periphery of the global building automation systems market.
