According to the business intelligence report titled ‘Global Building Automation and Controls Market Size study, by Product Type (HVAC Control, Lighting Control, Security & Access Control), by Offering (Integration, Services), by End-User (Residential, Enterprise, Industrial, Hospitality, Retail, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global building automation and controls market was valued at USD 102 billion in 2019 and is speculated to reach USD 237 billion by 2027, expanding at a yearly rate of 11.1% between 2020-2027.
 

Government focus towards maximizing operational and energy efficiency, in consort with growing security threats leading to extensive adoption of integrated security solutions are key factors driving global building automation and controls market growth.
 

For the unversed, building automation and control system aims to optimize energy use and minimize maintenance cost by creating an efficient and intelligent building. It is a smart system which is centrally linked and controls lighting, hardware & software, heating, ventilation & air conditioning systems from a single platform.
 

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Improving standard of living, and growing use of HVAC systems in offices and homes will proliferate the worldwide building automation and controls industry share. As per the International Energy Agency (IEA), the total number of air conditioners being used in buildings was 1.6 billion in 2018 and is speculated to reach 5.6 billion by 2050. Additionally, 90% of the houses in Japan and the United States are equipped with air conditioning, suggesting that 8% of 2.8 billion people living in the hottest areas worldwide had access to ACs in 2018.
 

On the other hand, high cost of installation and technical difficulties are poised to hinder the industry expansion over the analysis timeframe.
 

Regionally speaking, North America held a significant portion of global building automation and controls industry share in the recent past, due to presence of many leading companies in the region, and early adoption of automated technology and solutions.
 

Meanwhile, Asia Pacific market is speculated to expand rapidly through 2027, owing to growing number of institutional facilities and commercial infrastructure in developing countries like India and China, in tandem with rising demand for energy-efficient lighting control and HVAC control.
 

Leading players influencing worldwide building automation and controls market dynamics are Control4 Corporation, General Electric Company, Beijer Electronics Group, ABB Ltd., Honeywell International Inc., Siemens AG, Lutron Electronics Company, Schneider Electric SE, Johnson Controls International plc, and Legrand.