India Building Automation & Control Systems Market to Grow at 22% through 2020
Rising demand for sophisticated electronic security and lighting systems from commercial complexes to drive building automation & control systems market through 2020
According to recently released TechSci Research report, “India Building Automation and Control Systems Market Forecast and Opportunities, 2020”, building automation & control systems market in India is projected to grow at a CAGR of more than 22% during 2015-20. The market is anticipated to exhibit robust growth on account of rising security concerns and growing efforts of commercial and IT/ITeS sectors to minimize their operational costs. In addition, high net worth individuals in the country are increasingly employing building automation & control systems in villas and luxury apartments, thereby contributing to growth in the market.
Players such as Honeywell, Siemens, Schneider Electric and Johnson Controls are major suppliers of building automation & controls systems in India. These companies operate through a series of system integrators and suppliers, in addition to in-house manufacturing.In terms of revenue contribution, IT/ITeS segment accounted for majority share in building automation & control systems market in India in 2014, followed by the commercial sector. Moreover, educational institutes and luxury hotel chains are also emerging as opportunity areas for companies operating in the market, as these segments are increasingly deploying electronic security and lighting systems in their premises.
“In India, Building Automation & Control Systems (BACS) market is highly fragmented, and is driven by a number of system integrators engaged directly or indirectly with leading players such as Honeywell, Siemens and Schneider Electric. The market is anticipated to witness significant growth over the next five years, primarily on account of modernization of government offices, upcoming smart city projects, and rising demand from commercial complexes in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Building Automation and Control Systems Market Forecast and Opportunities, 2020” has evaluated the future growth potential of building automation & control systems market in India, and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India building automation & control systems market.