Global Building Management System Market: Shares and Strategies For Key Industry Players by 2024
Our latest research report entitled Building Management System Market (by component (hardware, software, service type), applications (residential, commercial, industrial)) provides complete and deep insights into the market dynamics and growth of building management system. Latest information on market risks, industry chain structure building management system cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential building management system growth factors. According to the report the global building management system market is projected to grow at a CAGR of 14.1% over the forecast period of 2018-2024.
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Building management systems (BMS) refers to building automation system that ensures increased safety, comfort and efficient resource consumption. The BMS is a computer-based system installed to effectively monitor and control the mechanical, electrical and electromechanical services including security, lighting, ventilation, fire, power systems (electrical, steam, gas, and oil) and water system.
The building management system is significantly used in the industrial, commercial and residential building owing to its energy efficiency, cost-effective, high Comfort and several other benefits. The factor driving the growth of the BMS market is the energy and cost-effective solutions offered by building management system market, especially in the commercial industries. In addition, the demand for energy efficient and eco-friendly building is rising to very rapidly across the world that is likely to escalate the growth of Building management system market. However, the installation cost of building management system is high that may restrain the growth of building management system market.
Moreover, the trending integration of internet of things (IoT) with the various system and the Integration of Analytics in building management are projected to create the several opportunities in the building management system market in upcoming years. In addition, the growing demand for building management system across various emerging regions is expected to contribute to the growth of the BMS market over the forecast period.
Geographically, Europe holds the maximum share in the building management system market and is expected to remain the largest region over the period of 2018 to 2024. The various government agencies are taking initiative in the adoption of building management system as they offer energy and cost-effective solution. Moreover, raising awareness about energy efficient and eco-friendly services drives the growth of building management system market in this region. Furthermore, the Asia Pacific is the fastest growing region in the building management system market. The rapidly growing demand for building management system from the growing countries like China and India are likely to boost the market growth in the Asia Pacific region.
Market Segmentation by Component and Application
The report on global building management system market covers segments such as component and application. On the basis of component, the global building management system market is categorized into hardware, software and service type. On the basis of application, the global building management system market is categorized into residential, commercial and industrial.
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The report provides profiles of the companies in the global building management system market such as Honeywell International Inc., Johnson Controls International PLC, Schneider Electric SE, Siemens AG, IBM Corporation, United Technologies Corp., Delta Controls and Ingersoll-Rand Plc.
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