According to a recent report the building automation market will experience steady but incremental growth over the next 5 years, generating $45 billion in 2021.
Europe will be the biggest market in terms of revenues followed by North America and Asia Pacific in 2021. The big four building automation OEMs, namely Honeywell, Schneider Electric, Johnson Controls and Siemens, have more than 60% market share and a strong influence in the market. Holding back adoption is the slow return on investment for building owners due to the high costs of installing building automation systems.
Office buildings are projected to be the biggest verticals in the forecast period followed by retail and public assembly buildings. Among the other verticals, hospitality and healthcare are expected to witness rapid growth from 2016 to 2021.