Posted On: 2021-07-16
HVAC control systems are expected to hold the largest revenue share in South East Asia building automation systems market during the forecast period- 6Wresearch
The South East Asia building automation systems market is anticipated to witness significant growth over the coming years as the countries of Southeast Asia comes under the top10 countries with high rise buildings, that necessitates the installation of HVAC systems for providing comfort to the occupants along with management of indoor and outdoor air quality. Further, such systems contribute maximum share in the total energy consumption of a building therefore, deploying HVAC control systems are the foremost preference of the building owners and facility managers in order to cut energy cost. Hence this would foster the demand for building automation systems in domains such as residential apartments, office spaces, malls, retails shops, industrial establishments, hotels and other such buildings in the forthcoming years. Despite the decline of building automation systems market size in 2020 due to pandemic spread of COVID-19 across the South East Asian region, the market revenues are anticipated to recover from 2021 onwards owing to restart of economic activities, trade, commerce and industry across the region.
According to 6Wresearch, South East Asia building automation systems market size is projected to grow at a CAGR of 8.1% during 2021-27. Presently, Singapore acquires the highest share in revenues on account of 3rd green building master plan couple with stringent rules and regulations to reduce carbon footprints from the residential and non-residential buildings. Furthermore, the aforementioned buildings are the biggest consumers of HVAC control systems followed by lighting control systems. However, in the coming years, countries such as Malaysia, Indonesia, Thailand and Cambodia would witness the significant growth owing to ongoing and upcoming government policies to support projects on green building construction combined with increasing investment in IoT sector. Thus, likely to create a huge potential for the application of building automation systems in coming years.
According to Apoorva Sawhney, Research Analyst, 6Wresearch, Based on applications, commercial building automation systems holds a major revenue share in the region on account of smart city initiative started by several country’s government such as Indonesia, Thailand, Philippines and Cambodia among others, which drives the construction of sky-rocket buildings for the purpose of office spaces, retail outlets, hotels and mall combined with the adoption of advance technologies such as big data, cloud computing, artificial intelligence and IoT platform.”
“Besides commercial segment, residential domain is also expected to witness decent growth in near future owing to increasing population and rapid urbanization in tier-2 and tier-3 cities of South East Asia region, which demanded for the accommodation of people.” Apoorva added further.
According to Anmol Dhanju, Research Associate, 6Wresearch, “Based on control technology, wired control building automation systems segment holds largest revenue share in the overall South East Asia region. On account of high reliability, low cost of operations & maintenance, easy reparability, the building owners and facility managers have opted for the installation of aforementioned control technology.”
However, growing awareness and adoption of IoT platform across the region along with ease of installation of wireless systems and continuous monitoring the real time data of energy consumption by a building would drive the growth of wireless building automation systems in the coming years. Anmol concluded.
Some of the major companies in South East Asia Building Automation Systems Market includes Azbil Corporation, Schneider Electric SE, ABB Limited, Johnson Controls International plc and such other players
South East Asia Building Automation Systems Market (2021-2027) report provides an in-depth analysis with more than 71 figures and 35 tables covered in more than 165 pages.” The report estimates and forecast the overall South East Asia Building Automation Systems Market by revenues, products, application, control technology and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.