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ALBANY, NY, March 21, 2022 /PRNewswire/ — The value of global commercial building automation market stood at US$ 32.96 Bn in 2020. The global market is predicted to rise at a CAGR of 8.3% during the forecast period, from 2021 to 2031. The global commercial building automation market is likely to surpass valuation of US$ 76.49 Bn by 2031. The global commercial building automation market is being driven by the growing use of green buildings in developing nations to reduce their carbon impact. In order to gain a competitive advantage in the global market, firms are speeding up product development and uncovering new revenue prospects. In a bid to achieve a competitive advantage, market participants are expanding their service offerings.
Due to increasing demand from developing nations and increasing commercial building & construction projects throughout the world, the market is likely to witness steady growth. The global commercial building automation market is likely to benefit from the increase in demand for energy-efficient and environment-friendly buildings during the forecast period. Besides, the increasing adoption of IoT in building automation systems to bolster the growth of the market.
Automation services, including water management, video and entertainment, HVAC and energy management, audio, elevator management, lighting and window control, access control and security, and fire safety are in high demand. Expansion of the building & construction industry, growing urbanization in emerging nations, and technology advancements are likely to drive the global commercial building automation market. Government rules in developing markets to decrease carbon emissions are estimated to fuel market expansion. Commercial buildings that are smart and networked, with automated controls for HVAC (heating, ventilation , and air conditioning), among other things, are likely to present considerable growth prospects for the market participants.
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Key Findings of Market Report
- Government measures for green building construction are likely to bolster the expansion of …
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