India Building Automation Market is Forecast to Record 12% CAGR During 2017-23 -6Wresearch
Among several Asian countries, India is one of the key potential markets for building automation and control systems. Building automation (including HVAC, Lighting Control and Safety & Security Systems) market in India is poised to grow at a significant rate in the coming years. The market is already registering demand from hospitality, retail, residential and government & transportation verticals. Government initiatives, rising security concerns (primarily deployment of video surveillance systems), dwelling of new infrastructures as well as growing awareness amongst consumers are driving the market for building automation and controls in India.
According to 6Wresearch, India building automation and controls market is expected to grow at a CAGR of over 12% from 2017 to 2023. India building automation market is highly fragmented wherein large number of domestic and international players are offering products. The government & transportation, residential and retail are the major revenue contributing verticals in the overall market. Within these verticals, demand is predominantly arriving from upcoming/ expansion of airports, metro rail projects, villas, shopping centers, hypermarkets, supermarkets and modern retail outlets.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, “Safety and security segment contributed major share of the India building automation market, followed by HVAC automation and lighting control segments. Increasing number of foreign and local tourists have driven the construction of new hotels across the country, which is resulting in an increase in deployment of security and HVAC systems in the hospitality sector.
“Moreover, growing adoption of IoT technologies in building automation system in the country has led to an increase in demand for security systems in India,” Shefali further added.
According to Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch, “The Southern and Northern regions are the key revenue generating regions and are expected to lead during the forecast period as well. On the other hand, the Western and Eastern regions growth would be driven on the back of growing commercial and residential construction projects.
“The Lighting control segment is expected to register maximum growth over the next six years attributed to growing awareness pertaining to energy efficiency advantages over traditional lights or switches,” concluded Aditi.
“India Building Automation Market (2017-2023)” provides in-depth analysis with 40 figures and 14 tables covered in 98 pages. The report estimates and forecast the overall India building automation market by revenue, by types, by regions and by verticals such as residential, retail and government & transportation. The study highlights the key potential areas and provides insights on competitive landscape, company profiles, market drivers and restraints.