Our in-depth analysis of the United States (U.S.) commercial building automation market includes the following segments:
By Product Type
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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
July 19th, 2019: Robert Bosch GmbH announced that the company had planned to acquire the building automation solutions provider GFR - Gesellschaft für Regelungstechnik und Energieeinsparung mbH. GFR, which is headquartered in Verl, Germany, employs around 260 people at nine locations in Germany.
April 13th, 2021: Schneider Electric announced that it has released the latest version of its software-centric universal automation system, EcoStruxure Automation Expert. The released version 21.1 enables automation applications to be built using portable, asset-centric, proven-in-use software components without being dependent on the underlying hardware infrastructure.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The growing adoption of automation technology, and increasing number of commercial buildings are expected to boost the market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Ans: High investment requirement, and loss of employment opportunities are estimated to hamper the market growth.
Ans: The major players in the market are Boston Dynamics, Locus Robotics Corp., Alphabet Inc., Berkshire Grey, Starship Technologies, iRobot Corporation, Genesis Systems, Fetch Robotics, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, technology, and by end-user.
Ans: The wireless segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.