The global automation and controls market may reach 5548 billion (Photo by Scott Olson/Getty Images)

The global automation and controls market is poised to rise to $55.48 billion by 2020, according to a recent report from Research and Markets.

Building Automation and Controls Market Poised for 9 Percent Annual Growth

The global automation and controls market is poised to rise to $55.48 billion by 2020, according to a recent report from Research and Markets. This means an annual growth of 9.04 percent from 2014 through 2020.

The report, titled “Building Automation & Controls Market by Product Segment, Application Vertical, and Geography - Trends & Global Forecasts 2014-2020,” found that there are several initiatives and regulations being implemented by the government right now in the name of increasing the cost-saving urge of building owners. This means more demand for building automation.

“Though the concept of building automation has been in existence for a long time, it has witnessed a profound growth in the last five years,” according to the Research and Markets report. “The huge demand for security and access systems, convergence of IOT and building automation, growing awareness of wireless technologies, and the developments in terms of the integration of wired and wireless technologies will propel the market in the future.”

Research and Markets report includes segments such as lighting control, HVAC control and security & access control. These are segmented by type and product, with applications divided into residential, commercial and institutional.

For information on the report or to purchase it in full, visit Research and Markets website here.

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