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South East Asia Building Automation System Markets, 2017-2020 & 2021-2027DUBLIN, Sept. 7, 2021 /PRNewswire/ -- The "South East Asia Building Automation System Market 2021-2027" report has been added to ResearchAndMarkets.com's offering. South East Asia Building Automation System Market is projected to grow at a CAGR of 8.1% during 2021-2027. Rising government support in the form of initiatives and programs such as Philippines Energy Efficiency and Conservation Roadmap (2017-2040), Cambodia Energy Efficiency and Conservation Master Plan' and CAMEEL 2020 development Plan, Low Carbon Development Initiative (LCDI) 2020 and other such policies along with growing adoption of advance digital technologies such as IoT, big data analytics and artificial intelligence, would bolster the growth of the building automation systems market in the aforementioned region in the forthcoming years. The South East Asia building automation systems market witnessed significant growth in recent past on account of the increasing construction of high-rise buildings in commercial and residential domains, due to rapid urbanization in Tier II and Tier III cities of several countries in the Southeast Asia region. However, the spread of covid-19 led to an overall economic slowdown across the South East Asia region that had an adverse impact on the investments in the construction sector, thereby leading to declining market revenues during the year 2020. Despite of the slowdown in 2020, market revenues are anticipated to recover from 2021 onwards on the back of resumption of economic activities, business, trade and industry which in turn would bring-in the flow of foreign investment in the construction industry of the region and thus foster the growth of building automation systems in near future. Based on control technology, wired building automation systems accounted for majority of revenue share in past years across the South East Asia region owing to high consumer preference as a result of reliability, low installation and maintenance cost and ease in repairing. However, with the rising adoption of IoT platform, the market revenues of wireless technology is anticipated to grow at a faster pace in the forthcoming period.
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For more information about this report visit https://www.researchandmarkets.com/r/alx65v Media Contact: Research and Markets View original content:https://www.prnewswire.com/news-releases/south-east-asia-building-automation-system-markets-2017-2020--2021-2027-301370366.html SOURCE Research and Markets |