The global building automation system market grew 7% in 2018 to total ~ US$ 35 Bn, registering an upward spiral from ~ US$ 33 Bn in
2017, according to the new research study from Future Market Insights.
The report says that Schneider Electric SE, ABB, Siemens AG, Johnson Controls Inc., and Honeywell International Inc. remain the top 5 players in the building automation market, commanding nearly 40% of the global market share.
The analyst is of the opinion that growing investments in smart buildings is one of the key shapers estimate to mould the growth of building automation system market in 2019 and beyond. Despite of having a robust sphere of influence, leading players in the building automation system market will continue to face competition threats from new vendors entering the scenario with newer promises.
The term ‘digital transformation’ has attracted a lot of attention across the manufacturing industry and throughout the media recently. Defined by The Enterprisers Project, digital transformation is “the integration of digital technology into all areas of a business, resulting in fundamental changes to how businesses operate and how they deliver value to customers.”
With digitalisation comes the rise of trends such as Industry 4.0, smart manufacturing and smart factories.
Industry 4.0, also known as the fourth industrial revolution, is all about focusing on connectivity and communication. It presents us with a future where devices are connected so that they can communicate and make smart decisions.
Technology has been increasingly adopted by all major industry sectors over the last several years—and the energy industry is no exception. Tech innovation is no longer associated only with replacement of paperwork with automated electronic systems. The next step is reinvention of the ways that energy and utilities companies do business, engage their customers and interact with them. And let us not forget about Energy 4.0, a buzzword used to denote the digital revolution in this industry.