Nordic Building Automation and Control Market

The Nordic building automation and control market size is expected to reach from $2.16 billion in 2019 to $3.18 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027. 

COVID-19 scenario to impact enterprise segment in the Nordic Building Automation Market negatively.

Building automation and control system is the automatic centralized control for heating, ventilation, & air conditioning; lighting; and security & access control systems. The building automation and control system uses sensors, detectors, relays, and other smart components integrated with intelligent electronics, which gives access to central computing system to operate. They are used in various industry verticals such as industrial, enterprises, retail, hospitality, residential, and others. Some of the companies operating in the Nordic building automation and control market are Siemens, Honeywell, and others.

The Nordic building automation and controls market is segmented on the basis of type, offering, industrial vertical, and country. By type, the market is divided into HVAC control, lighting control, and security & access control. By offering, it is bifurcated into integration and services. Based on industry vertical, it is classified into residential, enterprise, industrial, hospitality, retail, and others. By country, it is analyzed across Sweden, Norway, Finland, Denmark, and Iceland. 

Top Impacting Factors

The significant factors impacting the Nordic building automation and control market growth include increase in need for energy efficiency and rise in demand for convenient user experience. However, high initial investment and maintenance of building automation and control systems and complex interoperability hamper the growth of the market. On the contrary, evolving market for smart cities is anticipated to provide lucrative opportunities for the growth of the building automation and control market during the forecast period. 

Some major factors impacting the building automation and control market growth are given below:

High Initial Investment 

Intelligent buildings have complex operational procedures due to integration of associated additional components. This adds to the system cost as well as increases the overall cost for the smart building, owing to the complications associated with installation and requirement of experienced and skilled professionals. These systems require regular maintenance checks to ensure the functionality of the system and reliability, which results in extra maintenance cost. Therefore, high initial and maintenance cost is expected to restrain the growth of the Nordic building automation and control market. 

Complex interoperability 

The lack of interoperability between devices has been one of the biggest challenges for providing cost-effective, high-ROI energy management to the mid-sized buildings. The interoperability problem occurs because of the need for interconnecting the legacy equipment in buildings (such as roof-top chillers, electric meters, and lighting control panels) with next-generation “over the top” (OTT) devices such as sensors and switches. 

In addition, normalizing the data across the subsystems and delivering it accurately and securely to cloud-based services or apps for analytics, control, dashboards, and reporting is a more complicated process. The different protocols and various standards for devices and services have resulted in the implementation issues, which hinders the growth of the building automation and control market across the globe. 

Patient monitoring to provide safety

Lack of coordination among the surgical team results in increased frequency of errors in the OR. Avoidable errors in the OR, which usually occur either before and/or after the surgical procedures have led to adverse effects, which risk patient safety. These errors include communication breakdown among or within the surgical team, patients & their families and care providers, delay and/or failure in diagnosing the underlying condition, and delay and/or failure in administering timely treatment. Furthermore, crucial decisions such as choosing non-operative and/or observation treatment instead of providing timely surgical care also leads to errors in the operating room. The World Health Organization’s (WHO) Safe Surgery Saves Lives campaign and 5 Million Lives Campaign by Institute for Healthcare Improvement (IHI) are among the various programs that are organized to highlight patient safety issues in the OR. 

Evolving market for smart cities

The smart homes and buildings market has supported the adoption of increase in energy efficiency, advanced security, and access control with enhanced user convenience. It is estimated to form the backbone of future intelligent buildings in smart cities, which is expected to be the next big opportunity to be explored by key companies in the market. It will be an integration of smart building technologies with other systems such as HVAC systems, lighting control, and others. Increased adoption of smart city initiatives is creating lucrative opportunities for the building automation and controls market.

Competition Analysis

The key players that have major global Nordic building automation and control market share include Bastec AB, Beijer Electronics, Caverion Corporation, Fidelix, Guard Automation, Nordomatic AB, Honeywell, Regin Group, Larmia Control AB, Siemens AG, and Ecolime Group AB, which are profiled in this report. The Nordic building automation and control industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements, among others, to influence the market growth.

Key Benefits For Stakeholders

• This study comprises analytical depiction of the Nordic building automation and control market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall industry analysis is determined to understand the profitable Nordic building automation and control market trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current Nordic building automation and control market forecast is quantitatively analyzed from 2020 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.

 Nordic Building Automation and Control Market Report Highlights