Nordic Building Automation and Control Market Expected to reach $3.18 Billion by 2027

According to a recent report published by Allied Market Research, titled, “Nordic Building automation and control Market by Product Type, Offering, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,” the Nordic building automation and control industry size was valued at $2.16 billion in 2019, and is projected to reach $3.18 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.

Building automation and control system is the automatic centralized control for HVAC; 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 control market growth is expected to rise during the forecast period, owing to the need for advanced energy-efficient interventions, real-time decision support & control systems, enhanced building security, and better management information dashboards that offer easy access to key performance indicators and uptake of building energy management systems (BEMS) along with penetration of IoT. Moreover, constant development of the supportive regulatory structure and legislative requirements fuel the demand for intelligent building solutions. In addition, increase in development of smart cities is expected to boost the growth of the Nordic building automation and control market in the coming years. However, high initial costs of implementation and improper management of huge volume of data coming from smart building systems hamper the building automation and control market growth.

The factors such as advancement in surgical procedures, surge in patient preference for minimally invasive surgeries, and patient monitoring to provide safety boost the growth of the market. However, high initial investment and maintenance of ORI systems hampers the growth of the market. On the contrary, untapped potential of emerging markets is expected to offer lucrative opportunities for the growth of the market. 

As per the COVID-19 impact analysis, the building automation market demand is hampered due to the disruption in supply chain, lockdown policies by the government, and delayed supplies. The construction activities are expected to take its normal place by the end of 2021. Therefore, the COVID-19 pandemic acts as a challenge to the Nordic building automation market.

Region wise, the building automation and control market analysis is accomplished across Sweden, Norway, Finland, Denmark, and Iceland. Sweden was the highest revenue generator in 2019, accounting for $772.2 million, and is estimated to garner $1,124.2 million by 2027, growing at a CAGR of 4.8%. 

The Nordic building automation and control 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.

The key players operating in the building automation and control market 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 key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements, among others to influence the market growth.

Key Findings Of The Study

• By product type, the HVAC control segment held the highest revenue of $890.2 million in 2019 and contributed a major part in building automation and control market share.
• By offering, the integration segment held the highest revenue of $1363.1 million in 2019.
• By industry vertical, the industrial segment held the highest revenue share of the market in 2019, generating $703.4 million as per the building automation and control market analysis.
• By region, Sweden is expected to dominate the market, garnering a major share during the forecast period.