Based on 6Wresearch's new report, "Saudi Arabia Building Automation and Control Market (2015-2021)", Saudi Arabia building automation and control market will grow at a CAGR of 9.4% during 2015-2021. The country's building automation market is highly fragmented where a large number of domestic and international players are providing its products in the country. Rising infrastructure has played a vital role in the significant growth of the market. In the construction market, Saudi Arabia leads among all GCC countries.
According to Rajat Kharbanda Senior Consultant, Research and Consulting, 6Wresearch, "Residential, hospitality and healthcare, and retail are the major revenue contributing verticals in the overall market. Saudi Arabia is witnessing significant infrastructure development activities in these verticals, which has spurred the market. Also, increasing demand for energy management in the residential vertical would further stimulate the growth of the market".
"Moreover, an increasing number of foreign tourists has driven the construction of new hotels across the country, which is resulting in the deployment of physical security systems, air conditioning units, elevators, etc. With the changing government policies, many new companies from different industries are entering the country to explore business opportunities, which is leading to the construction business parks and industrial hubs," Rajat further added.
Shefali Goel, Research Associate, Research and Consulting, 6Wresearch said, "Central and western regions are the key revenue generating regions in the building automation and control market. Increasing investments, rise in infrastructure, growing IT sector, and establishment of several industries in these regions have contributed to their growth. Riyadh, Jeddah, Makkah and Madinah have led for the growth of these regions".
"In building automation market, air conditioners, elevators and escalators, fire and safety, and video surveillance segments have dominated the market and would lead through the forecast period. Over the next six years, segments such as video surveillance systems and lighting controls are expected to grow with relatively higher CAGR than other segments," Shefali concluded.
Some of the companies in Saudi Arabia building automation and control market include - Axis Communication, Bosch Security System, Pelco, Honeywell, Zamil Air Conditioners, Al Salem Johnson Controls (YORK), KONE Areeco, Schindler Olayan, ThyssenKrupp AG, Mitsubishi, Tyco Fire & Security, United Technologies, SFFECO, and NAFFCO.
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Media Courtesy : Ceasiamag