Posted On: 2020-04-03
Rising awareness for energy conservation would drive the Middle East & Africa Energy Management System Market-6WResearch.
Rapid infrastructural developments supported by the government initiatives to diversify the economy from oil to non-oil sectors are expected to boost the growth of the building management system market in the Middle East & Africa region. Furthermore, the increasing influx of FDI in the commercial and retail sectors is anticipated to augment the growth of the building management system market in the region over the forthcoming years.
According to 6WResearch, Middle East & Africa (MEA) building management market size is projected to grow at a CAGR of 6.5% during 2020-2026. UAE and Saudi Arabia hold major market revenue shares in the building management system market in the Middle East & Africa region on account of the rising awareness about energy conservation. Additionally, an increase in the number of green buildings to promote sustainability and several smart city projects such as Neom in Saudi Arabia, New Administrative Capital in Egypt would lead to the significant growth in the building management system market in the region over the forecast period. However, the spread of coronavirus has shook the global economy, which in turn would affect foreign direct investments in the commercial and retail sectors.
According to Prateek Gupta, Senior Research Analyst, 6WResearch, “Based on solution types, facility management system is the leading revenue generating segment in the building management system market in the Middle East & Africa region on account of the rapid technological innovations that would promote the building automation techniques to reduce the operational and maintenance costs.”
“Widening energy deficits due to the rising urbanization has led to the high pressure on the energy generating capacity which thereby would provide immense opportunities for the building management systems players in the energy sector in the Middle East & Africa region”. Prateek further added.
According to Swati Acharya, Research Associate, 6WResearch, “On the basis of applications, the commercial sector holds a dominant market revenue share and would continue the same in the coming years on account of the rapid growth in the construction sector which involves the expansion of railway tracks, modernization of airports, high-speed railways thereby creating a multitude of prospects for the building management system market in the commercial sector.”
“Middle East & Africa Building Management System Market (2020-2026)" report provides an in-depth analysis with 124 figures with 47 tables covered in 206 pages. The report estimates and forecast the overall Middle East & Africa building management system market by Types, Solutions, Services, Applications, and Countries including Saudi Arabia, UAE, Qatar, Kuwait, Egypt, South Africa, Nigeria and the Rest of the Middle East & Africa. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.