Posted On: 2020-04-03
Commercial segment in Nigeria building management system market would grow at a significant rate over the coming period on account of the favorable government initiatives to boost the non-oil sector along with the rising influx of foreign direct investments in commercial and retail sectors in the country-6WResearch.
Nigeria witnessed an economic slowdown during 2017-2019 on account of depressed oil demand which negatively affected the infrastructural development projects across the country. However, the rising awareness about energy conservation coupled with the entry of the new players for investments in the construction and transportation sector would drive the building management system market in Nigeria over the coming years.
According to 6WResearch, Nigeria building management market size is projected to grow at a CAGR of 5.1% during 2020-2026. The growing construction sector coupled with the increase in foreign direct investment in the country would have a positive impact on the building management system over the forecast period in Nigeria. For instance, China in recent years has invested hugely for railway projects in Nigeria. However, in the midst of the spread of COVID-19 pandemic, these construction projects would take a back seat, thereby resulting in the sluggish growth in the building management system market in Nigeria for 2020.
According to Prateek Gupta, Senior Research Analyst, 6WResearch, “Security management system is the leading market revenue-generating segment in the building management system market and is anticipated to retain its position over the forecast period on account of the rise in the construction of malls, hotels, and buildings over the country.”
“Energy management system is anticipated to grow at a significant rate over the forecast period owing to the growing need for energy conservation in the buildings supported by the government initiatives such as Vision 2030”, Prateek Gupta further added.
According to Swati Acharya, Research Associate, 6WResearch, “Commercial sector accounted for a major market revenue shares in the building management system market in Nigeria on account of the development of the non-oil sectors such as hospitality, retail chain stores, and commercial establishments”.
Nigeria Building Management System Market (2020-2026)" report provides an in-depth analysis with 12 figures and 6 tables covered in more than 70 pages. The report estimates and forecasts the overall Nigeria building management system market by types, solutions, services, and applications. 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 device and align their market strategies according to the current and future market dynamics