Posted On: 2020-04-03
The commercial segment in the building management system market of South Africa would register substantial growth over the coming years on account of the supportive government initiatives to boost foreign investments in the commercial and retail sector in the country - 6WResearch.
Continuous efforts by the government to boost the construction sector coupled with the increased inflow of FDI in the construction sector would drive the building management system market in Saudi Arabia over the coming years. Moreover, mandatory building regulations would push the building owners in reducing the energy consumption that would further lead to increased market revenue in the building management system market in South Africa.
According to 6WResearch, South Africa building management market size is projected to grow at a CAGR of 4.2% during 2020-2026. The National Development Plan 2030 aims to transform South Africa into an economically stable nation by giving a tremendous boost to the infrastructural development projects across the country, thereby propelling the demand for building management system market in South Africa over the coming years. Furthermore, the rising awareness about energy conservation along with the need to promote the renewable sector to ensure sustainable development would further drive the building management system market over the forecast period in the country.
According to Prateek Gupta, Senior Research Analyst, 6WResearch, “With the launch of new hotel chains, stadiums and malls, the commercial sector accounted for the major contributor in the building management system market revenues. The sector is expected to retain the same over the coming years on account of the continuous efforts of the South Africa government to attract foreign players to set up the commercial establishments across the country.”
“Furthermore, the rising penetration of latest software technologies such as artificial intelligence and cloud computing coupled with the government’s vision to boost the sustainable development along with smart infrastructure would lead to the substantial boost in the building management system market in the residential sector in the country”, Prateek Gupta further added.
According to Swati Acharya, Research Associate, 6WResearch, “Rise in the number of commercial establishments, retail outlets, malls, and shopping complexes would bolster the need for surveillance cameras in the premises, which in turn would lead to the security management systems holding its dominance over the coming years as well. However, on account of the spread of coronavirus coupled with the strict government measures to prevent the same, all the construction activities would witness a stagnancy in 2020, thereby affecting the building management system market in the country”.
South Africa Building Management System Market (2020-2026) report provides an in-depth analysis with 28 figures and 9 tables covered in more than 70 pages. The report estimates and forecasts the overall South Africa 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.