Portland, Feb. 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Nordic building automation and control market garnered $2.16 billion in 2019, and is estimated to reach $3.18 billion by 2027, witnessing a CAGR of 4.9% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, top investment pockets, key segments, value chain, and competitive landscape.
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Rise in demand for convenient user experience drive the growth of the Nordic building automation and control market. However, complex interoperability and high initial investment hinder the market growth. On the other hand, untapped potential for smart cities present new opportunities in the coming years.
Covid-19 Scenario:
- New installation and maintenance activities have been halted and postponed due to lockdown imposed by governments. Day-to-day operations in the construction sector have been halted entirely during the lockdown.
- R&D activities have been disrupted due to lack of infrastructure availability. Manufacturing activities for automation and control tools and equipment have been halted.
The report provides detailed segmentation of Nordic building automation and control market based on product type, offering, industrial vertical, and country.
Based on product type, the HVAC control segment held the highest market share in 2019, accounting for more than two-fifths of the total share, and is projected to maintain its leadership status throughout the forecast period. However, the lighting control segment is projected to witness the highest CAGR of 5.9% from 2020 to 2027.
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Based on industry vertical, the industrial segment accounted for the highest market share, contributed to nearly one-third of the total share of the Nordic building automation and control market in 2019, and is expected to maintain its lead position by 2027. However, the residential segment is expected to grow at the fastest CAGR of 6.9% from 2020 to 2027.
Based on country, Sweden contributed to the highest share of the market, holding more than one-third of the total market share in 2019, and will maintain its dominance in terms of revenue during the forecast period. However, Finland is expected to manifest the highest CAGR of 6.8% from 2020 to 2027.
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Leading players of the global Nordic building automation and control market analyzed in the research include Bastec AB, Caverion Corporation, Beijer Electronics, Guard Automation, Fidelix, Honeywell, Nordomatic AB, Larmia Control AB, Regin Group, Siemens AG, and Ecolime Group AB
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