The India intelligent building management systems (IBMS) market has been foretold to testify leading companies focusing on gaining a stronghold in the industry and improving product efficiencies. Transparency Market Research (TMR) authoring a research publication on the market has touched on the existence of key firms such as Legrand Pvt. Ltd., Control4 Corporation, and Crestron Electronics India Private Limited. Vital objectives of these players have been foreseen to be accomplished via development of new offerings and improvement in technology.
TMR has suggested that the India IBMS market could expand at a CAGR of 28.10% between 2015 and 2021, where the latter year has been prognosticated to witness a revenue valuation of US$4.3 bn. According to classification by product, a superior share could be secured by security controls by 2021. By geography, a promising lead has been anticipated to be exhibited by South India in the market.
Opportunities Surge as Competition Grows Hot with R&D and Portfolio Expansion
With a view to cement a gainful and an enduring status in the India IBMS market, companies could take to conducting far-reaching research and development activities supported by additional funds and business hours. This has been predicted to augur well for the growth of the market. Besides this, companies could direct their focus on growing their product portfolio to gain a competitive edge over other players in the industry. Thus, as the competition intensifies in the market, more opportunities of growth have been envisaged to take shape in the coming years.
The application of prime products such as general lighting controls, security controls, and communication systems in lucrative end-use domains such as hotels, retails, and residences could raise the expectations of players operating within the India IBMS market. Moreover, influences such as growth in automation, development of green infrastructure, and economic advancement have been projected to draw a decent demand in the market.
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Small Companies Fall Short of Capital Investment Owing to Affordability Issue
Affordability could be a major challenge for small-sized operators in the India IBMS market, owing to a hefty capital required for investment in order to provide essential training to their staff. Another factor that has been forecasted to slow down the growth of the market is inaccessibility to skilled workforce. This could be linked to the fact that it is absolutely necessary to employ skilled workers for operating IBMS, considering their complexities.
However, there could be favorable prospects birthing in the India IBMS market on the back of the elevating awareness about technically advanced products. Other prospects could show face as existing geographical markets in India are strengthened by the construction of cutting-edge satellite towns. Profit-making opportunities have been prophesied to show up in the near future as the Indian government has planned to complete substantial infrastructure development undertakings in 500 major cities. Furthermore, the government had planned a 2015-16 budget of approximately US$1.0 bn for the construction of numerable smart cities.
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