The intelligent building management systems (IBMS) market in India is primed to progress by leaps and bounds, finds a recent research report by Transparency Market Research. The report states that key players in the market of the likes of Control4 Corporation, Legrand Pvt. Ltd., and Crestron Electronics India Private Limited are pulling out all stops to maintain their positions. To that end they are seen upping spends on product innovation by leveraging latest technologies.
The report by TMR finds that the India market for intelligent building management systems will rise at a phenomenal 28.10% CAGR over the course of the forecast period starting from 2015 and ending in 2021. Rising at this pace, the market’s valuation is expected to reach US$4.3 bn by 2021-end.
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Some of the key products in the intelligent building management systems (IBMS) market are security control, general light control, communication protocol, access control, outdoor controls, HVAC control, and others. From a geographical standpoint, the market is segmented into West India, South India, East India, and North India. South India of them leads the market and going forward too is expected to hold onto its dominant position. This is mainly because of the increasing uptake of IBMS for bringing down operating expenditure and energy consumption. The South Indian region holds almost 30.0% market share at present.
Thrust on Product Development Bodes Well for Market
Numerous factors are serving to promote the market for intelligent building management systems in India. Foremost among them is the thrust on product development by key players. They are seen allocating substantial amounts in creating new products leveraging latest technologies which has served to up sales. Such activities by players have also served to intensify competition. Adds the lead analyst of the TMR report, “Applications of key products in the market such as security controls, general lighting controls, and communication systems in end-use segments, namely retails, hotels, and residences is having a positive impact on the market. They find usage in general lighting, security control, access control, and HVAC control systems among others. The pressing need for energy-efficient and safe control systems are key drivers expected to prop up growth of IBMS market in India.”
Steep Prices of Products Likely to Negatively Impact Sales
However, one factor that could negatively impact the market in India is the steep cost of intelligent building management systems. A hefty amount is needed to install those and even train staff for operating and maintaining them. In fact, there is a severe shortage of skilled people in the market and this is another challenge it needs to overcome. Nevertheless, the market is expected to remain placed on a steady growth trajectory because of the rising automation, progress in green infrastructure, and economic progress.”