At a projected GDP growth of 8% in 2016, the Indian economy is making longer strides than most other large economies in the world. This optimism has manifested itself in the form of large, bold investments in the country. The construction sector is one of the beneficiaries of this growth. But a change that’s roiling numerous industries is the growing focus on adopting everything that’s green and good for the environment. It is the culmination of these two massive trends that will shape the future of the Indian intelligent building management systems (IBMS) market.
Putting this growth into numbers, Transparency Market Research says that the IBMS market will post a compounded annual growth rate (CAGR) of 28.1% between 2015 and 2021. The market is predicted to rise from its 2014 value of US$780.0 mn in 2014 to a remarkable US$4,347.7 mn by 2021.
As Indian Hospitality Sector Shines, Positive Investor Sentiment Prevails in India’s IBMS Market
According to the Investment and Technology Promotion Division of the Indian government’s Ministry of External Affairs, the services sector in the country has gained immensely from the strong growth exhibited by the hospitality and tourism industry. The number of foreign tourists arriving in India was over seven million from January to November 2015. The hospitality industry is riding high on the surging tourism wave and it is expected that the number of online hotel bookings will nearly double by 2016 as access to smartphones and the internet is becoming easier.
The stupendous rise of the hospitality sector in India will augur well for the growth of the intelligent building management systems market in the country. There is expected to be a high demand for communications systems, general lighting controls, access control, HVAC automation, and security controls.
Most Investments in IBMS Channeled into South India, Potential of East India Hard to Overlook
Transparency Market Research has said in its report that the market for intelligent building management systems in India was the largest in South India in 2014. Moreover, this region will retain its leading position in the country’s BIMS market over the next seven years with over 30% of the market. It is easy to see why. A number of enterprises in the Indian states of Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Kerala have made appreciable investments in intelligent building management systems. The residential and commercial construction sector in this region is strong, and provides a favorable setting for the growth of the BIMS market.
Putting this growth into numbers, Transparency Market Research says that the IBMS market will post a compounded annual growth rate (CAGR) of 28.1% between 2015 and 2021. The market is predicted to rise from its 2014 value of US$780.0 mn in 2014 to a remarkable US$4,347.7 mn by 2021.
As Indian Hospitality Sector Shines, Positive Investor Sentiment Prevails in India’s IBMS Market
According to the Investment and Technology Promotion Division of the Indian government’s Ministry of External Affairs, the services sector in the country has gained immensely from the strong growth exhibited by the hospitality and tourism industry. The number of foreign tourists arriving in India was over seven million from January to November 2015. The hospitality industry is riding high on the surging tourism wave and it is expected that the number of online hotel bookings will nearly double by 2016 as access to smartphones and the internet is becoming easier.
The stupendous rise of the hospitality sector in India will augur well for the growth of the intelligent building management systems market in the country. There is expected to be a high demand for communications systems, general lighting controls, access control, HVAC automation, and security controls.
Most Investments in IBMS Channeled into South India, Potential of East India Hard to Overlook
Transparency Market Research has said in its report that the market for intelligent building management systems in India was the largest in South India in 2014. Moreover, this region will retain its leading position in the country’s BIMS market over the next seven years with over 30% of the market. It is easy to see why. A number of enterprises in the Indian states of Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Kerala have made appreciable investments in intelligent building management systems. The residential and commercial construction sector in this region is strong, and provides a favorable setting for the growth of the BIMS market.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/india-ibms-market.htm
However, the Eastern parts of India, which have not shown remarkable growth thus far, are now reaping the benefits of several government initiatives and investments by private organizations. This will make Eastern India the fastest-growing region in the Indian BIMS market. The setting up of new manufacturing plants in the region and the impressive growth of the construction sector here can be credited for this.
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