BSRIA’s new study assessing the market potential for IoT connected field devices in the US and China is being launched soon. The study focuses on HVAC valves, dampers and sensors in commercial buildings and provides an in-depth insight into this specific segment of the BACS market, which BSRIA monitor on an annual basis.
The IoT field devices market is currently in its infancy with an overall low percentage of connected products although the share varies depending on device type. However, based on its recent research BSRIA forecasts that the market is set for strong growth and expected to reach the connectivity ratio up to 40% by 2040.The report examines the market sizes and forecasts sales in detail, providing extensive information on the drivers and barriers to growth. Competitive environment is also reviewed with the assessment of major players and their importance in the marketplace.
Current low penetration of connected devices is mostly due to the fact that connectivity is restricted to cases where there is a tangible benefit to implement it. Moreover, the network coverage is still limited at places and the general concern about cyber security is often impacting decision makers’ view.
Several key drivers will promote growth of the market in the coming years; initially at a slow rate, the growth will start to escalate between 2025-30 coming as a result of the continued progression of IoT related service development and the increasing migration of supervision software to the cloud.
Increasingly it will offer a real time monitoring and remote control of units, ensuring maximum efficiency of the systems and supporting preventative maintenance of its components. The use of smart phones as individual control devices will ensure the ease of use supporting adoption, whilst the market will also be driven by the increasing demand for user customisation and the need for individual control.