$22.07bn investment underscores demand for BMS solutions
India Building Management System market revenue is projected to grow at a CAGR of 11.6% during 2024-2030F, fuelled by the country’s vigorous digital transformation across various sectors, says a report by ResearchAndMarkets.com.
For instance, the commercial sector has seen over US$400 million in investments from 2020 to 2023, alongside the addition of 12,000 new hotel rooms in 2023, projected to grow by 3.3% annually until 2025 https://www.nseindia.com/.
This growth necessitates advanced building management solutions for enhanced energy efficiency and operational effectiveness, the “India Building Management System Market Outlook” report said. It has been added to ResearchAndMarkets.com’s offering since 7 Mar https://www.nseindia.com/.
“Furthermore, the influx of foreign direct investment (FDI) amounting to US$22.07 billion in service and technology sectors underscores the pressing demand for effective BMS solutions amid accelerating urbanization,” said the report.
The Indian Building Management System (BMS) market is set for significant growth, driven by advancements across various sectors, including real estate, commercial, and manufacturing. In the commercial sector, the office space is expected to expand from 700 million square feet to 1.20 billion square feet by 2030, highlighting the need for sophisticated building management solutions to ensure efficient energy use and effective operational management https://sbi.com.in/.
Additionally, the real estate market is experiencing a surge, with a shortage of 10 million urban housing units, with growing demand for luxury homes in Tier-1 cities underscoring the necessity for BMS to enhance energy efficiency and streamline operations in residential sector.
Moreover, India is targeting a 25% contribution to GDP from the manufacturing sector by 2025, evident in the increasing number of manufacturing facilities being established.
Profiles of companies covered in the report:
Johnson Controls International;
Trane Technologies plc. Fiinews.com
