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The building automation system market is projected to reach USD 148.6 billion by 2027 from USD 86.8 billion in 2022; it is expected to grow at a CAGR of 11.4% from 2022 to 2027
The growth of the building automation system market is fueled by the increasing requirement for energy-efficient facilities with enhanced security systems. Besides this, advancements in wireless communication technologies have reduced the complexity and the cost of installing building automation systems in the existing buildings.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building Automation System Market by Offering, Communication Technology, Application and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05763280/?utm_source=GNW
The combination of IoT and building automation has also enabled the exchange of information among several electronic devices and the cloud without the need for direct human intervention that makes buildings smart. Building automation is an easy way of controlling and monitoring systems installed in buildings. These systems include facility management systems, security and access controls, and fire and life safety alarms. Building automation helps reduce energy consumption in buildings, enhances the comfort level of occupants, and manages building operations effectively. Facility management systems, such as lighting controls and HVAC controls, are installed in buildings for significant cost and energy savings. Similarly, security and access controls are installed in them to increase the security level, monitor suspicious activities, and keep a record of people entering and exiting buildings. Fire protection systems are installed in buildings to minimize the risk of loss of lives, assets, and resources due to fire accidents. Further, building energy management software help building operators in optimizing building operations by analyzing the energy consumption data obtained from various sources such as lighting controls and HVAC controls. The building automation systems can be classified into different categories depending on their functions and applications wherein they are to be used. In this report, the building automation system market has been segmented based on communication technology, offering, and application. These market segments have been further analyzed based on the market trends across four key regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The commercialapplication segment is expected to have highest market share during the forecast period
The commercial application segment is projected to account for the largest market share during the forecast period.The growing deployment of building automation systems in large shopping complexes, office buildings, and public transport hubs, such as airports and railway stations, drives the growth of the commercial segment.
HVAC, lighting, and security and access control systems are the key systems used in commercial applications.Of these, security and access control systems have become an integral part of commercial buildings owing to the escalating security concerns.
Commercial applications of building automation systemsinclude office buildings, lodges, hospitals and healthcare facilities, retail and public assembly buildings, airports and railways, warehouses, etc.
The BEM software segment, of building automation system market by offering is expected to grow at highest CAGR during the forecast period
The building energy management software segment is projected to grow at the highest CAGR during the forecast period.The growth of the building automation software segment can be attributed to the ability of building automation systems to reduce energy consumption, which leads to energy and cost savings.
The increased prices of energy and the formulation of stringent energy efficiency policies have made it crucial to check the energy consumption levels in buildings.Building energy management software help building operators or homeowners to continuously monitor and analyze the amount of energy used by buildings.
They not only notify building operators or owners of energy drifts but also provide actionable information for energy savings.Schneider Electric (France), Siemens AG (Germany), and International Business Machines Corporation (US) are a few companies offering building energy management software.
With the advent of technology, manufacturers of building automation systems are focusing on developing user-friendly software for the management of energy consumption in buildings. This, in turn, is driving the global demand for building energy management software.
The building automation system market in APAC is projected to have the highest CARG and hold highest market share during the forecast period (2022-2027)
The building automation system market in Asia Pacific has been studied for China, Japan, India, South Korea, and Rest of Asia Pacific.The market in this region is projected to grow at the highest CAGR during the forecast period.
The growth of the building automation system market in APAC can be attributed to the economic growth in the region, along with a surge in construction and industrial activities witnessed by the key countries in Asia Pacific.The prime objective of consumers in the region is to achieve energy savings with the implementation of building automation systems that directly translate into monetary savings.
Countries such as China and India have increasingly started developing smart cities.Building automation systems act as key enablers in achieving energy-saving objectives in these countries.
Asia Pacific houses a large portion of the global population. The consumers in this region are actively deploying building automation systems in residential and commercial areas owing to improvements in economic conditions. Moreover, increasing construction activities in China play a key role in driving the growth of the building automation system market in Asia Pacific. The surging demand for building automation systems for use in commercial applications can be attributed to the ability of these systems to reduce the operating costs of buildings. The easy maintenance of temperature and lighting levels, along with enhanced security levels offered by building automation systems, fuel market growth in the region.
Breakdown of profiles of primary participants:
• By Company Type: Tier 1 = 30%, Tier 2 = 50%, and Tier 3 = 20%
• By Designation: C-level Executives = 25%, Directors = 35%, and Others = 40%
• By Region: North America = 35%, Europe = 30%, APAC = 25%, and RoW= 10%
The major companies in the Testing, inspection, and certificationmarket are Honeywell International (US), Siemens AG (Germany), Johnson Control (US), Schneider Electric (France), Carrier (US), Robert Bosch (Germany), Legrand (France), Hubbell (US), ABB (Zurich), Trane Technologies (Ireland), Lutron Electronics (US), Creston Electronics (US), Hitachi (Japan), Delta Controls (Canada), Beckhoff Automation (Germany), Lennox International (US), General Electric (US), Distech Controls (Canada), Dialight PLC (UK), Cisco Systems (US), Rockwell Automation (US), Control4 (US), Signify (Philips Lighting) (Netherlands), Emerson Electric (US), and Leviton Manufacturing Company (US)
Research Coverage:
This report segments the Building Automation System Market by Offering (Facility Management Systems, Security & Access Controls, Fire Protection Systems, BEM Software, BAS Services), Communication Technology (Wireless, Wired), Application and Region- Global Forecast to 2027
Reasons to Buy the Report:
• This report includes statistics pertaining to the Building Automation System market based on offering, communication technology, application, and region.
• Major drivers, restraints, opportunities, and challenges for the Testing, inspection, and certificationmarket have been provided in detail in this report
• The report includes illustrative segmentation, analysis, and forecast for the building automation systemmarket based on its segments.
Read the full report: https://www.reportlinker.com/p05763280/?utm_source=GNW
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