The Worldwide Building Automation System Industry is Projected to Reach $148.6 Billion by 2027 at a 11.4% CAGR - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Nov 7, 2022--

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" report has been added to ResearchAndMarkets.com's offering.

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 commercial application segment is expected to have the 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, 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 systems include office buildings, lodges, hospitals, and healthcare facilities, retail and public assembly buildings, airports and railways, warehouses, etc.

The BEM software segment, of the 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 to build 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 helps 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 the 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.

Market Dynamics

Drivers

• Heightened Focus on Developing Energy-Efficient and Eco-Friendly Buildings
• Rise in Adoption of Automated Security Systems in Buildings
• Integration of IoT with Building Automation Systems
• Development of Wireless Protocols and Wireless Sensor Network Technology for Building Automation Systems
• Rapid Infrastructure Development in Emerging Economies

Restraints

• False Notion About High Installation Costs of Building Automation Systems
• Technical Difficulties and Dearth of Skilled Experts

Opportunities

• Rise in Government and Stakeholder Funding for Developing Smart Cities
• Favorable Government Initiatives and Incentives
• Advancements in Building Technologies and Integration with Data Analytics

Challenges

• Absence of Standard Communication Protocols

Companies Mentioned

• ABB
• Beckhoff Automation
• Carrier
• Cisco Systems
• Control4
• Crestron Electronics
• Delta Controls
• Dialight plc
• Distech Controls
• Emerson Electric
• GE Current
• Hitachi
• Honeywell International
• Hubbell
• Johnson Controls
• Legrand
• Lennox International
• Leviton Manufacturing Company, Inc.
• Lutron Electronics
• Robert Bosch
• Rockwell Automation
• Schneider Electric
• Siemens Ag
• Signify (Philips Lighting)
• Trane Technologies

For more information about this report visit https://www.researchandmarkets.com/r/smvyky

View source version on businesswire.com:https://www.businesswire.com/news/home/20221107005583/en/

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