Building Automation System Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Building Automation System Market: Snapshot
The latest research report indicates the global building automation system market will foresee an excellent growth rate of 8.8 % over the forecast period of 2021 to 2026.
The professional survey report informs that the global building automation system market was evaluated at US$ 73.5 billion in the base year of the study i.e. 2021.
It also projects that the global building automation system market will surpass the industry evaluation of US$ 112.1 billion at the end of the forecast period i.e. 2021 to 2026.
The development within the global building automation system market is driven by the rising need for energy efficient infrastructures that feature enhanced security measures.
Furthermore, the developments and enhancements in the wireless communication technologies that have helped in reducing the complexity of building automation systems as well as the lowering of the costs of installations of these systems may also positively influence the development of the global building automation system market in coming years.
The manufacturers and players functional in the global building automation system market are focused on development as well as launching of new and innovative products to enhance their industry share.
Global Building Automation System Market: Overview
With escalating population and rapid urbanization across the world, the need to conserve energy is paramount. It is estimated that buildings consumer nearly 40% of the World’s energy consumption. In this scenario, new technologies such as the Internet of Things (IoT) has paved a way for building automation system, with which energy consuming facilities including heating, lighting, air conditioning, and ventilation can be efficiently managed. The concept of building automation system is application not only for the new constructions but for the existing residential buildings too, and promises to prove as a highly useful concept for commercial buildings as well as revolutionize the healthcare sector. Consequently, the demand in the global building automation system is anticipated to increment at a healthy growth rate during the forecast period of 2017 to 2025.
Global Building Automation System Market: Key Trends
One of the primary property of building automation system is that they can be customized according to the need of the end-user, which can be either cost-efficiency with minimal automation or premium automation with a long-term goal. This factor is expected to augment the demand in the global building automation system market. In addition to that, several governments in developed as well as developing economies are offering lucrative subsidies for processes that conserve energy, and thereby encouraging the residential and commercial building owners to choose for these system. For instance, with building automation system, residential buildings can monitor and control security, HVAC, and lighting. Conversely, high implementation cost, long duration of return of investment, and lack of awareness among the consumers are some of the key factors challenging the market for building automation system from achieving its full potential.
Global Building Automation System Market: Market Potential
Increase in the use of personnel assistant in residential buildings, growing use of the Internet of Things, rising popularity of LED lights, and increased reliance on wireless technologies are some of the key factors favoring the global market for building automation system. In addition to that, growing security concerns is escalating the need to add strength to security, control personnel access, and monitor activity. With IoT, building automation system can also provide real-time medical help, which is opening various new opportunities for the players in this market. On the other hand, commercial applications such as shopping complexes, public transport areas such as airports and railway stations, and corporate office buildings are other targetable avenues for the participants of the global building automation system market.
Global Building Automation System Market: Regional Outlook
Developed countries such as the U.S., the U.K., Canada, France, and Germany currently offer most of the demand for building automation system and makes North America and Europe as the most lucrative regions. However, Asia Pacific resides several emerging economies such as India, Japan, China, South Korea, and Malaysia. These countries are investing heavily towards improving their infrastructure and consequently, the construction industry is thriving. Increasing disposable income among the urban population in Asia Pacific region is adding to the demand for secure and efficient residential and commercial environment and hence is expected to expand the demand at most robust rate during the forecast period.
Global Building Automation System Market: Competitive Landscape
Due to the presence a large number of players who operate at regional or international level, the global market for building automation system is fragmented in nature with high degree of competition. However, as the demand to conserve energy escalates across the world, there is enough fodder for everyone. Some of the leading players in the global building automation system market are Automated Logic, Honeywell, Johnson Controls International, and Schneider Electric, whereas other prominent vendors including Bosch Sicherheitssysteme GmbH, Dwyer, Emerson Electric, Beckhoff Automation, ABB, DELTA CONTROLS, CONTROL4, Distech Controls, Evon Technologies, Itron, and Legrand.
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