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.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report