Building Automation Systems Market Potential Growth, Share, Demand and Analysis of Key Players – Forecasts to 2031
The global building automation system market is expected to grow at a 7.8
percent CAGR during the forecast period. The increasing demand for
energy-efficient facilities with enhanced security systems is driving the
growth of the building
automation system market. Furthermore, advances in wireless communication
technologies have reduced the complexity and cost of installing building
automation systems in existing structures.
According to a recent market survey conducted by
ESOMAR-certified consulting firm Future Market Insights (FMI), the global building
automation systems market will be worth $44.6 billion in 2021.
Rapid advancements in building automation systems, coupled
with the emergence of connective technologies such as artificial
intelligence, machine learning, and cloud computing will continue
augmenting market growth during the forecast period. FMI projects the market to
grow at a healthy 7.8% CAGR between 2021 to 2031.
After buckling the impacts of the unprecedented COVID-19
outbreak, the global building automation systems market experienced
year-over-year growth by 7.0% between 2020 and 2021.
Building automation systems allow machines and devices to
communicate with one another in order to manage and streamline daily operations
in the commercial, industrial, and residential sectors. BAS sales will continue
to benefit from rising tenant demand for convenience and comfort in modern
residential spaces.
Aside from that, the emergence of smart cities in a number
of countries is increasing demand for building automation systems. These
systems improve energy efficiency, water and gas supply, lighting, temperature
control, and security and surveillance in both residential and commercial
buildings.
“Government-backed initiatives to encourage the
development of smart buildings, coupled with post-sales assistance and services
offered by market players will positively shape the demand outlook in the
building automation systems market,” says the FMI analyst.
Key Takeaways:
- Building
automation system services are estimated to dominate the product segment.
- Sales
of security and surveillance building automation systems will remain high
through 2031.
- Applications
of building automation systems in commercial sector will continue gaining
momentum.
- The
U.S. is expected to witness high demand for building automation systems,
owing to expansions in the residential and commercial sector. FMI projects
the North American market to grow at a positive 7.2% CAGR.
- Growth
prospects in the U.K. are projected to be bright, due to stringent
government regulations regarding energy efficiency and conservation. The
European building automation systems market is poised to expand at a 7.0%
CAGR.
- China
will emerge as an attractive market, owing to government initiatives
promoting the development of smart cities.
- South
Korea and Japan will collectively account for 7% of the total market
share.
Competitive Landscape
Honeywell International, Schneider Electric, Siemens AG,
ABB, Johnson Controls, Plc, Delta Electronics, Inc., Eaton Corporation,
Bosch Rexroth, Emerson, AVASGLO Group, Signellent Technologies (India) Pvt.
Ltd., Comnatz Thailand Company Ltd, Deos AG, MCS Automation Technology Company
Ltd., and Philips Lighting are some prominent players operating in the building
automation systems market profiled by FMI.
As per FMI’s analysis, top 5 players in the building
automation systems market comprise Siemens AG, Honeywell International, ABB,
Schneider Electric, and Johnson Controls, plc, accounting for 44% of
the total market share.
As per FMI’s in-depth regional analysis, the U.S. is
anticipated to witness high demand for building automation systems during the
assessment period. Growth in commercial sector, coupled with penetration of
building automation systems in schools, universities, hospitals, and
entertainment centers are estimated to fuel market growth through 2031.
Building Automation Systems Market by Category
By Product Type:
- Hardware
- Software
- Services
By System Type:
- Security
& Surveillance
- HVAC
- Lighting
Solutions
- BEMS
(Building Energy Management)
By Application Type:
- Commercial
- Residential
- Government
By Region:
- North
America
- Latin
America
- Europe
- South
Asia
- East
Asia
- Oceania
- Middle
East and Africa
To Know More@
https://www.futuremarketinsights.com/reports/building-automation-systems-market
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