Global Building Automation System Market |
Posted: October 4, 2021 |
The global building automation system market was valued at USD 74,882.0 Million in 2019 and is projected to reach USD 167,356.2 Million by 2027, expanding at a CAGR of 10.9% during the forecast period. The commercial segment is expected to lead the market in the forecast period. Increasing implementation of building automation systems in large shopping centers, office buildings, and public transport, such as airports and train stations, is driving the growth of the business segment. Heating, ventilation, and air conditioning (HVAC), lighting, and security & access control systems are major products used in commercial applications. The security and access control systems have become an integral part of commercial buildings because of the rising security concerns in this sector. In the design and maintenance of BAS, common practice and usefulness in intruder alarms shall not be taken into account. Such a failure may be triggered by security designers and managers (in reference to the owners and operators of the facility) who cannot understand how far BAS converges with other systems. Socio-economic trends, including rapid population growth, increasing middle-class populations, and growing urbanization in India and other countries in South Asia are expected to encourage development in the building automation system market. Increasing disposable income and rising spending per capita in this part of the region are the key drivers that are expected to boost the sales of goods and solutions for building automation systems, which are expected to boost the demand for these systems. Growing disposable incomes in these countries is expected to provide significant growth opportunities during the forecast period to the build automation system market. The BAS market in the Asia Pacific is estimated to expand at a significant CAGR during the forecast period. Growth of the market is attributed to the rapid expansion of the construction sector in developing countries such as China and India and increasing implementations of government policies to promote the use of building automation system. Smart cities have been developed in countries such as China and India. Building automation systems serve as a central facilitator in the respective countries’ achievement of these objectives. Significant growth of the market in North America is owing to the use of building automation systems for residential, commercial, and industrial purposes to increase energy-efficiency. Implementation of strict primary federal policy guidelines and greenhouse gas emission regulations, increasing energy costs, and rising awareness about the benefits of automation are important drivers of the Market in the region. The global trend for financial and environmental gains within the rest of the world is the main factor for growth of the BAS market. The market is heavily dependent on the attitude towards the greener side of the built environment and its facilities inside each country. Segmental OutlookBased on types, the building automation system market has bifurcated into wired technology and wireless technology. The wired technology segment is estimated to hold a large share of the market during the forecast period however wireless technology segment is expected to grow at highest CAGR during the forecast, 11.2% owing to increasing focus on wireless building automation system and connective solutions. Wireless technology in building automation system have simplified the installation process and improved operational efficiencies, which in turn, elevates the overall value of the system. Furthermore, wireless functionalities as compared to wired technology, are equipped with remote operations, which enhance the performance of the building automation system for different operations. Companies providing construction automation system are increasing R&D investments to make the system cost-effective, scalable, fully programmable, and wireless. Moreover, acceptance of wireless building automation system among property owners is largely influenced by marketing strategies used by companies to bridge the gap between customer needs and product capabilities. In terms of applications, the building automation system market has been segmented into residential, commercial, and industrial. The commercial segment is expected to lead the market in the forecast period. Increasing implementation of building automation system in large shopping centers, office buildings, and public transport, such as airports and train stations, is driving the growth of the business segment. HVAC, lighting, and security & access control system are major products used in commercial applications. The security and access control system have become an integral part of commercial buildings because of the rising security concerns in this sector. Regional OutlookIn terms of regions, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. It constituted a 37.6% share of the market in 2019. The market in the region is projected to expand at a CAGR of 10.5% during the forecast period. The demand for building automation system is expected to rise owing to the use of building automation system for residential, commercial, and industrial purposes to increase energy-efficiency. The building automation system market in Asia Pacific is projected to expand at a high CAGR during the forecast period. Growth of the market is attributed to the rapid expansion of the construction sector in developing countries such as China and India and increasing implementations of government policies to promote the use of building automation system. The market in Middle East & Africa and Latin America is projected to expand at a moderate CAGR, as the governments in the countries in the region are focusing upgrading their regulations for the construction industry.
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