The Building Automation System Market is expected to grow from USD 75.0 billion in 2019 to USD 121.5 billion by 2024—growing at a CAGR of 10.1%. The rise in the adoption of automated security systems in buildings, development of wireless protocols and wireless sensor network technology for BAS, and rapid penetration of IoT in building automation systems are the critical factors driving the growth of the BAS market. The objective of the report is to define, describe, and forecast the BAS market size based on offering, communication protocol, application and region.
Building energy management software is expected to grow at fastest rate during forecast period
Building energy management software helps building operators or homeowners to continuously monitor and analyze how much energy is used by a building. It not only notifies building operators or owners of energy drifts but also provides actionable information for energy saving. With the advent of technology, BAS manufacturers are focusing on developing user-friendly software for the management of energy consumption in a building, which, in turn, driving the demand for building energy management software.
Commercial application to lead building automation system market during the forecast period
The growing deployment of building automation systems in large shopping complexes, office buildings, and public transport areas, such as airports and railway stations, drives the growth of the BAS market for commercial applications. HVAC, lighting, and security and access control systems are the major products used in commercial applications. Of these, security and access control systems have become an integral part of commercial buildings because of the rising security concerns in this sector. Automation of facilities management systems, such as HVAC and lighting control systems, in the industrial sector is boosting the BAS market growth for industrial applications. The increased need for energy-efficient lighting and HVAC control systems and improved standard of living propel the demand for building automation systems in residential applications.
BAS market in APAC is expected to grow at highest CAGR
The BAS market in APAC is expected to grow at the highest CAGR during the forecast period. The expected rise is attributed to the rapid growth of the construction industry in developing countries such as China and India and government initiatives toward energy conservation have contributed to the growth of the BAS market in APAC. Countries such as China and India have aggressively started developing smart cities. BAS is acting as a key enabler in achieving these objectives by the respective countries.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=408
Johnson Controls International (Ireland), Schneider Electric (France), Honeywell International (US), United Technologies Corp. (US), Siemens AG (Germany), Robert Bosch (Germany), Legrand (France), Hubbell (US), ABB (Switzerland), Ingersoll-Rand (Ireland), Lutron Electronics Co. (US), Crestron Electronics, Inc. (US), BuildingIQ (US), Hitachi, Ltd. (Japan), Delta Controls (Canada), Beckhoff Automation GmbH (Germay), Control4 Corporation (US), Lennox International Inc. (US), General Electric (US), Distech Controls (Canada) are among a few major players in the BAS market. These players are increasingly undertaking acquisitions and product launches to develop and introduce new technologies and products in the market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062