The construction industry is progressing like never before in the recent years. With many other innovative technologies, products, and methods used in this industry, building automation system (BAS) is one of the novel technologies broadly used in commercial, industrial, and residential building projects. A building automation system is a network designed to connect and automate some specific functions within a building. In a BAS, several control systems inside a building like lights, HVAC (Heating, Ventilation & Air Conditioning) systems, fire alarms, and security systems are connected to one set of controls. BAS is usually used in large projects that contain intricate mechanical, HVAC, as well as electrical systems.
In the recent years, there has been a massive demand for automation in commercial and residential infrastructures. Governments in emerging countries like China and India are aiming to build smart cities through government and stakeholder financing. However, a BAS can be very costly for customers, as a result, the building automation systems are mainly used in high-profile construction projects.
Latest Insights in the Building Automation System Market
As per a report by Research Dive, the global building automation system market is expected to hit a revenue of $194,864.1 million in the 2022–2030 timeframe. The North America building automation system market is projected to witness rapid growth in the years to come. This is because, the region has a gigantic demand for building automation systems owing to the growing popularity of IoT-based solutions in the construction sector in the region. However, high cost of building automation systems can impede the market growth to a certain extent in the coming years.
How are Market Players Responding to the Mounting Demand for Building Automation Systems?
Market players are greatly investing in novel product launches to cater the rising demand for advanced building automation systems. Some of the foremost players of the building automation system market are Mitsubishi Electric Corporation, Honeywell International Inc., Robert Bosch GmbH, Schneider Electric, Johnson Controls, ABB, Siemens, General electric, Hubbell, United Technologies Corporation, and others. These companies are coming up with innovative product launches, collaborations, novel advances, mergers and acquisitions, and partnerships to grab a foremost position in the global industry.
- In November 2019, Industrial Controls, an established industrial automation and control system solutions company, launched an innovative business unit, ICD Building Automation, which aims to help commercial building owners as well as managers enhance day-to-day processes and IoT applications.
- In January 2022, Daikin Applied, a leading company offering superior air quality and energy efficiency to every solution with innovation in advanced technologies, IoT, and next generation solutions, launched SiteLine™ Building Controls — a new range of scalable, cloud-based technologies to smoothly connect, monitor, and manage individual pieces of HVAC equipment as well as integrated building systems.
- In June 2022, Hogar Controls, a worldwide provider of IoT and smart home solutions, launched an innovative collection of Digital Door Locks, World-class Controllers, Smart Touch Panels, and Smart Curtain Motors in the Indian market.
COVID-19 Impact on the Global Building Automation System Market
The unexpected rise of the coronavirus pandemic in 2020 has adversely impacted the global building automation system market. During the pandemic period, the cessation of numerous industries across the world and execution of restrictions on the worldwide trade of raw materials required in the construction of buildings hindered the growth of the market. Moreover, the halt of construction projects has significantly deteriorated the demand for building automation systems, thus dropping their sales. However, as the worldwide construction sector is experiencing V-shaped recovery post-pandemic, the building automation systems market is also projected to flourish in the coming years.
The growth of economy, upsurge in construction activities, and speedy advancements in home automation products and technologies worldwide are likely to unlock stunning opportunities for the building automation system market’s growth. To sum up, the global market is expected to thrive significantly in the future years.