The Building Automation System Market Projected to Grow at a CAGR of 10.0% and Generate a Revenue of $194,864.1 million by 2030Download Sample Reports Overview
The global building automation system market share is predicted to be valued at $194,864.1 million by 2030, surging from $75,757.0 million in 2021, at a noteworthy CAGR of 10.0%.
Impact Analysis of COVID-19 on the Building Automation System Market
The COVID-19 impact on building automation system market growth has caused significant disruptions that have impacted building automation system market demand, supply, import-export, and availability throughout the end-use sectors. In addition to managing the Heating, Ventilation, and Air Conditioning (HVAC) systems in a building, the building automation system, also known as the building management system or the building control system, controls various electronic, and mechanical system throughout a building. This technology is widely used in the construction industry.
However, several initiatives launched by the various companies are helping society to recover from the pandemic. For instance, in May 2021, Honeywell created a cloud-based solution for building owners and managers that simplifies and integrates operational and business data to assist improved decision-making, drive higher efficiency, and achieve sustainability targets. Honeywell Forge Real Estate Operations, a new solution created in collaboration with SAP on the SAP Business Technology Platform, expands the capabilities of Honeywell Forge business performance management software.
Global Building Automation System Market Analysis
The rise in building automation security system adoption in buildings, the emphasis on designing and establishing energy-efficient and environmentally approachable buildings, the numerous advantages of Building Automation System (BAS), quick uptake of IoT in building automation system market growth and quick expansion of infrastructure in developing countries are the main factors driving the growth of this market.
However, many structures have outdated building automation system market size that only give the building manager a limited amount of information that restraint the building automation system market share factor. Although low-level systems function properly in this setup, the automation companies cannot make the most of optimization efforts because there is no simple access to the data. Many managers find that employing a retrofitted system lowers the cost of a full overhaul, which might sometimes require a sizable upfront investment.
Building automation systems market size with structured building data enable buildings to benefit from the Internet of Things (IoT) trend. IoT allows specific building data to be applied to broader evaluation techniques for centralized processor architectures Cloud systems or distributed processor architectures Edge devices, providing more sophisticated evaluation of the data and presenting it in a meaningful way to building owners and operators.
Global Building Automation System Market, Segmentation
The global building automation system market size is segmented based on component, application, offerings, and region.
The component segment is further classified into hardware and software. Among these, the software sub-segment is anticipated to have a fastest market share and shall surpass $108,295.7 million by 2030, with an increase from $37,836.1 million in 2021. The software segment getaway software is popular of IoT devices in smart buildings today based on the Zigbee protocols. IoT device consumes very little power the local networks in homes and buildings are usually based on Wi-Fi and Internet. A gateway can only perform the fundamental duties of device onboarding, exposing them to the local network, and applying simple time or trigger-based rules.
The application segment is further classified into industrial, residential, and commercial. Among these, the commercial sub-segment is anticipated to have a dominant market share and shall surpass $72,029.4 million by 2030, with an increase from $30,474.1 million in 2021. The commercial sector uses one or more significant systems to manage key operations or to acquire fine control over every commercial component. You may construct a building automation system market trend that provides the amount of control and oversight necessary to help you reach your goals, both short-term and long-term, by working with a commercial specialist to determine which building systems should be included.
The offering segment is further classified into facility management systems, security & access controls, fire protection systems, building energy management software, bas services, and others. Among these, the security and access controls sub-segment is anticipated to have a dominant market share and shall surpass $36,304.6 million by 2030, with an increase from $15,823.7 million in 2021. Security and access control are mostly used for offerings, and access control may be utilized as a key component of security compliance programs that assures security technology access control rules are in place to safeguard private information, such as customer data.
The building automation system market analysis in the LAMEA region is projected to show the fastest growth. This region’s market generated a revenue of $10,825.7 million in 2021 and is projected to reach up to $27,203.0 million by 2030. Some of the major factors driving the building automation market growth in the LAMEA region are rising use of automated security systems in buildings, a focus on designing and establishing environmentally friendly and energy-efficient structures, several advantages of BAS, a quick uptake of IoT in building automation systems market size, and a rapid expansion of infrastructure in developing countries.
Key Players in the Global Building Automation System Market
Some of the leading building automation system market players are
- Honeywell International Inc.
- Robert Bosch GmbH
- Johnson Controls
- Mitsubishi Electric Corporation
- Schneider Electric
- General electric
- United Technologies Corporation.
In Jun 2022, Johnson Controls International PLC, the global leader for smart, healthy, and sustainable buildings, company announced the first winners of a new buildings' innovation award called Open Blue Pioneers. Open Blue Pioneer has been essential in advancing the future of smart, healthy, and sustainable construction. Working with Johnson Controls AI-enabled Open Blue technology to improve their places, enterprises, and communities the awardees have each received a Blueprint of the Future Industry Award, which acknowledges outstanding instances of visionary thinking and digital transformation.