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.
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Market Dynamics
The market is driven by factors such as rising demand for energy-efficient BASs, growing focus on for reducing energy costs, prevention of accident and mishaps due to unexpected breakdowns etc. BASs help optimize HVAC and lighting systems, saving 5% to 30% of the building's total energy consumption. Increasing awareness regarding energy conservation and rising focus on reducing the energy use and maintenance costs of buildings are fueling the demand for BAS. BASs help reduce the overall cost of building maintenance by providing, if any, early diagnosis to building managers of operational issues in the equipment. BAS aims at saving resources and high operational and maintenance costs. However, end-users and building owners are hesitating to adopt BAS due to their misguided belief that these systems have high installation costs. Several authorities play a significant role in energy savings and promote CO2 reduction measures. Numerous governments have enacted legislation and policies to improve energy efficiency to reduce the footprint of a building.
Regional Outlook
In 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.
Competitive Landscape
- Key players in the market include Honeywell International Inc., Siemens, Johnson Controls, Schneider Electric, Carrier (United Technologies Corporation), Robert Bosch GmbH, Hubell (Hubbell Incorporated), ABB, Legrand, Building IQ, Ingersoll Rand (Trane), Lutron Electronics Co., Inc., and Crestron Electronics, Inc.
- The players are increasingly focusing on product innovations to sustain in highly competitive and fragmented market. Moreover, the partnerships, mergers, and acquisition are some of the other strategies adopted by leading players to expand geographical presence and capture potential market opportunities.
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