Building Automation System Market Overview
The Building Automation System Market research report is a point-by-point investigation of the Building Automation System Market that represents considerable authority in recognizing the development capability of the global Building Automation System Market and potential opportunities in the market. Secondary information comes from government distributions, master interviews, audits, studies, and confided in journals. The data recorded in the report range ten years, trailed by a methodical audit to lead a top-to-bottom investigation of the Building Automation System Market. Moreover, the report covers a broad examination of the key market players in the market, alongside their business outline, development plans, and procedures.
The global Building Automation System market size was estimated at USD 86.5 billion in 2022 and is projected to reach USD 201.8 billion in 2030 at a CAGR of 11.2% during the forecast period 2023-2030.
The projected growth of the global building automation systems market is fuelled by rising security concerns and the increasing demand for comprehensive security and monitoring solutions. Among the various components of building automation, security and access controls hold the largest revenue share. These services encompass safety-critical features like fire and social alarm systems, as well as security-critical aspects such as intrusion alarms.
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The successful installation, monitoring, and maintenance of building automation systems require the expertise of skilled professionals, whose availability can be challenging. Moreover, users often have concerns about the long-term returns on their investment in these systems, which can impact the demand for building automation solutions. Additionally, the management of numerous devices and applications with varying functionalities can lead to misunderstandings about the overall control and coordination of diverse operations. These factors may hinder market growth in the near future. However, they also serve as driving forces for the development and improvement of the building automation system market.
In the past, building automation systems operated independently on separate networks, which was neither cost-effective nor efficient for building operations. However, the integration of building automation solutions with traditional systems has become a more favorable approach. This integration not only enhances security measures but also brings additional benefits such as advanced administration, cost savings, improved communication across building management modules, and reduced incident response time. This trend is expected to continue throughout the forecast period, further driving the growth of the building automation system market.
Due to the emergence of the COVID-19 pandemic, the initiation of numerous commercial and industrial construction endeavors experienced a deceleration, and a few were even discontinued altogether. HVAC manufacturers faced disruptions in their production lines, which had to be temporarily halted for several weeks. Moreover, installers encountered constraints in their capacity to undertake new installation projects as a result of stringent sanitary protocols. Nevertheless, certain European nations, including Italy, observed a surge in AHU sales due to the heightened requirement for enhanced ventilation amid the COVID-19 crisis.
Delvens Industry Expert's Standpoint
The proliferation of building automation systems across various settings such as office buildings, shopping malls, and public transportation hubs including train stations and airports is expected to significantly contribute to the expansion of the building automation and control system market. Lighting controls, commercial sectors, and security and access control systems are among the most widely utilized components in residential, corporate, and commercial domains. With mounting security apprehensions permeating all industries, security and access control systems have become indispensable across multiple industrial sectors. As a result, the increasing demand for efficient HVAC management, energy-efficient lighting control, and an enhanced quality of life is projected to propel the global market for building automation systems.
Building Automation System Market Key Findings
· By Application, the commercial sub-segment emerged as the dominant in terms of market share within the global building automation system market in 2021. A commercial building automation system encompasses a network of switches and sensors that effectively communicate with a building's core internal systems, including lighting, ventilation, heating and cooling, and fire prevention mechanisms, among others. These commercial building automation systems efficiently manage and control all interconnected systems from a centralized control unit, consolidating the functionalities of the existing building automation systems. Such widespread utilization of building automation systems within the commercial sector creates a promising avenue for growth within the sub-segment throughout the forecast period for the building automation system market.
· By Offerings, the security access control sub-segment held the largest market share within the global building automation system market. The domain of security and access control systems plays a crucial role in monitoring, managing, and regulating the entry points, providing convenient control panel access for enhanced security measures. These aspects are expected to drive the growth of the sub-segment throughout the forecast period, establishing them as key factors influencing the overall size of the building automation system market.
· By Components, During the forecast period, the software sub-segment is expected to experience the highest rate of growth. Software plays a vital role in connecting and overseeing the implementation of automation systems within buildings. The growing utilization of software in building automation systems is poised to propel the expansion of this sub-segment. The increased adoption of software applications will be a significant contributing factor to the rapid growth of the building automation system market throughout the forecast period.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The anticipated period is expected to witness a surge in construction projects throughout the region, coupled with economic growth in various nations. These factors are projected to drive the regional market forward. In this region, consumers have a strong inclination towards implementing building automation systems to achieve energy efficiency, leading to cost savings. Notably, the construction of smart cities in countries like the U.S. and Canada is progressing rapidly, offering promising investment prospects for stakeholders during the estimated period.
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Building Automation System Market Regional Analysis
North America to Dominate the Market
North America is the top player in the global market last year and is expected to continue leading in the future. The region's construction projects and economic growth are set to drive market growth in the coming years. Consumers in North America are focused on energy efficiency and saving money, which they can achieve through building automation systems. The construction of smart cities in the U.S. and Canada is also creating investment opportunities for interested parties
Building Automation System Market Competitive Landscape
· Honeywell International (US)
· Siemens AG (Germany)
· Johnson Control (US)
· Schneider Electric (France)
· Carrier (US)
· Robert Bosch (Germany)
· Legrand (France)
· Hubbell (US)
· ABB (Zurich)
· Trane Technologies (Ireland)
· Lutron Electronics (US)
· Creston Electronics (US)
· Hitachi (Japan)
· Delta Controls (Canada)
· Beckhoff Automation (Germany)
· Lennox International (US)
· General Electric (US)
· Distech Controls (Canada)
· Dialight PLC (UK)
· Cisco Systems (US)
· Rockwell Automation (US)
· Control4 (US)
· Signify (Philips Lighting) (Netherlands)
· Emerson Electric (US)
· Leviton Manufacturing Company (US)
Recent Developments in The Building Automation System Market
· September 2022, Honeywell International has introduced Fire-lite, a set of fire protection systems tailored for small and medium-sized enterprises in Australia. These systems are specifically designed for mid-rise residential buildings, warehouses, and retail spaces. Fire-Lite offers customizable and intelligent addressable fire panels that can adapt to different building needs, providing flexible solutions for various installation scenarios.
· In March 2022, Trane Technologies has recently unveiled its strategic initiative to enhance its presence in Greenville county through a significant investment of USD 30 million. This substantial commitment will involve the expansion of their manufacturing facilities by an impressive 300,000 square feet. The primary objective of this expansion is to fortify the company's ability to support and foster its long-term growth trajectory, ensuring its sustainable development in the years to come.
Reasons to Acquire Building Automation System Market Report
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for the Building Automation System Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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