Building Automation Market Size to Grow USD 59630 Million by 2028 at a CAGR of 5.4% | Valuates Reports

BANGALORE, India, June 8, 2022 /PRNewswire/ -- The Global Building Automation Market is Segmented by Type (Security Systems, Life Safety Systems, Facility Management Systems, Building Energy Management System), by Application (Residential, Commercial, Industrial): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.

Due to the COVID-19 pandemic, the global Building Automation market size is estimated to be worth USD 43390 Million in 2022 and is forecast to a readjusted size of USD 59630 Million by 2028 with a CAGR of 5.4% during the review period.

Major factors driving the growth of the building automation market are:

The need for building automation systems to make buildings energy efficient is growing in response to growing global concerns about energy conservation and rising energy costs.

Building automation market growth is likely to be driven by the increasing deployment of building automation systems in big office buildings, shopping malls, and public transportation facilities such as railway stations and airports to minimize building operating costs.

Lighting controls, HVAC controls, and security and access control systems are also common products in the household, business, and commercial sectors. Building automation market growth is fueled by the ease of maintaining temperature and lighting settings, as well as the increased security provided by building automation systems.

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TRENDS INFLUENCING THE GROWTH OF THE BUILDING AUTOMATION MARKET:

The need for automating security systems is expected to drive the growth of the Building Automation Market. Security systems can be linked to building automation systems to provide safety and peace of mind. These systems can be used to monitor what is going on within a building in real-time, send out alerts for suspicious activity, or automate the locking and unlocking of doors at certain intervals. The temperature and lighting of a building are automatically adjusted by a BAS, ensuring that the facility is kept at an optimal degree of comfort. A building automation system can aid with productivity and reduce occupant complaints by enhancing comfort levels.

Building automation systems, when used effectively, can quickly pay for themselves through lower utility expenditures. Savings of 10% to 30% can be achieved by simply monitoring building occupancy and allowing the BAS (Building automation systems) to adjust HVAC use accordingly. Utility costs are further reduced by reductions in peak demand and other energy use improvements. Building automation systems also reduce wear-and-tear on a building's energy infrastructure by minimizing demand and start/stop stages, lowering maintenance expenses, and extending equipment life. While its primary purpose is to regulate key building systems, a BAS also monitors and optimizes its own performance as well as identifies any system or equipment malfunctions. These advantages are expected to further propel the Building automation market growth.

Building Automation system offers automated control and management to other building activities, such as power outages and fire/life safety, in addition to energy management. A good building automation system can assess and restore the operation of fans, motors, pumps, chillers, and other points in sequence if power is suddenly disconnected, preventing power spikes. If power is restricted, the system replenishes vital objects first. Furthermore, by detecting fire, smoke, and heat and activating equipment in response, these systems protect people, equipment, and building assets. These benefits are projected to drive the growth of the building automation market.

Furthermore, the Building Automation system also enables facility managers to include condition-based maintenance into their maintenance strategies by adding data points that indicate when a system is not performing optimally or is on the verge of failure, necessitating maintenance or corrective action. Monitoring the pressure drop throughout an air handler filter bank and giving an alarm when the filters need to be changed — not because it has been three months, but because the filters need to be changed — is a simple example of using BAS for condition-based maintenance.

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BUILDING AUTOMATION MARKET SHARE ANALYSIS

Based on type, The security category is projected to be the most lucrative. The requirement for increased security levels, activity monitoring, and access control have led to a rise in demand for security. Commercial uses of these systems, such as in offices, retail stores, educational buildings, and healthcare facilities, are driving the expansion of the building automation system market's security and access controls sector.

The APAC region is predicted to grow at the fastest rate. The rise of the building automation system market in the Asia Pacific may be ascribed to the region's economic expansion, as well as a spike in construction and industrial activities in the region's key countries. Consumers in the region are primarily interested in achieving energy savings through the adoption of building automation systems, which directly convert into monetary savings. Smart cities are increasingly being developed in countries like China and India. In these countries, building automation systems are critical to reaching energy-saving goals.

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BUILDING AUTOMATION MARKET SEGMENTATION:

Building Automation Market by Type

• Security Systems
• Life Safety Systems
• Facility Management Systems
• Building Energy Management System

Building Automation Market by Application

• Residential
• Commercial
• Industrial

Major Players

• Siemens Building Technologies Inc.
• Schneider Electric
• Honeywell International Inc.
• Johnson Control Inc.
• United Technologies Corporation
• ABB
• Azbil Corporation
• Eaton Corporation
• General Electric
• Ingersoll Rand Inc.

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SIMILAR REPORTS:

-  Due to the COVID-19 pandemic, the global Home Security market size is estimated to be worth USD 3345 Million in 2022 and is forecast to a readjusted size of USD 38560 Million by 2028 with a CAGR of 50.3% during the review period.

-  The global smart thermostat market size was valued at USD 1.86 Billion in 2019, and is projected to reach USD 11.36 Billion by 2027, registering a CAGR of 28.00% from 2020 to 2027.

-  The global smart locks market size was valued at USD 2,366.51 Million in 2020, and is projected to reach USD 14,972.3 Million by 2030, growing at a CAGR of 20.1% from 2021 to 2030.

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-  The global Identity and Access Management market size is projected to reach USD 43190 Million by 2027, from USD 15960 Million in 2020, at a CAGR of 15.3% during 2021-2027.

-  The global Digital Identity Solutions market size is projected to reach USD 40350 Million by 2028, from USD 15700 Million in 2021, at a CAGR of 14.2% during 2022-2028.

-  The global Biometrics market size is projected to reach USD 39030 Million by 2028, from USD 15900 Million in 2021, at a CAGR of 13.2% during 2022-2028.

-  The global Face Recognition Systems market size is projected to reach USD 1863.4 Million by 2027, from USD 784.3 Million in 2020, at a CAGR of 13.2% during 2021-2027.

-  The global Building Management System market size is projected to reach USD 8856.6 Million by 2027, from USD 4341 Million in 2020, at a CAGR of 11.4% during 2021-2027.

-  The global Home Automation System market size is projected to reach USD  92770 Million by 2027, from USD 48720 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period 2021-2027.

-  In 2021, the global Intelligent Building Automation Technologies market size will be USD 76360 Million and it is expected to reach USD 115890 Million by the end of 2027, with a CAGR of 7.2% during 2021-2027.

-  Due to the COVID-19 pandemic, the global Perimeter Security market size is estimated to be worth USD 124860 Million in 2022 and is forecast to a readjusted size of USD 186330 Million by 2028 with a CAGR of 6.9% during the review period.

-  The global Smart Home market size is projected to reach USD 117820 Million by 2027, from USD 72040 Million in 2020, at a CAGR of 6.8% during 2021-2027.

-  The Alarm Monitoring market was valued at USD 42890 Million in 2021, and it is anticipated to reach USD 56620 Million by 2028, registering a CAGR of about 4.0% during the forecast period (2022–2028).

-  The global Commercial Building Automation market size is projected to reach USD 93670 Million by 2028, from USD 73510 Million in 2021, at a CAGR of 3.5% during 2022-2028.

-  Global Building Automation Power Meter Market Research Report 2022

-  Global LV Home and Building Automation Market Size, Status and Forecast 2021-2027

-  Global Building Automation and Control System (BACS) Market Insights and Forecast to 2028

-  Global Building Security Systems Market Insights, Forecast to 2028

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