Building Automation System Market Estimated to Garner $194,864.1 Million and Grow at 10.0% CAGR in the 2022 to 2030 Forecast Period | Report [300-Pages] by Research Dive

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25 Aug, 2022, 12:59 GMT

Building automation system market is predicted to grow by 2030 due to rising demand for smart buildings. Commercial sub-segment is expected to be highly progressive. Market in the Asia-Pacific region is predicted to flourish immensely by 2030.

NEW YORK, Aug. 25, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Building Automation System Market by Component (Hardware and Software), Application (Industrial, Residential, and Commercial), Offerings (Facility Management Systems, Security & Access Controls, Fire Protection Systems, Building Energy Management Software, BAS Services, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030".

According to the report, the global building automation system market is anticipated to garner a revenue of $194,864.1 million and grow at 10.0% CAGR during the 2022-2030 forecast period.

Dynamics of the Building Automation System Market

Drivers: Growing demand for smart buildings for benefits like proper ventilation, air conditioning, heating, etc. and the government's rising emphasis on creating eco-friendly and energy-efficient buildings are some factors estimated to drive the global building automation system market during the 2022-2030 analysis years.

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Opportunities: Heavy investments from governments in countries like India and China for developing smart cities and building automation to fulfill the demands caused by growing urbanization and technological advancements are some factors to offer ample growth opportunities for the building automation system market by 2030.

Restraints: High implementation cost of building automation systems is the prime hampering factor for the market growth.

Covid-19 Impact on the Building Automation System Market

The covid-19 pandemic has had a negative impact on the global building automation system market, just like most industries. Economic slowdown and import-export restrictions imposed by governments worldwide led to disruptions in the supply chain of required raw materials and declined the demand for smart buildings. In addition, strict lockdowns and travel bans caused shortage of labor force in several construction sites that led to delayed projects. Moreover, the real estate industry in countries like Germany, U.K., China, Japan, the USA, and India was majorly hit that further reduced the demand for building automation systems.

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Segments of the Building Automation System Market

According to the report, the global building automation system market is divided into multiple segments based on component, application, offerings, and regional analysis.

  • By component, the hardware sub-segment is expected to have a significant growth rate and gather a revenue of $86,568.4 million during the 2022-2030 forecast period since hardware is the key component for developing building automation systems. Moreover, the growing demand for smart cities and smart buildings is also predicted to boost the sub-segment's growth by 2030.
  • By application, the commercial sub-segment of the global building automation system market is projected to hold a dominant market share and register a revenue of $72,029.4 million by 2030 due to high demand for commercial building automation to manage a building's HVAC, air conditioning, lighting, etc. Moreover, commercial building automation systems provide other benefits for security purposes like gathering proof of movement, monitoring, tracking facts, etc., thus further bolstering the sub-segment's growth.
  • By offerings, the security and access controls sub-segment is estimated to have a noteworthy growth rate and generate a revenue of $36,304.6 million by 2030 since these systems grant access only to those who are permitted in smart buildings. Building automation systems with security and access controls offer a secured method of restrictive access and also regulates people's entry to homes. These factors are anticipated to propel the sub-segment's growth by 2030.
  • By region, the building automation system market in the Asia-Pacific region is expected to witness immense growth opportunities and grow at 10.9% CAGR by 2030 due to growing demand for BAS and smart cities along with the increased adoption of advanced technologies like Internet of Things. Moreover, countries like India and China are boosting their industrial infrastructure due to economic growth and new construction demands. These factors are predicted to uplift the market's growth in the Asia-Pacific region by 2030.

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Significant Building Automation System Market Players

Some significant building automation system market players are 

1.  Honeywell International Inc.

2.  Robert Bosch GmbH

3.  Johnson Controls

4.  Mitsubishi Electric Corporation

5.  ABB

6.  Schneider Electric

7.  Siemens

8.  General electric

9.  Hubbell

10.  United Technologies Corporation, among others.

These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Purchase Inquiry@ https://www.researchdive.com/purchase-enquiry/8372

For example, in April 2021, Siemens, a German multinational industrial manufacturing organization, announced the launch of its new fire protection system, Cerberus FIT, for improving fire safety and safeguarding buildings by increasing its productivity and functionality for the working employees. This strategic product launch also aimed to expand the company's product portfolio and strengthen its footprint in the market.

The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.

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