CHICAGO, March 22, 2019 /PRNewswire/ -- According to the new market research report "Building Automation System Market by Communication Technology, Offering (Facilities Management Systems, Security & Access Control Systems, Fire Protection Systems, and Building Energy Management Software), Application, Region - Global Forecast to 2024", published by MarketsandMarkets™, the BAS market is expected to grow from USD 75.0 billion in 2019 to USD 121.5 billion by 2024 growing at a CAGR of 10.12%. The growth of this market is mainly driven by several factors, such as a high focus on designing and establishing energy-efficient and eco-friendly buildings and several benefits of BAS, development of wireless protocols and wireless sensor network technology for BAS, and rapid infrastructure growth in developing nations.
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Security and access control systems to hold largest share of BAS market by 2024
Security and access control systems accounted for the largest share of the BAS market in 2018, and a similar trend is likely to continue in the near future. The demand for home security solutions is growing at a rapid pace because of various factors, such as technological advancements, the rise in crime rates, the increased need for medical assistance to senior citizens at home and monitoring the children at home. Security and access control systems have become an integral part of the safety and security of buildings and their occupants. These systems have revolutionized the building security and removed human intervention. These are installed in buildings to increase the security level, monitor activities, and keep a record of people entering and exiting the building. Worldwide governments are also investing heavily to develop reliable and robust security systems for safeguarding their citizens from terrorist attacks.
BAS market for industrial application to grow at highest CAGR from 2019 to 2024
The industrial application includes manufacturing facilities, distribution facilities, warehouses, and other infrastructure buildings of automotive, chemicals, metals, engineering, mining, pharmaceuticals, oil & gas, and other industries. The segment is expected to adopt smart building solutions to achieve energy and cost savings, higher productivity, enhanced identity and access management, and optimized surveillance. BAS has a wide scope for development in emerging economies such as India, China, and Brazil, having diverse manufacturing sectors growing at a high rate. In spite of having the largest manufacturing base, these nations lack buildings equipped with energy-efficient infrastructure. This creates a tremendous market opportunity for all companies offering building automation systems to increase their viability in these nations on a large scale.
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Increasing construction industry in developing countries such as China and India will boost the demand for BAS in APAC during the forecast period
The BAS market in APAC is expected to grow at the highest CAGR during the forecast period. The rapid growth of the construction industry in developing countries, such as China and India, and government initiatives toward energy conservation have contributed to the growth of the BAS market in APAC. Countries such as China and India have aggressively started developing smart cities. BAS is acting as a key enabler in achieving these objectives by the respective countries.
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Honeywell International (US), Siemens AG (Germany), Johnson Controls International (Ireland), Schneider Electric (France), United Technologies Corp. (US), Robert Bosch (Germany), Legrand (France), Hubbell (US), ABB (Switzerland), and Ingersoll-Rand (Ireland) are among a few major players in the BAS market.
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