CHICAGO, May 23, 2022 /PRNewswire/ -- According to a research report "Building Automation System Market by Offering (Facility Management Systems, Security & Access Controls, Fire Protection Systems, BEM Software, BAS Services), Communication Technology (Wireless, Wired), Application and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Building Automation System Market is projected to reach USD 148.6 billion by 2027 from USD 86.8 billion in 2022; it is expected to grow at a CAGR of 11.4% from 2022 to 2027. Building automation systems are used to automate and control heating, ventilation, and air-conditioning systems; lighting systems; and other systems installed in buildings to increase the comfort, safety, security, and convenience of occupants and make buildings energy efficient. A BAS is a computer networking system that monitors and controls a range of other electronic and mechanical systems. It provides a means for these disparate systems to communicate across platforms, software, and languages. The core functionality of a BAS is to maintain building climate based on an occupancy schedule, monitor performance and device failures in all systems, and provide malfunction alarms. Automation systems reduce building energy and maintenance costs. Almost all multi-story green buildings are designed to accommodate a BAS for energy, air, and water conservation. Most green buildings also use as many low-power DC devices as possible, typically integrated with power over Ethernet wiring. Even a piassavas design intended to consume no net energy whatsoever will typically require a BAS to manage heat capture, shading and venting, and scheduling device use. Asia Pacific is expected to grow at highest CAGR during the forecast period. Stringent regulations with respect to energy efficiency and various initiatives undertaken in countries such as China and India for the same and high economic growth and surge in construction and industrial activities in various countries in the region are some of the driving factors for the growth of building automation system market in Asia Pacific region.
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In application type, the industrial application segment is expected to grow at highest CAGR of the building automation system market during the forecast period
The industrial application segment is projected to grow at the highest CAGR during the forecast period. Automation of facility management systems, such as HVAC and lighting control systems, in the industrial sector is fueling the demand for building automation systems used in industrial applications. Automation can efficiently help in reducing energy expenditure, which is an important factor in cost reduction in manufacturing and production facilities. Decrease in capital expenditure, operational costs, and energy expenditure can increase profitability. This can be achieved by automating different processes with the help of facility management systems as well as other building automation systems. Various countries with proactive manufacturing bases, such as China, Japan, the US, Germany, and India, are utilizing building automation systems in order to carry out energy-efficient and safe production and manufacturing processes. These factors are expected to drive the demand for building automation systems in industrial and manufacturing facilities.
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The building automation system market in APAC is projected to have the highest growth during the forecast period
Asia Pacific is expected to account for the largest share of the building automation system market during the forecast period. The rapid growth of the construction industry in emerging economies such as China and India and the government initiatives for energy conservation have contributed to the growth of the building automation system market in the region. The consumers in this region are actively deploying building automation systems in residential and commercial areas owing to improvements in economic conditions. Moreover, increasing construction activities in China play a key role in driving the growth of the building automation system market in Asia Pacific. The growth of the building automation system market in APAC can be attributed to the economic growth in the region, along with a surge in construction and industrial activities witnessed by the key countries in Asia Pacific. The prime objective of consumers in the region is to achieve energy savings with the implementation of building automation systems that directly translate into monetary savings. Countries such as China and India have increasingly started developing smart cities. Building automation systems act as key enablers in achieving energy-saving objectives in these countries. China hold the highest market of the region. China has implemented various energy efficiency policies and programs, including green building ratings, building energy codes, minimum energy performance standards, voluntary rating programs, and energy-efficiency retrofits in existing buildings to reduce the energy consumption in residential and commercial buildings. The country has been undertaking a huge amount of construction projects to become the base of its modern urban landscape. Different construction projects undertaken in Q3 of 2021 include third west-east gas pipeline middle section natural gas pipeline, Liuzhou-Wuzhou Railway Line, Zhangzhou Development Zone Shuangyu Island Secondary Development, and Zengcheng-Foshan Expressway. The country is focusing on new building construction instead of adding technologies to the existing ones; hence, it is applying smart technology to architecture, using new forms of materials to improve sustainability.
Key Players of Building Automation System Market:
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), and Leviton Manufacturing Company (US)
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