Global building automation system market is predicted to witness a significant growth during the forecast period. Hardware, commercial, and security and access control sub-segment are estimated to be the most profitable. North America is expected to dominate the market
NEW YORK, April 21, 2021 /PRNewswire/ -- Research Dive has published a report titled "Building Automation System Market by Component, Application, Offerings, and Regional Analysis: Global Opportunity Analysis and Industry Forecast, 2020–2027".
The Global Building Automation System Market is anticipated to garner a revenue of $142,257.3 million by 2027 at a CAGR of 9.9% during the forecast period.
North America regional market of building automation system accounted $24,009.1 million in 2019 and is further projected to grow at a CAGR of 9.1%. The main attributor behind this growth is the presence of the major industry players in various countries across the region.
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Highlights of the Report
The report has divided the market into different segments based on component, application, offerings, and regional outlook.
- The hardware sub-segment accounted for $36,119.9 million in 2019 and is further predicted to grow at a CAGR of 8.6% in the forecast period. The main reason behind this growth is growing demand of hardware in automation system set up in smart buildings.
- Commercial sub-segment generated around $28,495.0 million in 2019 and is further expected to grow with a CAGR of 8.9% during the upcoming years. Rise in the use of building automation system for various security reasons in the commercial sector is predicted to enhance the market growth.
- The security and access control sub-segment was accounted for $14,813.0 million in 2019 and is predicted to grow with a CAGR of 8.6% in the estimated period. The major driving factor is that security and access control helps to control, manage, and access the security as well as the control panels and servers.
Dynamics of the Market
One of the major driving factors of the market include the increasing demand for energy-efficient and eco-friendly buildings among the urban population. Moreover, in a dynamic approach, the system helps the user to display accurate details of energy used with precision and the time consumed to perform the task. These are the main attributors behind the growth of the market.
The BAS technology is complex to operate which is predicted to hinder the market growth in the forecast period.
Implementation of the AI for complete automation during the construction of buildings is predicted to create many opportunities for the global building automation system market during the projected timeframe.
Top 10 Key players of the Building Automation System Market
The report includes the most significant players of the market which are
- Schneider Electric SE
- Honeywell International Inc.
- Robert Bosch GmbH
- Siemens AG
- General Electrical
- Mitsubishi Electric Corporation
- ABB Ltd.
- Johnson Controls International PLC
- Hubbell Inc.
- United Technologies Corporation
The report also reviews many other important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
Impact of COVID-19 on the Building Automation Systems Market
The COVID-19 pandemic has impacted the market in a negative way as the nationwide lockdowns led to temporary stoppage of the construction activities. However, as the unlock procedures have started the construction activities have taken momentum and the demand for the building automation system have increased which predicts of a better market growth in upcoming years.
More about Building Automation System
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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