Global Building Automation Systems Market was valued at US$ 78.92 Million in 2021 and is expected to surpass US$ 225.12 Million by 2030, registering a CAGR of 12.5% during the forecast period (2022-2030), according to the Global Building Automation Systems Market Report, by System (Security & Surveillance, HVAC, Lighting Solutions, Building Energy Management, Others), by Application (Commercial, Residential, Government, Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The building automation system (BAS) is an interlinked, centralized network of software and hardware that monitor and control the environment in commercial, industrial, and institutional facilities. The BAS solutions ensure the operational performance of the building and also the safety and comfort of the occupants. The primary objective is to create an intelligent and efficient building and minimize maintenance cost and energy consumption of the building. The primary advantages offered by BAS are energy savings, enhanced comfort, and reduced costs. Major applications included in BAS are lighting solutions, HVAC, security & surveillance, building energy management, and others.
Building regulatory compliance adoption by increasing number of countries driving the demand for Building Automation Systems is expected to drive growth of the global building automation systems market during the forecast period. Governments of various countries are focused on adopting regulatory policies to reduce wastage energy. Buildings such as residential, commercial, and government account for major energy and resource consumption, which is why strict regulatory policies are expected to by governments of various countries in the near future. Moreover, European countries and Japan already have strict regulatory policies to comply with and this is a growing trend in the U.S. Hence, such regulations are expected to boost the global building automation systems market growth over the forecast period. According to the General Services Administration (GSA) guidelines in the U.S., Building Automation Systems (BAS) are not mandatory for every project, though it is required and considered part of the system of large facilities (above 9,300 gross square meters [100,000 gross square feet]), both in new facilities and major modernization projects.
Key Developments
- On August 4, 2022, Siemens AG, an industrial manufacturing company, acquired Brightly Software, a company that provides intelligent asset management solutions. This acquisition will strengthen Siemens position in building automation market.
Global Building Automation Systems Market- Impact of Coronavirus (Covid-19) Pandemic :
The COVID-19 pandemic has affected the global building automation market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries to stop the spread of coronavirus. This led to the temporary suspension of all businesses and disruption of supply chain operations. The demand for building automation systems declined as many projects across the globe were put on hold due to less manpower, shortage of components, and financial crises. Hence, the global building automation systems market witnessed slow growth during the pandemic.
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Key Trends and Analysis of the Global Building Automation Systems Market:
- North America region is expected to exhibit the highest growth rate over the forecast period, owing to growth of the construction sector where the demand for infrastructures with cutting-edge technologies is increasing rapidly. Building automation solutions such as security surveillance, lighting solutions, and safety solutions are gaining popularity in the construction sector due to various advantages they provide such as safety, energy conservation and others. Hence, the building automation systems market is expected to witness significant growth in the forecast period.
- Among application, commercial segment holds dominant position in the global building automation systems market and is expected to retain its dominance over the forecast period. In commercial segment includes warehouses, retail stores, shopping malls, social, and educational institutes which require automation systems such as security, controlled lighting, controlled air conditioning, heating and ventilation and safety. As the commercial sector is expanding rapidly the demand for automation systems is also increasing proportionally, hence the commercial segment is expected to gain traction during the forecast period.
- Major players operating in the global building automation systems market include Johnson Controls, Inc., United Technologies Corporation, Cisco Systems Inc., Honeywell International Inc., Legrand SA, Siemens AG, Schneider Electric SE., Ingersoll-Rand plc., Bosch Security Systems, Philips Lighting Holding B.V., General Electric Company, Lennox International Inc., Rheem Manufacturing Company
