Global Building Automation System Market Size & Share Value Estimated to Touch USD 204.2 Billion by 2030, With 11.3% CAGR Growth: Polaris Market Research
NEW YORK, Dec. 2, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Building Automation System Market Share, Size, Trends, Industry Analysis Report, By Product (HVAC, Facility Management System, Security and Surveillance System, Fire Protection System, Lightening Control System); Network; End-Use; By Region; Segment Forecast, 2022 – 2030" in its research database.
According to the research report, the global building automation system market size & share was valued at USD 78.8 billion in 2021 and is expected to gain USD 204.2 Billion by 2030, growing at a CAGR of 11.3% during the forecast period.
What is Building Automation Systems? What is Expected Size & Share of Building Automation System Market?
A building automation system is a set of systems designed to control and automate various electric, electronic, and mechanical systems building systems. It is mainly used to control the heating, air conditioning (HVAC), and ventilation in a building, as well as lighting and security, and other systems. Buildings controlled by a BAS is often called as an intelligent building, smart building, or smart home.
The building automation system provides benefits such as lower operational costs, lower energy costs, more flexibility to adjust workspaces, increased security, and enhanced scheduling. The system makes buildings more energy-efficient and aids in controlling and reducing control greenhouse-gas emissions. Growing demand for advanced energy-efficient interventions and increasing implementation of building automation systems are some of the factors driving the market size.
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Key Highlights of the Report
Growth Driving Factors
Building automation system is an intelligent system that promises security for authorized users. It is majorly used in large projects with complex systems to control and monitor building system at low energy consumption. These prominent advantages of this technology propel the building automation system (BAS) market growth. According international energy agency (IEA), up to 80% of the total energy consumed in several areas is utilized for building. The growing use of electric systems in buildings causes higher energy use and CO2 emissions. Therefore, the rising focus on reducing buildings' energy use and maintenance costs is primarily fueling the demand for the building automation system market.
Moreover, BAS helps building managers handle operational equipment issue in advance which ultimately lowers the overall cost of building maintenance. These factors accelerate the building automation system industry growth. In addition, changing consumers' preference toward HVAC control systems is anticipated to create lucrative opportunities in the building automation system market.
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In June 2022, Siemens & NVIDIA made partnership to enable industry-based metaverse and to expand the use of digital twin technologies, to help advance industrial automation.
Some of the Top Market Players Are:
For Additional List of Players and Detail Information, Download a Report PDF Brochure
Based on the product, the security and surveillance sector is expected to witness the highest building automation system market share over the assessment period. The solutions provide improved safety and security for buildings. The increasing requirement for higher security levels, access control, and activity monitoring is fueling the need for security and surveillance systems. The surge in the use of these systems in commercial sectors such as offices, shops, schools, and hospitals is supporting the segment growth in the BAS market.
In terms of network, wired network accounted for the greatest revenue share in the building automation system market in 2021 as it is flexible and cost-effective. It can be easily deployed in the existing building. Also, wireless networks are efficient in terms of reliability and adapt different security algorithms used by various users. Wireless networks can be utilized in industries like agriculture, healthcare, and surveillance.
Based on end-use, the commercial category segment led the market by accounting for the highest revenue share in 2021. Excessive energy consumption can be reduced through a building automation system that helps to control a building's appliances, heating, cooling, and lighting, as well as enhance labor productivity and energy efficiency. In addition, this system is increasingly used in commercial buildings such as restaurants, office buildings, supermarkets, libraries, museums, shopping malls, hospitals, warehouses, colleges, schools, and nursing homes to minimize buildings' maintenance costs. These factors are contributing to the segment growth in the building automation system market.
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Building Automation System Market: Report Scope & Analysis
On the basis of regional scope, APAC is estimated to witness a major CAGR during the foreseen period. This growth can be attributed to the rising integration of the Internet of Things (IoT) and the latest technologies in commercial buildings and the industrial area. Due to the availability of reasonably priced land, superior infrastructure, and a substantial labor pool in cities in China and India, many investors are focusing on industrial expansion.
Browse the Detail Report "Building Automation System Market Share, Size, Trends, Industry Analysis Report, By Product (HVAC, Facility Management System, Security and Surveillance System, Fire Protection System, Lightening Control System); Network; End-Use; By Region; Segment Forecast, 2022 – 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/building-automation-system-market
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Polaris Market Research has segmented the building automation system market report based on product, network, end-use, and region:
By Product Outlook
By Network Outlook
By End Use Outlook
By Region Outlook
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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