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Smart Building Awareness and Sustainability Drive Building Automation System Market to Grow 7.4% CAGR by 2033Building automation systems (BAS) are gaining popularity due to their ability to save energy, improve comfort and convenience, and enhance security. Technological advancements such as AI, cloud services, and machine learning make BAS more efficient and cost-effective, driving growth in the BAS market. NEWARK, Del., Nov. 1, 2023 /PRNewswire/ -- Building Automation System Market Segmentation by HVAC and Lighting Solutions, with Growth Opportunities and Revenue Forecast 2023 -2033  The building automation system market is expected to be US$ 47,800 million in 2023. In 2022, the market recorded a valuation of US$ 44,200 million. The market's progress is expected to be encouraging over the 2023 to 2033 period, with a CAGR of 7.4%. By 2033, the market is projected to have soared to US$ 96,264 million. With the population becoming increasingly aware of the need for sustainability, residential and commercial buildings are desired to be eco-friendly. Building automation systems are emerging as a prominent way for buildings to become more sustainable. The system provides efficient heating, cooling, and other processes that save and conserve energy. Smart living is emerging as a prominent trend, with convenience a key demand for many consumers. Government initiatives are also aiming at converting cities into smart cities. Building automation systems is a well-known way to achieve smart buildings, smart cities, and smart living. There is acceptance of technological advancements in the daily lives of consumers. Building automation systems, too, are taking the help of popular technologies like AI, cloud services, and machine learning to improve the product. Through technology, building automation systems are growing in effectiveness; thus, the demand is rising. "While large buildings naturally comprise a significant part of the customer base for building automation systems, the market scope is not restricted there. Medium and small buildings are also coming under the building automation system umbrella. Features like security and heat regulation are also important in medium- and small-size buildings. Thus, players in the market can expand the customer base by targeting non-traditional customers," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.). Key Takeaways
Country-wise Insights of Building Automation Trend (2023-2033)
Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today! Competitive Landscape Players in the market are focusing on technological innovation. There is scope for players of all scales in the market, with local suppliers flourishing. Industry experts in energy management are keeping their feet on the ground with cutting-edge technologies to create a healthy environment for owners and occupants. Some prominent companies in the market include Honeywell International, Beijer Electronics, ABB, and Siemens AG. Recent Developments
About the Author: Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries. His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making. Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times. Explore FMI's Extensive Coverage in the Industrial Automation Domain:
About Future Market Insights (FMI) Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. Contact Us Logo: https://mma.prnewswire.com/media/1197648/3531122/FMI_Logo.jpg
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