SEATTLE, May 13, 2020 (GLOBE NEWSWIRE) -- A building automation system offers a centralized, automated control system within a building. The core functionality of the building automation system is to keep building climate within a specified range, by monitoring performance and providing malfunction alarms. There are different aspects of a building controlled by BAS namely heat, lights, building access, ventilation, fire & smoke alarms, internal communications, security & monitoring, etc. BAS systems reduce maintenance cost of a building, saves energy, and offer enhanced functionality as well as occupancy.
The global Building Automation Systems market is estimated to account for US$ 69.6 Bn in 2019 and is expected to grow at a CAGR of 11.1 % over the forecasted period 2020-27.
Request for Sample PDF copy @ https://www.coherentmarketinsights.com/insight/request-sample/1350
Market Drivers:
- Advent of new technologies is expected to support growth of the global building automation systems market during the forecast period
- Growing adoption of cloud-based building automation services is expected to propel the global building automation systems market growth over the forecast period
Market Opportunities:
- Providing custom-made automation solutions can provide lucrative growth opportunities
- Growing adoption of BAS SMEs can provide major business opportunities
Market Restraint:
- Presence of different communication protocols is expected to restrict growth of the global building automation systems market during the forecast period
Key Takeaways:
North America holds the dominant position in the global Building Automation Systems market and is expected to witness significant growth over the forecast period 2020-27. This is owing to technological developments in the Building Automation Area done by US based companies in the recent years. For Instance, In January 2020 Legrand North America, LLC introduced two new switches for monitoring the power consumption and surveillance from any remote location. These switches are majorly used in the residential homes.
Among System segment, Security & Surveillance sub segment is expected to dominate the global Building Automation Systems market over the forecasted period 2020-27. This is owing to increasing demand of the Surveillance and Security system around the globe. According to the Coherent Market Insight Analysis, the Security and surveillance Industry accounted for US$ 65 Billion by revenue in 2019 and expected to grow at a CAGR of 11.2% over the forecast period.
Among Application segment Commercial sub segment is expected to create a lucrative opportunity for global Building Automation Systems market as the power consumption of the commercial offices and buildings are much more than the Residential Houses. The Building Automation Solutions reduces the power consumption demand.
Market Trends:
- Growing government support towards implementation of BAS
Many governments across European countries such as the U.K., France, and Germany along with Latin American countries are providing lucrative subsidies for implementation of building automation solutions in the residential sector, in order to overcome major barriers of high first-time implementation costs. U.S. Department of Energy programs such as Energy Star, Home Energy Score, and DOE Zero Energy Ready Home, etc. through grants aids solutions providers in the U.S. to implement building automation technologies in residential sector to ensure energy optimization and reduce consumption.
- Increasing implementation of BAS in China is another major trend
Urban space floor in Chain is increasing rapidly with growth of rural floor space is declining. This is typically due to massive migration from rural areas to cities. However, floor space in rural residential buildings is still significant in terms of total area. Furthermore, commercial floor space in China is growing though the stock of commercial buildings is relatively small as compared to residential buildings. According to the U.S. Department of Energy report on Chinese Building Efficiency Market, floor space of urban residents has grown more than 4X during 1996 and 2011; whereas growth in floor space in rural buildings has slowed down as more individuals migrate to cities from rural areas.
Competitive Section:
Major companies involved in the global building automation systems market are Rheem Manufacturing Company, Johnson Controls, Inc., Lennox International Inc., United Technologies Corporation, General Electric Company, Cisco Systems Inc., Philips Lighting Holding B.V., Honeywell International Inc., Bosch Security Systems, Legrand SA, Ingersoll-Rand plc, Siemens AG, and Schneider Electric SE.
Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/1350
Key Developments:
- Major market players are involved in merger and acquisition activities, in order to strengthen market position. For instance, in February 2019, Emerson completed acquisition of Intelligent Platforms from General Electric.
Market Segmentation:
- By System
- Security & Surveillance
- HVAC
- Lighting Solutions
- Building Energy Management
- Others
- By Application
- Commercial
- Residential
- Government
- Others
- By Region
- North America
- Latin America
- Asia Pacific (Excluding Japan)
- Japan
- Eastern Europe
- Western Europe
- Middle East & Africa