New York, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to a report published by research Dive, the global building automation system market is anticipated to generate a revenue of $194,864.1 million and rise at a CAGR of 10.0% during the forecast period from 2022 to 2030.
As per our analysts, with the increasing demand for smart buildings among consumers globally due to the numerous benefits of building automation systems, the global building automation system market is predicted to witness prominent growth over the analysis timeframe. Besides, the growing demand for energy-efficient and environment-friendly buildings is further expected to augment the growth of the market during the estimated period. Moreover, the increased financing from the government and stakeholders for creating smart cities is predicted to upsurge the growth of the market over the forecast period.
Segments of the Building Automation System Market
The report has divided the building automation system market into segments based on component, application, offerings, and region.
Component: Software Sub-Segment to be Most Lucrative
The software sub-segment is predicted to generate a revenue of $108,295.7 million over the estimated timeframe. The increasing software usage in building automation systems to easily monitor and manage the systems installed across the buildings is predicted to fortify the growth of the market sub-segment during the analysis period.
Application: Commercial Sub-Segment to be Most Productive
The commercial sub-segment is expected to garner a revenue of $72,029.4 million throughout the forecast timeframe. The increasing implementation of building automation systems in commercial sectors for security purposes including monitoring, gathering, and tracking various facts is predicted to uplift the growth of the market sub-segment over the analysis period.
Offerings: Security & Access Controls Sub-Segment to be Most Profitable
The security & access controls sub-segment is predicted to generate a revenue of $36,304.6 million during the estimated timeframe. The increasing adoption of security and access control systems across housing developers and enterprises for granting and regulating the entries of people into their domain is expected to upsurge the growth of the market sub-segment during the forecast period.
Region: North America Region to Hold the Maximum Share of the Building Automation System Market
The North America region of the building automation system market is projected to garner a revenue of $25,522.5 million during the estimated timeframe. The rising popularity of IoT-based solutions in this region is expected to boost the regional growth of the market over the analysis period.
Covid-19 Impact on the Building Automation System Market
The outbreak of the Covid-19 pandemic has had a negative impact on the building automation system market. The supply chain disruptions and economic slowdown across various nations have decreased the demand for building automation systems. Moreover, most of the construction works were halted during the pandemic. In addition, the lack of labor, raw material shortages, and several governmental reforms have affected the real estate sector which has further declined the growth of the market throughout the crisis.
Check out Post COVID-19 Impact on Building Automation System Market. Speak with an Expert Analyst
Key Players of the Building Automation System Market
The major players of the building automation system market include
- ABB
- Siemens
- Schneider Electric
- Mitsubishi Electric Corporation
- General Electric
- Johnson Controls
- Hubbell
- Robert Bosch GmbH
- United Technologies Corporation
- Honeywell International Inc., and many more.
These players are widely working on the development of new business strategies such as partnerships and collaboration, mergers and acquisitions, and product development to attain a leading position in the global industry. – Inquire here before buying the full report
For instance, in October 2021, IOTech, a leading provider of open edge computing and management software products, announced its collaboration with Building System Integrators, a renowned organization that specializes in the design, development, and commissioning of building automation solutions. With this collaboration, the companies aimed to increase the control and management capabilities for systems including HVAC, BAS, and EMS
Further, the report also summarizes other critical aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic developments.
More about Building Automation System Market:
- Global Building Automation System Market Growth to Fast-track with Growing Launch of Innovative Products by Market Players
- Benefits of Building Automation Systems in Today’s World
- A Quick Look at the 3 Components of Building Automation Systems
