New York, United States , Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Building Automation and Controls Market Size to grow from USD 86.4 billion in 2021 to USD 221.0 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11% during the forecast period. Building automation makes it easy to control and keep an eye on how the systems in the building work. These include facility management systems, security and access controls, fire and life safety alarms, and other safety alarms. Building automation helps reduce the amount of energy used in buildings, makes them more comfortable for the people who live there, and makes it easier to run the building's activities. One of the main things that are making the market for building automation systems grow is the growing need for buildings that use less energy and have better security systems.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The HVAC control segment to account for the largest market size during the forecast period
Based on Material type, the building automation and controls market is categorized into HVAC Control, Lighting Control, and Security & Access Control. The HVAC control segment accounts for the largest market size during the forecast period. There is no longer a need for wired controls for the control system. Instead, smart devices such as smartphones and tablets can be controlled from afar. Better sensors are now being added to the controls for the HVAC system. Also, there are better options for systems controlled by themselves and based on how many people are in the building and what the space is used for. So, improvements in HVAC systems are one of the main things driving growth in the building automation and controls market.
Browse key industry insights spread across 195 pages with 135 market data tables and figures & charts from the report "Global Building Automation and Controls Market Size, Share, and COVID-19 Impact Analysis By Product (HVAC Control, Lighting Control, and Security & Access Control), By Offering (Integration and Services), By Industry Vertical (Residential, Industrial, Hospitality, Enterprise, Retail, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." in detail along with the table of contents
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The integration segment to hold a higher CAGR during the forecast period
The building automation and controls market is categorized into Integration and Services based on offerings. The integration segment to hold a higher CAGR during the forecast period. The market for integrating building automation and control systems is driven by several things, such as the rise in demand for energy-efficient control systems and the increase in infrastructure building. Future market growth is also expected to be helped by more research and development on AI and the Internet of Things. In recent years, the market for heating, ventilation, and air conditioning (HVAC) systems with inverters has grown significantly, which has caused a big change in the situation. The available solutions can no longer be used as an integration choice.
The industrial segment is to hold a higher CAGR during the forecast period.
Based on industry vertical, the building automation and controls market is categorized into Residential, Industrial, Hospitality, Enterprise, Retail, and Others. The industrial segment is to hold a higher CAGR during the forecast period. Building automation and the improvement of HVAC technology work together to make it easier to manage energy production, distribution, air conditioning, and heat recovery. All these things help cut costs and save resources while making energy use more efficient. It is expected that sensors that can share information at low rates while maintaining a high efficiency level will be the main reason for the growth of smart buildings in the industrial sector. The data is also put together at a high level of the building automation system's management. Because the building can now run more efficiently and cost-effectively, the market for building automation and controls has more room to grow.
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North America is estimated to account for the highest market share in 2021.
The Global Building Automation and Controls Market have been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is estimated to account for the highest market share in 2021. This is because of the growth of automated security systems, the fast spread of internet of things technology, and wireless sensor network building automation and controls technology. Building automation system installations are growing faster in North America. This is because the smart cities project is growing quickly, and there is more demand for new technology. Leading countries like the United States and Canada are getting more involved in the market for building automation and controls. This is on top of getting official approvals. Leading companies in the field of building automation systems, like Siemens, are becoming more well-known, which is another reason why the market for building automation and controls is growing. These companies have been cutting the edge of technological progress and big new ideas. Asia-Pacific to hold a higher CAGR during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Building Automation and Controls Market include Honeywell International, Siemens AG, Beijer Electronics, ABB, Johnson Controls, Schneider Electric, General Electric, Legrand, and Lutron Electronics Co., and Control4 Corporation.
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