New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global building automation system market. According to the report, the global market is projected to surpass $194,864.1 million and grow with a CAGR of 10.0% in the estimated period, 2022–2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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Impact of the COVID-19 Pandemic on the Building Automation System Market
The outbreak of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global building automation system market. The implementation of lockdown restrictions resulted in the cessation of numerous industries worldwide. Even the construction sector got severely impacted due to the pandemic. The shortage of raw materials required in the construction of buildings, travel restrictions, and disruption in supply chains lead to the closure of several construction projects. This significantly declined the demand for building automation systems, which hampered the market growth.
Factors Impacting the Building Automation System Market Growth
The key factor boosting the growth of the global building automation system market is a significant rise in the number of smart building projects which need building automation systems. In addition, the rising investments by government bodies to build smart cities, especially in nations like China and India, is projected to unlock lucrative opportunities for the growth of the market. However, issues related to privacy and data security of building automation system solutions are anticipated to hamper the market’s growth.
The report segments the global building automation system market into component, applications, offerings, and region.
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Hardware Sub-Segment to Grow Extraordinarily
The hardware sub-segment of the component segment is expected to hit 86,568.4 million in the forecast period. This is primarily due to the rising importance of hardware components in building automation systems.
Commercial Sub-Segment to Grab a Foremost Share of the Market
The commercial sub-segment of the application segment is anticipated to grow enormously by surpassing $72,029.4 million in the forecast period. This growth is mainly owed to the increasing use of building automation systems in commercial areas for offering enhanced security, gathering proof of movement, and keeping a record of other evidence.
Security & Access Controls Sub-Segment to Observe Accelerated growth
The security & access controls sub-segment of the offerings segment is anticipated to grow rapidly by surpassing $36,304.6 million in the forecast period. This growth is mainly owed to the increasing popularity and demand for security & access control solutions as they offer an option for selectively restricting the security & access control factor.
Asia-Pacific Region to Perceive Speedy Growth
The report analyzes the global building automation system market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to garner $16,522.6 million in the estimated period. This growth is mostly due to the growing adoption of the Internet of Things (IoT) and innovative lighting technologies in commercial buildings and industrial infrastructures in this region.
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Top Players of the Global Building Automation System Market
The report states some of the foremost players operating in the global building automation system market including
- Robert Bosch GmbH
- Siemens
- Johnson Controls
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Schneider Electric
- General electric
- ABB
- Hubbell
- United Technologies Corporation., and others.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. – Inquire here to Get Full Report
For instance, in January 2022, Daikin Applied, a foremost innovator and provider of advanced, high-quality air conditioning solutions for the commercial, residential, and industrial sector, launched SiteLine™ Building Controls for HVAC equipment and systems.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Building Automation System Market:
- Global Building Automation System Market Growth to Fast-track with Growing Launch of Innovative Products by Market Players
- A Quick Look at the 3 Components of Building Automation Systems
- Benefits of Building Automation Systems in Today’s World
