NEWARK, Del, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The building automation systems market size is projected to be valued at US$ 47,800 Million in 2023 and is expected to rise to US$ 96,264 Million by 2033. The sales of building automation systems are expected to grow at a significant CAGR of 7.4% during the forecast period.
The market for building automation systems is expected to develop as a result of the growing deployment of these systems in office buildings, shopping centres, and public transportation hubs like train stations and airports.
The global market for building automation systems has been driven by the Internet of Things' increased popularity, increasing government and private sector activities, and rising security concerns.
Additionally, wireless protocols and sensor networks are developing more quickly. Moreover, the intervention of Industry 4.0 and rapidly evolving cloud technologies would further contribute towards market expansion.
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Furthermore, throughout the period of 2023 to 2033, government measures to lower carbon emissions and improve energy efficiency are projected to offer attractive chances for the market to expand.
Key Takeaways from the Building Automation Systems:
- US to generate a revenue of US$ 23.6 Billion by 2033 as sales of building automation systems will continue to be driven by the rapid adoption of technology in commercial and industrial activities.
- UK would likely to contribute a share of US$ 5.2Bn by 2033 due to adoption of smart home devices and favorable regulation laid by authorities.
- China is the most lucrative region among all with a growth trajectory of 9.6% as the idea of building automation systems is still relatively new in China, market players are able to increase their market share and provide cutting-edge BAS solutions there.
- The market's largest contributor, HVAC Control, is anticipated to expand at a CAGR of 6.1% during the forecast period. The growth is attributed towards growing population and to enhance their market share and enter new markets, HVAC manufacturers are expanding their product profile.
- Service segment registered the highest growth rate of 7.8% as building automation market participants are encouraging sales by providing enticing packages and offers, as well as post-sales assistance in maintenance and installation.
“The study underscores the growing adoption of smart technologies, projecting a significant surge in the Building Automation System market due to its ability to streamline operations and deliver sustainable solutions for modern buildings.”-Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape:
- Honeywell International
- Beijer Electronics
- ABB
- Siemens AG
- Johnson Controls
- Schneider Electric
- General Electric
- Legrand
- Lutron Electronics Co
- Control4 Corporation
As a part of their growth strategies, leading players operating in the global building automation systems market are emphasizing on product developments, intensive research and development, and strategic collaborations, mergers, and acquisitions to establish a firm foothold in the market. For instance:
- In August 2021, Schneider Electric, a global data center hardware giant, entered an on-demand leasing program hardware deal with American Power Conversion line for uninterruptable power supplies (UPS). The partnership will allow channel partners to offer improved visibility and front-end maintenance across their customers' UPS systems.
- In July 2021, ASM Global, a global leader in entertainment experience, announced a strategic collaboration with Honeywell International, a leader in connected buildings, to create smarter and safer venue operations and more enjoyable audience experiences across ASM’s diverse portfolio.
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Key Segments
By System:
- Security & Surveillance
- HVAC
- Lighting Solutions
- BEMS (Building Energy Management)
By Application:
- Commercial
- Residential
- Government
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author By:
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.
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