Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The "Building Automation System Market By Component, By Application, By Offerings: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global building automation system market is envisioned to garner $194,864.1 million by 2030, growing from $75,757.0 million in 2021 at a CAGR of 10.0% from 2022 to 2030.
A build automation system, also known as a building management system, is the automatic centralized control of a building's Heating, Ventilation and Air Conditioning (HVAC) The main purpose of building automation systems is to reduce energy consumption, improve occupants' comfort and productivity, reducing maintenance costs and extending the life cycle of the utilities. BAS will adjust the building's temperature in accordance with the need of its occupants or if it determines through its sensors that better air quality is required.
Building automation system market growth is anticipated to be significantly fueled by rising demand for smart buildings over the forecasted period. A building automation system will deliver lower operating and maintenance costs, greater energy efficiency, better indoor air quality, productivity, and greater occupant comfort.
The initial expense of installing a building automation system and the lengthy cost recovery times are significant barriers to BAS solution adoption. The initial installation cost is high because of that they are not affordable for small-scale structures and stores. Additionally, compatibility between software, hardware, networking devices, databases, and other components is required during implementation, which is a resource-intensive and complex procedure.
Building automation systems are increasingly being adopted in the hospitality industry, particularly by businesses aiming to set themselves apart from rivals and concentrating on developing higher-end, world-class lodging.
The hospitality industry is facing critical challenges with rising energy expenditures, and several vendors are now offering wireless technology to address these issues. Although BAS adoption in the hospitality industry is still in its infancy, it is anticipated to gain ground as public awareness grows and legislation is introduced by the relevant governments.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the building automation system market analysis from 2021 to 2030 to identify the prevailing building automation system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the building automation system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global building automation system market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Industrial
- Residential
- Commercial
By Offerings
- Facility Management Systems
- Security and Access Controls
- Fire Protection Systems
- Building Energy Management Software
- BAS Services
- Others
By Component
- Hardware
- Software
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- Honeywell International Inc.
- Robert Bosch
- Johnson Controls International plc
- Mitsubishi Electric Corporation
- ABB Ltd
- Schneider Electric
- Siemens AG
- General Electric
- Hubbell Inc
- United Technologies Corporation
Key Findings of the Study
- Based on component, the hardware sub-segment emerged as the global leader in 2021 and the software sub-segment is anticipated to be the fastest growing sub-segment during the forecast period
- Based on application, the commercial sub-segment emerged as the global leader in 2021 and the industrial sub-segment is predicted to show the fastest growth in the upcoming years
- Based on offerings, the security and access controls sub-segment emerged as the global leader in 2021 and the building energy management software sub-segment is anticipated to be the fastest growing sub-segment during the forecast period
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period
- The study also provides in-depth analysis of the building automation system market trends
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BUILDING AUTOMATION SYSTEM MARKET, BY COMPONENT
CHAPTER 5: BUILDING AUTOMATION SYSTEM MARKET, BY APPLICATION
CHAPTER 6: BUILDING AUTOMATION SYSTEM MARKET, BY OFFERINGS
CHAPTER 7: BUILDING AUTOMATION SYSTEM MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/8swcmc
