Building Automation System Market – Reach $175 Billion by 2028 at 12% CAGR Propelled by Integration of Advanced Technologies (IoT & Predictive Analytics) | The Insight Partners

The global building automation system market size to grow from $70 Billion in 2021 to $175 Billion by 2028; is expected to reach at a CAGR of 12% between 2022 and 2028

New York, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Building Automation System Market Share, Size, Growth Trends to 2028- COVID-19 Impact and Global Analysis – By Component (Hardware, Software, and Services), Application (Residential, Commercial, and Industrial), Communication Technology (Wireless Technologies and Wired Technologies), and Geography”; the global building automation system market growth is fuelled by growing requirement for energy-efficient facilities with enhanced security systems in residential and commercial buildings, advent of wireless communication technologies and integration of advanced technologies such, IoT and Predictive Analytics.

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Global Building Automation System Market: Competitive Landscape and Key Developments

ABB Ltd.; Siemens AG; Honeywell International Inc.; Hitachi, Ltd.; Hubbell; Ingersoll-Rand plc; Johnson Controls; Lennox International; Robert Bosch GmbH; and Schneider Electric SE among the key players operating in the building automation system market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.

Global Building Automation System Market – Report Scope:

Market Size Value in USD 70 Billion in 2021
Market Size Value by USD 175 Billion by 2028
Growth rate CAGR of 12% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2021
No. of Pages 150
Historical data available Yes
Segments covered Component, Application, Communication Technology, and Geography
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Global Building Automation System Market: Key Insights

Building Automation Systems (BAS) are used to control and monitor various building systems such as HVAC, lighting, security, and energy management. These systems help to improve energy efficiency, reduce operating costs, and enhance comfort levels within a building.

The global Building Automation Systems market is expected to grow significantly in the coming years due to increasing demand for energy-efficient buildings and the need to comply with government regulations on energy conservation. The market is also driven by advancements in technology such as the Internet of Things (IoT) and the integration of smart devices into building systems. However, the high cost of installation and maintenance of building automation systems may act as a restraint for the market growth. Moreover, the lack of standardization in the building automation systems industry challenges market growth.

Overall, the building automation systems market presents significant opportunities for growth as the demand for energy-efficient buildings increases and technology continues to advance. The market is expected to grow in the coming years with the increasing adoption of building automation systems in residential and commercial buildings.

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Increasing Need for Energy-Efficient and Secure Facilities in Residential and Commercial Buildings to Drive Global Building Automation System Market Growth:

The increasing need for energy-efficient and secure facilities in residential and commercial buildings is driving market growth in several ways. Firstly, as more and more people become aware of the environmental and financial benefits of energy-efficient buildings, there is a growing demand for such buildings. This is leading to an increase in the construction and renovation of residential and commercial buildings designed to be energy-efficient. Additionally, advances in technology and building materials are making it easier and more cost-effective to construct energy-efficient buildings.

Furthermore, the need for secure facilities in residential and commercial buildings is also driving the market growth. With the increasing number of security threats, both physical and cyber, there is a growing demand for buildings that are designed to be secure. This includes using advanced security systems, such as surveillance cameras, biometric authentication systems, and intrusion detection systems, as well as building materials designed to resist fire and other types of damage. As a result, the market for energy-efficient and secure facilities in residential and commercial buildings is expected to continue growing in the coming years.

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