New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building Automation System Global Market Report 2023" - https://www.reportlinker.com/p06466546/?utm_source=GNW
, Cisco Systems Inc., Trane Technologies, Lutron Electronics Co Ltd, Hitachi Ltd, Huawei Technologies Corporation, and Emerson Electric Co.
The global building automation system market is expected to grow from $81.30 billion in 2022 to $90.28 billion in 2023 at a compound annual growth rate (CAGR) of 11.06%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The building automation system market is expected to reach $141.34 billion in 2027 at a CAGR of 11.86%.
The building automation system market consists of revenues earned by entities by providing services such as design and engineering, installation and commissioning, maintenance and support, monitoring and optimization and consulting and training.The market value includes the value of related goods sold by the service provider or included within the service offering.
The building automation system market also includes sales of sensors, output devices, controllers, communication protocols, and a terminal.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A building automation system is an intelligent system comprising hardware and software used to control and monitor various systems that connect heating, ventilation, air conditioning (HVAC), lighting, security, and other systems in a building to interact on a single platform.
North America was the largest region in the building automation system market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main building automation systems offered are facility management systems, security and access controls, fire protection systems, building energy management software, building automation system services, and others.Facility management software aids in automating simple to moderately complicated facility management duties, allowing consumers to serve themselves.
It has mainly two components: hardware and software, and it is used in various applications such as industrial, residential, and commercial.
Increasing construction activities is expected to boost the growth of the building automation system market.Construction activity refers to the process of building or assembling physical structures, such as buildings, roads, bridges, and other infrastructure projects.
As construction activities increase, there is likely to be a corresponding increase in demand for building automation systems (BAS).Implementing automation solutions can minimize administrative burdens on engineering personnel and assist construction managers in becoming more productive in these critical areas.
For instance, as per the data published by the Office for National Statistics, a UK-based recognized national statistics institute, when compared to 2021, annual construction production increased by 5.6% in 2022. Therefore, increasing construction activities are driving the growth of the building automation system market.
Technological advancements have emerged as a key trend gaining popularity in the building automation system market.Major companies operating in the building automation systems market are developing innovative technologies to strengthen their position in the market.
For instance, in January 2022, Daikin Applied Americas Inc., a US-based company that designs, manufactures, and distributes heating, ventilation, and air conditioning systems, launched SiteLineTM Building Controls. It is a network of scalable, cloud-based technologies for easily connecting, monitoring, and managing individual pieces of HVAC equipment as well as integrated building systems. The new controls portfolio gives comprehensive transparency into the whole HVAC ecosystem, assisting in creating pleasant and sustainable work and living environments. It also easily connects many different brands of equipment, easing the integration issues that contractors and engineers confront daily.
In October 2021, Siemens AG, a German-based automation company, acquired Wattsense for an undisclosed amount.With this acquisition of Wattsense, Siemens is accelerating the implementation of IoT systems in a broader variety of buildings, especially for small and mid-size buildings, delivering the benefits of sustainability, comfort, and cost to more people and enterprises.
Wattsense is a France-based provider of a simple building management system that deploys the Internet of Things to control and monitors small and medium-sized buildings.
The countries covered in the building automation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The building automation systems market research report is one of a series of new reports that provides building automation systems market statistics, including building automation systems industry global market size, regional shares, competitors with a building automation systems market share, detailed building automation systems market segments, market trends and opportunities, and any further data you may need to thrive in the building automation systems industry. This building automation systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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