Building Automation System Market Predicted to Reach USD 164.4 Billion by 2030, at a CAGR of 10.2% - Report by Market Research Future (MRFR)
Growing Need for Smart Building to Bolster Building Automation Industry Growth
New York, US, June 01, 2022 (GLOBE NEWSWIRE) -- Building Automation System Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Building Automation System Market Analysis by Network (Wireless, Wired), by End-User (Commercial, Industrial, Residential), by Product (HVAC, Surveillance System, Fire Protection System, Lighting Control System) - Forecast 2030” valuation is poised to reach USD 164.4 Billion by 2030, registering an 10.2% CAGR throughout the forecast period (2021–2030).
Building Automation Market Report Scope:
In the forecast years, AI adoption for total automation during building construction is expected to provide additional investment opportunities for the building automation system market. The usage of new technology will reduce the strain on the building automation system equipment and aid in obtaining correct results in the shortest amount of time.
| Report Metric | Details |
| Market Size | USD 164.4 Billion |
| CAGR | 10.2% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Network, End-User, Product and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | United Technologies Corp., Schneider Electric, Ingersoll-Rand PLC, Robert Bosch, ABB Ltd., Hubbell Inc., Johnson Controls International, Mitsubishi Electric Corporation |
| Key Market Opportunities | The increasing IT communication methods |
| Key Market Drivers | The crucial feature in any building automation system is the security video surveillance system |
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Building Automation System Market Segments
The global building automation system market is bifurcated based on end users, product, and network connectivity.
By network connectivity, wireless will lead the market over the forecast period.
By product wise, surveillance systems will dominate the market over the forecast period.
By end users, industrial will spearhead the market over the forecast period.
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Building Automation System Market Regional Analysis
North America to Command Building Automation System Market
North America is now dominating the market, accounting for the largest revenue share. The construction sector has increased the amount of automation systems installed in new buildings, which has benefited the market significantly. Furthermore, the region takes pride in incorporating cutting-edge technologies into the system, which is bolstered by excellent infrastructure. Individuals in this region earn more than people in other regions, therefore investment capacity for these homes is relatively large, giving the market a boost. Government rules have been loosened, which is boosting the demand for building automation systems. Because of the growing use of the building automation system in this region's residential sector, the US is likely to lead the North America market.
Owing to the large number of prompt adopters in the US and Canada, North America holds the largest proportion of the global market. Due to its developed infrastructure that can handle building automation solutions both in the commercial and residential segments, the region is likely to dominate the global market over the forecast period. Because of the energy-saving benefits given by such systems, governments in this region are leaning toward implementing such smart solutions. The Green Building Council in the US, along with the popular Bank of America Charitable Foundation, conducts the 'LEED' initiative, which assists local governments in implementing sustainable solutions. Residential, commercial, & industrial users are adopting amazing energy-saving solutions to deploy building automation controls, and the global building automation systems market in the US has been experiencing significant growth. Various federal policy directives addressing rising energy costs, rigorous rules governing greenhouse gas emissions, & growing awareness of the benefits of automation are all pushing the industry in the United States. Furthermore, the presence of large building automation systems firms, such as Siemens, feeds need for building automation solutions in the region, as does the creation of new concepts and substantial technological breakthroughs. As per the Energy Information Administration in the US, the commercial sector consumes roughly 20% of the country's energy and emits 12% of the country's greenhouse gas emissions. Smart buildings (that with a building control system) help the entire community by decreasing waste and conserving energy. Artificial intelligence's introduction has prompted businesses in the region to use AI to improve their video surveillance devices. This enhances the security and safety of their products. As a result, market growth is likely to pick up in the next years.
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APAC to Have Significant Growth in Building Automation System Market
This region is reshaping market demographics and is expected to develop at the quickest rate during the projected period. Emerging economies such as India and China are seeing industrial expansion, creating opportunities for the market to penetrate & establish itself for a brighter future. During the forecast period, the market in this region is expected to develop at the fastest CAGR. Building automation system market expansion in APAC may be ascribed to the region's economic growth, as well as an increase in construction & industrial activity in the region's key countries. Consumer’s primary goal is to save money by implementing building automation solutions that save energy. Smart cities are increasingly being developed in countries like China & India. Because of changing consumer preferences for HVAC control systems, China is likely to dominate the Asia-Pacific market, driving up the need for building automation systems. Due to the rapid development of the construction sector in developing nations like India & China, Asia Pacific is likely to grow at the highest CAGR throughout the projection period. In addition, the Asia Pacific region's market has benefited from increased government energy saving measures.
Drivers
Growing Need for Smart Building to Bolster Market Growth
Because of the growing recognition of smart buildings amid customers, the worldwide building automation system market is expected to grow. To save energy and power, smart buildings are built through the building automation system software. The smart building structures are constructed in such a way that they can regulate building activities such as ventilation, air conditioning, heating, security, & many others automatically. Due to the multiple benefits of building automation systems, there is an increasing need for smart buildings that is expected to drive the market in the forecast period.
Lack of Skilled Experts to act as Market Restraint
The lack of skilled experts, technical drawbacks, and high installation costs may act as market restraints over the forecast period.
Presence of Various Communication Protocols to act as Market Challenge
The presence of various communication protocols and high maintenance cost may act as market challenges over the forecast period.
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Dominant Key Players in Building Automation System Market Covered are:
- ABB Ltd. (Switzerland)
- Cisco Systems Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany)
- Crestron Electronics Inc. (U.S.)
- Delta controls Inc. (U.S.)
- Rockwell Automation (U.S.)
- Schneider electric SE (France)
- General Electric (U.S.)
- Honeywell International Inc. (U.S.)
- Lutron Electronics Co. Inc. (U.S.)
COVID-19 Analysis
The COVID-19 epidemic possessed a significant impact on the market. Owing to the spread of the deadly COVID-19 virus at the time of the pandemic, most construction works were halted. Because automation systems are commonly employed in the construction sector, the market suffered as a result of the halt in construction operations. Furthermore, as the unlock means have begun, construction activities have picked up steam, and demand for building automation systems has surged, which is expected to fuel the market following the pandemic.
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