Market Research Report
Building Automation System Market by Communication Technology, Offering (Facilities Management Systems, Security & Access Control Systems, Fire Protection Systems, and Building Energy Management Software), Application, Region - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||321529|
|Published||Content info||183 Pages
Delivery time: 1-2 business days
|Building Automation System Market by Communication Technology, Offering (Facilities Management Systems, Security & Access Control Systems, Fire Protection Systems, and Building Energy Management Software), Application, Region - Global Forecast to 2024|
|Published: March 22, 2019||Content info: 183 Pages||
"BAS market is expected to grow at CAGR of 10.12% from 2019 to 2024"
The BAS market is expected to grow from USD 75.0 billion in 2019 to USD 121.5 billion by 2024-growing at a CAGR of 10.12%. The growth of this market is mainly driven by the rise in the adoption of automated security systems in buildings, a high focus on designing and establishing energy-efficient and eco-friendly buildings and several benefits of BAS, rapid penetration of IoT in building automation systems, and rapid infrastructure growth in developing nations. Favorable government initiatives and incentives, and advancements of building technologies and automation with data analytics provide lucrative opportunities for players in the BAS market. However, technical difficulties and a dearth of skilled experts restraint the BAS market growth.
Security and access control systems accounted for the largest share of the BAS market in 2018. Security and access control systems have become an integral part of the safety and security of buildings and their occupants. These systems have revolutionized the building security and removed human intervention. These are installed in buildings to increase the security level, monitor activities, and keep a record of people entering and exiting the building. Several businesses make use of these systems for the protection of assets, staff, and information; monitoring of activities; and controlling the access to the building. Worldwide governments are also investing heavily to develop reliable and robust security systems for safeguarding their citizens from terrorist attacks.
The commercial application accounted for the largest share of the BAS market in 2018, and a similar trend is likely to continue in the near future. The growing deployment of BAS in large shopping complexes, office buildings, and public transport areas, such as airports and railway stations, drives the growth of the BAS market for commercial applications. HVAC, lighting, and security and access control systems are the major products used in commercial applications. Of these, security and access control systems have become an integral part of commercial buildings because of the rising security concerns in this sector.
The BAS market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to provide ample opportunities to BAS market players during the forecast period due to the influx of global players, along with the emergence of native players in this region. The expected rise is attributed to the high economic growth and surge in the construction and industrial activities witnessed by major countries in this region. The region houses a large proportion of the population in the world, and consumers are actively deploying BAS in residential and commercial areas owing to the improvements in economic conditions in this region. The prime objective of consumers is to achieve energy savings with the implementation of BAS, which directly translates to monetary savings. Countries such as China and India have aggressively started developing smart cities. BAS is acting as a key enabler in achieving these objectives by the respective countries.
Major players profiled in this report are as follows:
In this report, the BAS market has been segmented on the basis of communication technology, offering, application, and region. Based on communication technology, the market has been segmented into wired technology and wireless technology. The BAS market based on offering has been segmented into facility management systems, security & access control systems, fire protection systems, building energy management software, BAS services, and others. The market for application has been segmented into residential, commercial, and industrial. The study also forecasts the size of the market in 4 main regions-North America, Europe, APAC, and RoW.
The report would help market leaders/new entrants in this market in the following ways:
(Business overview, Products offered, Recent developments, MNM view, SWOT analysis)*
Business overview, Products offered, Recent developments, MNM view, SWOT analysis might not be captured in case of unlisted companies.